With less than a month to go before the tax-filing deadline, scores of Canadians say their online accounts with the Canada Revenue Agency still aren’t showing a variety of tax slips, including, for many, the crucial T4s that record employment income.
The issue is linked to a CRA systems update that has resulted in some tax-slip providers, such […]
Under proposed changes, the capital gains inclusion rate will increase to 2/3 for capital gains realized after June 24, 2024. However, a new capital gains reduction will apply so that the effective inclusion rate for capital gains of $250,000 or less will remain at 1/2 for dispositions after June 24, 2024. In addition, the […]
The Home Buyers’ Plan (HBP) limit has been increased from $35,000 to $60,000 per person … and the repayment has been changed from 15 years to a payment holiday for the first 5 years thereby extending the overall repayment requirement to 20 years. Of course, you can pay it back quicker.
This is attractive because it is an interest free loan. If […]
When there is surplus cash in your corporation, the first step is to determine if the business will need the funds in the near future. Perhaps your corporation will need the excess cash to make tax instalments or a major business acquisition. If you decide to invest the surplus cash in your corporation, the […]
The first time home buyers’ program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
To qualify for an exemption, at the time the property is registered you must:
The Canadian Dental Care Plan (CDCP) is helping make the cost of dental care more affordable for eligible Canadian residents aged 65 and over, children under the age of 18 and adults with a valid Disability Tax Credit certificate.
I have noticed that it can take 2 hours or more to get through on the CRA’s telephone line (1-800-959-8281). This has been true in the height of tax season (Feb-Apr) as well as other times. The alternative is to agree to have us represent you by signing an authorization form (AUTHREP) that will enable us to access your […]
The 2024 federal budget (Budget 2024) proposed to increase the capital gains inclusion rate for individuals, trusts, and corporations. Specifically, 66.7% of capital gains realized on or after June 25, 2024 would generally be included in income for tax purposes (this is up from 50%). To provide some relief, the budget proposed that capital gains up […]
The Canada Revenue Agency (“CRA”) has announced the following changes to the Income Tax Act for 2023.
Advance payments of the Canada workers benefit (“CWB”) are now issued automatically under the ACWB to those who received the benefit in the previous tax year. As a result, Form RC201, Canada Workers Benefit Advance Payments Application, has been discontinued.
Starting […]
Budget 2023 introduced an annual income-tested renter’s tax credit that will give $400 to low- and moderate-income renter individuals and families with an adjusted income of $60,000 or less. Individuals and families with an adjusted income greater than $60,000 and less than $80,000 may receive a reduced amount.
You can start claiming the renter’s tax credit on the 2023 T1 […]
