The Tax-Free Savings Account (TFSA) contribution limit will increase to $7,000 (from $6,500) for 2024. This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000. Years TFSA contribution
Finance Minister Chrystia Freeland delivered the government’s 2023 Fall Economic Update on November 21, 2023. The Update anticipates a deficit of $40.0 billion for 2023-24 and forecasts deficits of $38.4 billion for 2024-25 and $38.3 billion for 2025-26. Although the Update does not include any personal or corporate tax rate
The FHSA is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home. An FHSA combines some of the features of an RRSP and TFSA. Contributions will generally be tax-deductible, and when a qualifying withdrawal
There are new tax return filing and information reporting requirements for trusts effective for taxation years ending on/after December 31, 2023. Changes include: Requiring a T3 to be filed for certain trusts even if they did not have to before; Requiring bare trusts to file a T3, which was not
The Minister of National Revenue announces that owners affected by the Underused Housing Tax (UHT) will have until April 30, 2024, to file their returns for the 2022 calendar year without being charged penalties or interest. This transitional relief will allow more affected owners to meet their obligations under this
Under the CEBA Program, interest-free loans of $40,000 or $60,000 were granted to a large number of Canadian businesses to help them overcome financial difficulties linked to the pandemic. These loans could be subject to a partial write-off of $10,000 or $20,000 if repaid on or before December 31, 2023.
Cher Client, Chère Cliente, Veuillez noter que de nouvelles dispositions de la Loi sur la publicité légale des entreprises (la « LPLE ») sont entrées en vigueur le 31 mars 2023. Vous trouverez ci-dessous un résumé de celles-ci et comment vous y conformer. Les nouvelles obligations Les entreprises doivent dorénavant
Dear Client, Please note that new provisions of the Act respecting the legal publicity of enterprises (the “ALPE”) came into effect on March 31, 2023. Below is a summary of these provisions and how to comply with them. The new obligations Companies must now disclose to the Registraire des entreprises
If you are self-employed, you can still access EI Special Benefits. As a self-employed Canadian (or permanent resident) you can have access to EI Special Benefits if you register with the Canada Employment Insurance Commission. While this EI measure extends certain EI benefits to self-employed individuals, enrollment is completely voluntary.
On March 28, 2023, Finance Minister Chrystia Freeland tabled the Government’s 2023 Federal Budget. Read below for a summary of key tax changes: Personal Income Tax Measures Business Income Tax Measures Sales Tax and Excise Tax Measures International Tax Measures Other Measures The Budget does not propose any changes to
On March 27, 2023, the Canada Revenue Agency announced that there will be no penalties or interest for those Underused Housing Tax (UHT) 2022 returns filed by October 31, 2023. They will provide transitional relief to affected owners since this is the first year of the UHT administration. This transitional…
It’s that time again when Canadians go out and buy RRSPs for the past year. Here’s a comprehensive resource to help you make good RRSP decisions this year. Who is eligible to buy RRSPs? Anyone who has earned income, has a social insurance number, and has filed a tax
The Underused Housing Tax Act was passed into law in June 2022. On January 17, 2023, Canada Revenue released detailed technical information related to the Underused Housing Tax (“UHT”). The UHT is a Canada wide tax which is applicable to vacant or underused residential property in Canada. Residential property is
Taking control of your taxes means positioning yourself to be one step ahead of your tax requirements. A major component of being prepared for tax season is having the knowledge you need to take full advantage of all the limits, benefits, credits and deductions available to you. With that in
On April 19, 2021, the government announced new rules allowing for immediate expensing (100% write off in the year of purchase) of up to $1.5 million of capital asset purchases per year. These rules finally became law in June 2022, allowing CRA to start assessing immediate expensing claims. For Canadian