What’s new for Canadian taxes in May 2022?
June 4, 2022
There weren’t many tax changes announced in May 2022. In fact, Nova Scotia is the only province where we saw some movement. Shared in early May, the province announced that they are backtracking on implementing a 2% property tax for non-residents, which was tabled at the budget meeting in March. The province’s premier Tim Houston said in a statement that the initial reason for proposing the non-resident property tax was to improve home affordability, but realized it goes against Nova Scotia’s core value of being a welcoming province.
The province is moving forward with a 5% deed transfer tax for non-residents which was also tabled in the March budget.
H&R Block Tax Experts are always here to help you figure out how tax changes will affect your return, and look forward to helping you. Choose from one of four convenient ways to file: File in an Office, Drop-off at an Office, Remote Tax Expert, or Do It Yourself Tax Software.