Government launches consultations on proposed tax on vacant homes owned by non-resident, non-Canadians

From: Department of Finance Canada

The federal government is committed to ensuring all Canadians have a safe and affordable place to call home.

In communities across the country, the recent and rapid rise in housing prices has made finding an affordable place to call home increasingly difficult. For many Canadians, the most important investment they will ever make is the purchase of a home. Increasingly, however, that dream is becoming unaffordable and unattainable for middle class Canadians and for Canadians working hard to join the middle class.

Houses should not be passive investment vehicles for offshore money. They should be homes for Canadian families. That is why, in the recent federal budget, the government announced its intention to implement Canada’s first-ever national tax on non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. This one per cent tax would go into effect on January 1, 2022, to help support investments in housing affordability.

Today, the Government of Canada, through the Department of Finance, is launching consultations with stakeholders on the design of this proposed new tax.

Full details on the government’s proposed approach can be found in the related background paper. Stakeholders are invited to provide their views on the government’s proposed approach by September 17, 2021.

Back to the office: Expert tips to help you prepare mentally

Thinking about the new workplace routine can be anxiety-inducing, but there are things you can do to ease the transition

After working from home for nearly 18 months, the idea of heading back to the office can bring up a lot of feelings. Whether this has been a time filled with additional daily stress or a period marked by enjoying a commute-free workday or something in-between, experts all agree the return to in-person work will have challenges no matter which lense you’re looking through. 

“The return to the office is proving to be so much more complicated because work from home was basically a tech solution,” says Michael French, regional vice-president at Robert Half Canada. “But the return of the office is way more of a human solution.”

“The effects of the pandemic are probably going to be with us for some time,” says Liz Howarth, manager of workplace mental health at the Mental Health Commission of Canada. “There’s an increased fear among some people about being back out there. And that’s very normal when we’ve been isolated.”

The good news? You can help prepare yourself for the return to the workplace. Here’s how:

1. ACKNOWLEDGE THE SITUATION

From adjusting to new protocols or even mental health up and downs, people have learned to adapt to the continually changing pandemic situation, says Katy Kamkar, clinical psychologist for CAMH and assistant professor in the department of psychiatry at the University of Toronto. Preparing for a return to the office is one more hurdle. 

“This is again, readjusting to a new structure and new routine,” she says. “A lot of the changes that people go through invite a range of emotions. But it’s also incredible the amount of strength and resilience that we have shown this last year.” 

And it’s a normal reaction to have anxiety whenever we face uncertainty, says Kamkar. Being upfront about concerns, she says, and seeking help and support when needed, can help manage negative thoughts before they become overwhelming. 

2. MANAGE EXPECTATIONS

Don’t plan on returning to your pre-pandemic office routine, says Horvath, but do plan for an adjustment period. “One of the major things is being prepared that we’re not going back to normal life,” she says.

Being realistic about the current situation—and what new office culture will be—helps approach the idea of change successfully. “Look forward to new routines and be mindful of what we need to do to care for our physical and mental health,” says Horvath.

Do be proactive, she adds, by eating well, getting enough sleep and exercising to help calm some of the stress being experienced.

3. FOCUS ON THE NOW

Focusing on current worries should be the objective, say Kamkar, as opposed to future worries, which are things that may or may not happen.

To ease some of the stress, she recommends looking to available information including employer updates on return-to-office timelines and in-office health protocols. When armed with knowledge, “we feel more empowered, we feel more resilient,” she says, “And really, resiliency is when we are able to optimize our resources, strength and support.”

4. CREATE A PLAN

Dr. Bill Howatt, president of HowattHR, which focuses on workplace psychological health and safety, says worry management is about managing contingencies. 

“Build a plan,” he says. “Structure how much you’re going to go to work. Maybe you can return to work gradually.” He also recommends thinking ahead to put carpooling plans in place, if there are concerns about public transportation, getting enough rest and planning your day to accommodate for work-life balance. 

Also important is implementing a mental-fitness strategy that can be incorporated into a daily or weekly routine. This should be personalized to individual needs, Howatt says, whether that includes daily movement, meditation or a walk around the block to create inward focus and relaxation. 

“It’s about ‘what am I going to do to charge my batteries to build my resiliency?’,” he says. “Mental fitness is your ability to build your resiliency to get ready for today or tomorrow, understanding that, ‘I have control over my happiness’ and being mindful that ‘I’m the one ultimately responsible for my own private victories that will create my happiness.’” 

5. THINK POSITIVELY

Adverse thoughts have a way of developing in our minds, especially in times of stress. Kamkar recommends trying to recognize these thoughts before they manifest into something bigger. 

“We know that our self-talk really matters,” she says. “Reassure yourself that we have done that [worked in the office] before the pandemic and we have been able to readjust to the changes of the pandemic, too.”

Perspective and mindset play an important role, says Horvath. And this starts at home. “We need to look at ‘how can I reduce the overall burden so that I can keep my stress levels down?’” she says, suggesting simple tasks such as organizing your wardrobe early and preparing lunch in advance to knock things off the to-do list. 

FINDING SILVER LININGS

The good news is that these challenging times have also spurred some positive changes. Not only has the pandemic proven people can work remotely and from all over the globe, Howatt says, but it has shown that employees have more opportunities than they used to. “I think we’re going to be realizing that we have choices,” he says, adding that “brain health” will be where both employees and employers focus much effort. 

Although experts agree this is a time of high stress, it is also one of great opportunity. “It’s probably going to be a once in a generational time to do a corporate reset on work-life balance,” says French. “There are lots of changes, hopefully a lot for the better, too.”

TAKING CARE

Find out why managing mental health in the workplace matters and learn stress management techniques to help cope during this uncontrollable time. 

Also, see how some organizations are preparing to welcome their employees back into their workspaces and how CPAs have been faring working from home.

About the Author: Michelle Singerman

Source: CPA Canada

CPA Canada supports Canada’s offer to host ISSB

Extensive backing for Canada’s offer to host the International Sustainability Standards Board; Financial Literacy Team wins EIFLE Award; and other news from the accounting world

CPA CANADA SUPPORTS CANADIAN OFFER TO HOST ISSB

CPA Canada is among the private and public institutions backing Canada’s offer to host the global headquarters for the new International Sustainability Standards Board (ISSB).

The Government of Canada formally submitted the Canadian offer letter to the IFRS Foundation at the end of July. 

The bid is a collaborative effort, facilitated by CPA Canada, that includes the largest pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies and other large Canadian companies, along with support from the country’s six largest municipalities and a broad cross-sector of Canada’s leading businesses, academic and environmental stakeholder organizations. Together, this collective group is known as the Canadian Champions for Global Sustainability Standards (Canadian Champions)

Once established, the ISSB will develop a set of global standards for reporting on environmental, social and governance (ESG) matters, which is critical to streamline reporting sustainability frameworks and standards. 

The accounting profession’s ongoing contribution to standard setting includes expertise, resources and funding, and providing the official French translation of international accounting and auditing standards.

“Our country has a solid track record of working with global institutions on sustainability and standard setting, including the IFRS Foundation,” says Charles-Antoine St-Jean, president and CEO of CPA Canada. “Our standard setters are respected internationally and their knowledge and expertise are continually in demand.”

Should the IFRS Foundation decide to locate the global headquarters for the new ISSB in Canada, the funding contributed by the Canadian Champions would be put towards its successful start-up and operations. 

The Trustees are expected to officially announce their decision on a new ISSB by the United Nations Climate Change Conference, COP26, in November 2021. 

From: MICHELLE SINGERMAN

Source: https://cpacanada.ca