Kathy I. Warren Professional Corporation, CPA
Working with you to manage All of Your Accounting and Tax Compliance Needs
About me
My name is Kathy Warren and I obtained my designation as a Chartered Accountant in 1991. Kathy I. Warren Professional Corporation is a Calgary based Chartered Professional Accounting firm providing personalized accounting and tax services to a broad range of clients. I take pride in assisting clients in developing and executing tax-saving strategies and ensuring that all of your financial decisions are made carefully and with your best interests in mind.
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Current Tax Issues:
Trust Reporting Rules - 2023 and later
Starting in 2023, new reporting and filing rules were implemented for trusts. The reporting requirements have been changing annually since. Please contact me to assist in meeting the trust reporting rules.
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To learn more from the CRA, please click here.
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Federal and BC Property Flipping Tax
CRA has required the reporting of property sales for many years, but recently increased the reporting requirements to assist in identifying property Flippers. Be aware of these additional requirements and the tax to be paid when property is held for less than one year.
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The BC home flipping tax applies to the profit you earn from selling a property in British Columbia (including presale contracts) if you owned the property for less than 730 days and takes effect starting January 1, 2025. Property purchased before the tax’s effective date may be subject to the tax if sold on or after January 1, 2025 and owned for less than 730 days, unless an exemption applies. The BC home flipping tax is separate and distinct from the federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax. It is intended to discourage short-term holding of property for profit. Note that the form must be filed with the BC government within 90 days of the sale of the property.
BC Speculation and Vacancy Tax
The British Columbia government has legislated a Speculation and Vacancy tax, designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system.
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If you own residential property in a designated taxable area, the Province will send you a speculation and vacancy tax declaration letter telling you how to complete your declaration. In some circumstances when you own multiple properties, you may receive separate declaration letters. ​
Underutilized Housing Tax
The Underused Housing Tax (UHT) is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.
The UHT generally applies to foreign national owners of housing in Canada. However, in some situations, the UHT also applies to some Canadian owners (such as certain partners, trustees, and corporations).
