Pandemic notwithstanding, the Canadian real estate market is booming, in terms of both house prices and sales activity. According to Canadian Real Estate Association statistics, the number of sales in March 2021 were at the highest level ever recorded — and the MLS Home Price Index rose by 23.1% in April 2021, as measured on a year-over-year basis.
June 2021 - Akler Browning LLP
Latest news and regulations from the financial world.
By the beginning of June, most Canadians have filed their individual income tax return for the 2020 tax year and received a Notice of Assessment (NOA) outlining their tax position for that year.
Over the past decade, the rules governing mortgage lending in Canada have been repeatedly amended, each time to impose more stringent requirements on would-be mortgage borrowers.
By now, most Canadians have filed their income tax returns for the 2020 taxation year. Specifically, by May 17, 2021, the Canada Revenue Agency (CRA) had processed just under 27 million individual income tax returns filed for 2020. Just over 16 million of those returns resulted in a refund to the taxpayer, while about 6.6 million taxpayers received a bill for additional taxes owed.