New laws as of Jan. 1,2015
New laws for 2015 will be applicable for all Canadians as well as those are only applicable in Ontario."Being a professional real estate investors, on has to be aware and implement them immediately to comply and benefit from it." Says Navtaj Chandhoke, founder of World Wealth Builders, a Canadian real estate investors training and coaching center. Here are the new laws as of Jan. 1, 2015.
Ontario Building code
Ontario's building code will be amended to address the needs of the deaf and hearing impaired.
In 2015, all fire alarms and smoke detectors in multi-unit residential buildings and suites must include a visual element to warn those who can't hear alarms.To improve accessibility, all multi-unit residential buildings must also include power-door operators in shared spaces, including parking lots, washrooms and common rooms.
Child care tax break for parents
Families with children under 18 will receive new tax breaks starting Jan. 1, though Ottawa won't begin paying them out until July, just a few months before the federal election set for Oct. 19.The universal child care benefit per child under six is to rise from $100 to $160 a month or $1,920 a year. For each child six to 17 years old, families can also now receive a federal tax credit of up to $720 per year.
Those families will receive their first cheques in July, a lump-sum payment for the first half of 2015. The Conservative government is also introducing a version of the family income-splitting promise it made in the 2011 election, to apply to the 2014 tax year. It will be capped at $2,000 per family.And the federal children's fitness tax credit becomes fully refundable as of Jan. 1, which means families whose incomes are too low to pay taxes will still get money.
Estate administration in Ontario
Starting Jan. 1, those who have received items of value through the will of a deceased person will have 30 days to file a report on the assets with the Ministry of Finance.Estate trustees must provide a detailed list of all real estate and personal property (including cash, vehicles, stocks and investments).
The report must be filed in addition to an application submitted to the Ministry of the Attorney General, and the estate trustee will still have to pay a probate tax on the value of the estate.Starting January 1, 2015, estate representatives who receive a court certificate of appointment as estate trustees — commonly referred to as probate — will be required to file an estate information return with the minister of finance. The return will be due within 30 days.