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 […]
Potential tax problems
A tax problem can quickly become a tax emergency.
Unresolved tax disputes with the CRA pose significant risks to taxpayers. The CRA has sufficient powers to collect tax debt under the various tax acts. Taxpayers facing problems such as past due tax returns, undeclared income, or outstanding tax debt could face harsh consequences including:
- Interest: Unpaid […]
Need more tax deductions?
Did you know that some Canadians are entitled to benefits and credits but they don’t know that they are? You may be leaving money on the table by not filing your income tax and benefit return.
The Canada Revenue Agency (CRA) wants you to receive […]
Moving Back To Your Home Country
As Residents of Canada’s Capital move from Canada to the United States or vice versa, a multitude of unique lifestyle, immigration, financial, tax and estate planning issues must be considered. Ideally, it is best to plan or be aware of these considerations prior to the move, not afterward. In this article, we will discuss some […]
First Time Home Buyers
In the Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from investment income—would […]