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Ontario introduces a “Non-Resident Speculation Tax”

Ontario introduces a “Non-Resident Speculation Tax”

The Ontario Ministry of Finance has released a summary of its proposed 15% tax on foreign real estate purchasers. The principal announced features are: * The 15% tax applies effective April 21, 2017 to the value of consideration for the transfer (including a beneficial transfer only) of a residential property in

Deduction limits and car expenses for the year 2016

Deduction limits and car expenses for the year 2016

The regulations regarding automobile expenses and the amount that can be claimed or deducted are subject to annual changes. As such, Canadian tax planning for automobile expenses must be reviewed and updated each year. For 2016, the income tax exempt car allowance limit paid by Canadian employers to their employees