PAULS & ASSOCIATES

https://www.thespec.com/life/personal-finance/executor-is-liable-for-income-tax-bill/article_a75d7d67-47af-50d4-8a74-8cab2fcc5f54.html

Executor is liable for income tax bill Beware the terminal tax liability, even for a well-planned estate.

https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-where-the-cra-is-focusing-audit-activity-this-year/

Where the CRA is focusing audit activity this year From real estate to related-party audits, tax specialists have noticed a few trends when it comes to recent audits

Flipping-Property
Starting on January 1, 2023, the new deeming rule applies to flipped property to ensure that profits are subject to full income à inclusion. Under the new rule, profits from the sale of a flipped property are deemed to be business income. Where the new deeming rule applies, profits on the sale cannot be treated as a capital gain (50-per-cent income inclusion) and the Principal Residence Exemption is not available.

If the answer is no, then the property is not considered a flipping property and any gain from the disposition of the property is taxable as a capital gain. If the answer is yes, then if one or more of the life events apply, the disposition due to, or anticipation of is not consider a flipping property and any gain from the dispotion of the property is taxable as a capital gain. If none of the life events apply to you, the housing unit is considered a flipped property and the gain is taxable as business income.

The 2022 Fall Economic Statement proposed that this deeming rule will be extended to include profits arising from the disposition of the rights to purchase a residential property via an assignment sale. Profits arising from an assignment sale would be deemed to be business income if the rights to purchase a property were assigned before the end of the 12-month holding period. The 12-month holding period would reset once the taxpayer who entered into a purchase and sale agreement secures ownership of the property.

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2023/crypto-asset-exchanges-records-obligations-responsibilities.html?hsid=e0c3e9e1-1074-43cf-964c-58be327dee2d

Crypto-asset exchanges: your records, obligations and responsibilities - Canada.ca Crypto-assets are digital assets that exist on a cryptographically secured distributed ledger.

https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html?utm_source=Social_media&utm_medium=Twitter&utm_campaign=AC+PAB+Housing&utm_content=2022-12-07_0109

Underused Housing Tax - Canada.ca The Underused Housing Tax (UHT) is a national, annual 1-per-cent tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused.