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20 Sep 2018

Canada: Speculation Tax On Real Estate

Grant Gilmour, Speculation Tax, Canadian Tax Help

What Is The Speculation Tax?

The 2018 budget released by the B.C. Government introduced a new tax on Real Estate effective in the 2018 tax year called Speculation Tax.

Real estate prices in B.C. have increased substantially in the last couple of years and there is increased interest and ownership of B.C. real estate by foreign parties. The speculation tax has been introduced by the B.C. Government as an attempt to help address this. The speculation tax is designed to target foreign and domestic home owners in B.C. who hold non-owner occupied properties which are not qualifying long-term rental properties. This tax will initially apply to homes in Metro Vancouver Regional District (excluding Bowen Island), the Capital Regional District (excluding the Gulf Islands), Chilliwack, Abbotsford, Mission, Nanaimo, Lantzville, Kelowna and West Kelowna.

Written by Grant Gilmour | Posted in Canada • Grant Gilmour

25 Jul 2018

2018 Canadian Corporate Tax Rates By Province And Territory

Grant Gilmour, Canadian Income Tax Rates

We would like to thank TaxConnections Member Grant Gilmour for his post on 2018 Canadian Corporate Income Tax Rates. The Table below outlines the Canadian corporate income tax rates for each province and territory as of January 1, 2018.

Have a question about Canadian taxes? Contact Grant Gilmour.

Written by Grant Gilmour | Posted in Canadian Tax Rates • Grant Gilmour

04 Jul 2018

Canadian Corporate Director Residency Requirements

Which provinces and territories allow Canadian corporations to have 100% foreign directors? And 100% foreign owners/shareholders?

In Canada a corporation must have at least one director (see International FAQ #27) but directors are not required to be shareholders. It must also have at least one shareholder. Therefore a company incorporated in Canada does not have to have Canadian resident shareholders, but may have to have Canadian resident directors depending on the province or territory they incorporate in.

The provinces and territories that require at least 25% to be Canadian resident directors. Which effectively limits foreign ownership and control. Canadian directorship is based on residency not citizenship.