In this week's edition

Relief is coming for certain Canadians when it comes to filing an underused housing tax (UHT) return. Taxpayers who own residential property through a trust, corporation or partnership will no longer have to file the UHT, and the government also plans to significantly cut the penalties for not filing. The changes were announced in the government’s fall economic statement and will be effective for 2023 and subsequent years once passed. The CRA has twice extended the deadline to file the UHT for 2022 without penalties. Also included in fiscal update: a $10-million incentive to encourage business owners to sell their companies to an employee ownership trust.

With housing affordability a leading topic of conversation in government legislatures and at kitchen tables, CIBC has a new product that will allow investors to bet on the residential housing market. But while high interest rates are dampening housing activity, they’re a boon for annuities. After exiting that market in 2018, Manulife is reintroducing the guaranteed income products.

Outlook season is here. The long-awaited U.S. recession may finally materialize in mid-2024, according to TD Securities, but it won’t be the end of the world. CIBC, meanwhile, expects the year to come in like a lion and go out like a lamb. While digesting the onslaught of predictions over the coming weeks and choosing which parts to relay to clients, it’s worth keeping in mind that economic models are struggling to incorporate some of the more puzzling elements of the post-pandemic economy.

Finally, amid concerns about the conduct of life agents, FSRA is proposing guidance to make sure they’re worthy of licensing. The regulator said the draft guidance is part of a larger plan to improve conduct and customer treatment.