This is the best summary I could come up with:
GST/HST exemptions, the elimination of deductions for some short term rentals, new alternative minimum tax rates and changes to Canada Pension Plan (CPP) contributions are among the new measures coming in 2024.
When the federal government announced this change, it justified the move by saying that in Montréal, Toronto and Vancouver in 2020, there were almost 19,000 homes being operated as short-term rentals that could be used for permanent housing.
"If you really look at what their goal is, they're trying to use the income tax system to encourage people to do socially beneficial things," said Daniel Rogozynski, master of accounting co-director at the University of Waterloo.
The backstop does not apply in Quebec, British Columbia and the Northwest Territories because they have their own carbon pricing systems that meet the federal standard.
The parliamentary budget officer has consistently found that nearly all households receive more from the carbon tax rebate than they pay in direct and indirect costs.
In 2024, CRA will for the first time require that Canadians fill out a T3 return for the previous year naming the trustees, beneficiaries and settlors of each trust.
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