Ontario tax services
Your financial solutions partner
Jenna Lee Law offers a wide range of expert tax and accounting solutions, from personal and business taxes to domestic and foreign taxes. We always begin by gaining a firm understanding of your unique situation and goals, and develop solutions to get you further ahead.
Our tax professionals can work directly with your business principals and stakeholders to develop efficient and cost-effective solutions to reduce your overall tax burden.
- Advice to start-ups and ongoing business structures (sole proprietorships, partnerships, incorporation)
- Partnership/shareholder agreements
- Organize business tax accounts
We know it can be frustrating to wait for your financial statements. Our accounting team works hard to ensure you get your financial statements in a timely and efficient manner.
- Preparation of financial statements
- Performing accounting compilations (Notice to Reader Statements)
Whether you administer a Not-For-Profit Organization (NPO) or a registered charity, trust our specialists to provide compassionate, reliable and innovative solutions.
- Non-profit organization incorporation
- Charity registration
- T3010
Whether you own property as a Canadian citizen or a non-resident owning property as an investment, we can advise on the ideal tax strategy for your unique needs
- Certificate of compliance for non-residents
- GST/HST Rebates
- Non‑Resident Speculation Tax (NRST) rebates
Jenna Lee Law has the resources to help you develop effective and reliable solutions to tax issues both here in Canada and abroad.
- Personal tax returns
- Corporation tax returns
- Tax planning
- Foreign income verification statements (T1135)
- Government benefit program applications
- GST/HST rebates
- NRST rebates
Our business specialists can assist your organization in navigating the complex demands of audit committees and regulators while helping you develop a strategic advantage.
- Voluntary disclosures
- Responses to tax audits, assessments and reassessments
- Tax objections and appeals
- Dealing with Canada Revenue Agency on your behalf
Frequently Asked Questions
Real estate & tax
Q. Is there a specific process when a non-resident sells property in Canada? (Section 116)
A. Yes. When a non-resident of Canada sells property, they generally must apply to the CRA for a Certificate of Compliance (the Section 116 process). If this is not handled properly, part of the sale proceeds may be withheld, among other disadvantages. It is important to confirm the required steps and tax obligations before the sale.
Q. Can I get a refund of the NRST (Non-Resident Speculation Tax) I paid when buying property in Canada?
A. In some cases, yes. Whether the NRST can be refunded depends on the buyer’s status, residency requirements, family circumstances, and other legal conditions. It is important to review your eligibility and the required procedure in advance and to apply at the appropriate time.
Q. What benefits are available to a first-time home buyer?
A. If they meet certain requirements, first-time home buyers may be eligible for a range of tax benefits, such as the First-Time Home Buyer Land Transfer Tax Rebate, the Home Buyers’ Plan (HBP) using an RRSP, and the First Home Savings Account (FHSA). Because the eligibility criteria and the scope of the benefits can vary with individual circumstances, it is important to review the relevant rules before buying.
Q. Are there taxes when property is gifted between family members?
A. Tax can arise even on transfers within a family. For example, when a parent transfers a home to a child at no charge, capital gains tax or land transfer tax issues may still arise. The outcome can differ depending on whether the transfer is structured as a gift, an inheritance, or a sale, and land transfer tax may or may not apply depending on the structure of the transaction, whether a mortgage is assumed, and whether any consideration is paid. Considering the legal and tax aspects together helps reduce unnecessary taxation, and we review these matters in an integrated way to design the most suitable structure.
Q. Who does the Toronto Vacant Home Tax (VHT) apply to, and what do I need to do?
A. The Vacant Home Tax (VHT) is a municipal tax that applies to owners of residential property in the City of Toronto, and there are two key points. First, every owner of residential property must file an annual declaration of the property’s occupancy status. You must declare even if you live in the property yourself or it is rented out; if you do not declare, the property may be deemed vacant and become taxable. The declaration portal generally opens around November, and the deadline is April 30 of the following year (for example, the 2025 tax year must be declared by April 30, 2026). Second, the tax applies to homes that were vacant for more than 184 days (six months) in the year, at a rate of 3% of the property’s MPAC assessed value (Current Value Assessment). Certain exemptions exist – such as the death of the owner, long-term care or medical reasons, and renovations – but exemptions are not applied automatically; you must claim them at the time of declaration and be prepared to provide supporting evidence. A false declaration or a failure to declare can result in a fine of up to $10,000 in addition to the tax. Because Jenna Lee Law reviews property ownership and transactions together with the tax side, we can confirm your declaration obligations, potential exemptions, and any room for tax savings depending on how the property is held.
Q. When a foreign buyer purchases a home in Toronto, is there an additional tax beyond the NRST? (Toronto MNRST)
A. Yes. Effective January 1, 2025, Toronto applies an additional municipal speculation tax on non-residents, the Municipal Non-Resident Speculation Tax (MNRST). When a foreign buyer (a foreign national, foreign corporation, or taxable trustee) acquires residential property in Toronto, a Toronto MNRST of 10% is added on top of Ontario’s Non-Resident Speculation Tax (NRST) of 25%, for a combined speculation tax of 35%. This is separate from and in addition to the ordinary land transfer taxes (the Ontario and Toronto municipal land transfer taxes). For example, if a foreign buyer acquires a $1 million home in Toronto, the speculation tax alone comes to $350,000 (NRST $250,000 + MNRST $100,000), with the ordinary land transfer tax charged separately on top. Whether it applies, and whether any exemption or refund is available, depends on the buyer’s status, residency requirements, and the structure of the transaction, so it is important to review the legal and tax aspects together before the purchase to confirm the expected costs and any potential for tax savings or refunds in advance.
Tax services
Q. I have overseas assets - do I have to file Form T1135 (Foreign Income Verification)?
A. Yes. As a Canadian resident, if you hold specified foreign property above a certain threshold, you must report it to the CRA each year on Form T1135. Failure to report can result in substantial penalties. At Jenna Lee Law, we review your overseas assets, assess the related reporting obligations, and guide you through the necessary steps.
Q. I received a CRA audit notice - how should I respond?
A. If you receive an audit notice from the Canada Revenue Agency (CRA), do not panic; consult a professional right away. Depending on the nature of the matter, we provide advice throughout the audit – from preparing the necessary financial statements to communicating directly with the CRA and preparing supporting documentation and responses.
Q. I run a non-profit - do I need a separate registration?
A. A non-profit organization and a registered charity are subject to different legal and tax obligations. Depending on the organization’s purpose and activities, the requirements for incorporation, CRA registration, tax filing, and annual reporting can differ. We review your situation and provide comprehensive legal and tax services, from incorporating the non-profit and reviewing its bylaws to registering as a charity and handling ongoing compliance.
Q. What tax filings are required when a non-resident sells property in Canada? (Section 116·216)
A. When a non-resident sells property in Canada, in addition to applying for a Certificate of Compliance (Section 116), they must file a final income tax return to settle the capital gains tax. If there was rental income before the sale, a Section 216 filing may also be required. It is important to review the tax obligations that may arise after the sale and whether any refund is available, and to complete the appropriate filings.
Q. What makes Jenna Lee Law different?
A. At Jenna Lee Law, you are advised directly by a principal lawyer who is also a qualified CPA. We review not only the legal issues but also their tax implications, so that we can offer a more complete solution.
Let’s get started with a consultation
Whether you’re looking for legal advice, expert tax and accounting services or interested in an integrated solution for all your personal and business needs, we’re here to help. Contact us today to schedule your initial consultation.
