Key Highlights
- The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
- Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA).
- Certain exceptions apply allowing Non-Canadians to purchase […]
Amendment to Capital Gains Tax
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 […]
Canadian seniors may be eligible to claim various special deductions and tax credits that are not available to younger taxpayers.
Federal Home Accessibility Tax Credits
Qualifying individuals may claim up to $10,000 in eligible renovation costs to improve the accessibility within your home. Please refer to this CRA article
BC Home Renovation Tax Credit for Seniors and Individuals with Disabilities
The Home […]
New Disability Tax Credit Form
CRA has recently made changes to the Disability Tax Credit (DTC) application process. The key changes include:
- a significant revamp of Form T2201, Disability Tax Credit Certificate
- the launch of a new digital application that guides medical practitioners through the completion of Part B of Form T2201 and […]
Tax Breaks for Seniors
The Liberals increased Old Age Security (OAS) by 10% for seniors older than 75 years of age earning less than $77,580. The change meant an increase of $729 annually in OAS starting in July 2020.
The Liberals also provided an enhancement to the survivor benefit of the Canada Pension Plan (CPP). The maximum pensionable earnings have increased to […]
Tax Breaks for Parents
Being a parent isn’t cheap these days. With a lack of affordable childcare, the federal government is looking to give new parents a tax break.
The federal government has made a pledge that any maternity or parental benefits received through EI will be tax-exempt at source, beginning in 2020. This change means an extra $1,800 a year for […]