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In This Edition:
February 14, 2025
More Bad News on the Canada Carbon Rebate
Anti-Flippers Beware: CRA Fines are Exorbitant
What Residential Property Owners Need to be Audit-Proof
GST Holiday Ends This Week: Lost Aversion Kicks In
The GST holiday which began in December comes to an end on February 15th and the fallout for consumers and businesses could linger for longer than the two month exemption itself. Announced by the Prime Minister and then Finance Minister on November 21st, the end of the break will mean Canadians must once again pay more for common children’s items in particular. Further, businesses will gain incur costs to reprogram point-of-sales and accounting systems.
Anti-Flippers Beware: CRA Fines are Exorbitant
Canadian homeowners may not yet have caught up with the new rules around anti-flipping when they buy and sell their principal residences. CRA has not only tightened the reporting rules, but now can deny the tax exempt treatment if the personal residence is not held for 365 consecutive days. Some exceptions do apply. So let’s take a look at the rules that should be discussed with all home owners and potential home owners:
