Real Estate Industry — Prepare for 2016 Federal... | KPMG | CA

Real Estate Industry — Prepare for 2016 Federal Budget Measures

Real Estate Industry — Prepare for 2016 Federal...

March 24, 2016, No. 2016-14. Entities in the real estate sector may want to start preparing for the effect of certain GST/HST tax changes proposed in the 2016 federal budget. Specifically, the budget proposes measures for:

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Related content

  • Reporting grandparented housing sales
  • GST/HST de minimis financial institution rules — Interest from GICs or deposits
  • The closely related test for GST/HST elections.

As well, the budget indicates that the government will not proceed with proposed measures affecting the donation of real estate or make changes to the rules on determining whether certain income from property should qualify as active business income.

Background

Finance Minister Bill Morneau delivered the government’s 2016 federal budget on March 22, 2016. For full details of the budget, see TaxNewsFlash-Canada 2016-12, “2016 Federal Budget Highlights”.

Download this edition of the TaxNewsFlash to learn more.

Disclaimer

Information is current to March 23, 2016. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

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