Advisors are still relatively positive about the tax-free first home savings account, despite not being able to use it alongside the Home Buyers’ Plan The proposed tax-free first home savings account (FHSA) outlined in the federal government’s latest budget has generated mixed feelings from advisors. Ty Cooke, wealth advisor with Orlic Harding Cooke Wealth Management Group, a unit of …
Avoid the tax consequences of not distributing a TFSA quickly after the account holder dies When a TFSA account holder dies, the tax implications can vary based on the beneficiary named, the amount of income earned after death, how long it takes to distribute the amounts and even the type of TFSA. In all cases, …
Clients who bought, renovated or sold homes in 2021 will want to make sure they take advantage of credits and rebates, as well as stay onside of their tax reporting obligations. The Canada Revenue Agency (CRA) provided highlights of what taxpayers need to know in a release on Thursday. For those who bought a qualifying home last …
Tax reminders for clients who bought, renovated or sold homes in 2021 Read More »
Financial advisors, especially those who are self-employed, can deduct myriad business expenses from their income for tax purposes. But if you’re overly aggressive, both in terms of the quantum and types of expenses you deduct, you could face a reassessment from the Canada Revenue Agency (CRA). That’s what happened in a tax case (Yogeswaran v …
Advisor’s expense claims get cold reception at Tax Court Read More »
With the tax season upon us, the Canada Revenue Agency has highlighted what’s new on income tax and benefit returns. Canada workers benefit. The refundable tax credit for low-income earners has different benefit rates and income thresholds for 2021, as well as a new “secondary earner exemption.” Climate action incentive payment. Prior to 2021, this was a refundable tax credit. …
The parliamentary budget officer is estimating that a new federal tax on vacant, foreign-owned properties may not bring in as much as the Liberals hope. The 1% tax was to take effect at the start of the year and the Finance Department estimates it will bring in $200 million in the 2022-2023 fiscal year, which begins …
What is cryptocurrency? A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or other central authorities for backing. …
Automobile deduction limits for businesses have been raised for 2022 in response to inflation, in some cases for the first time in almost 20 years. As of Jan. 1, 2022, the deduction limits for capital cost allowances, leasing and mileage reimbursement have all increased, the Department of Finance announced Thursday. For vehicles acquired after Jan. …
Finance has provided additional details for the 1% Underused Housing Tax on non-resident, non-Canadian owned residential real estate in Canada that is considered to be vacant or underused. Legislation to implement the Underused Housing Tax Act (UHT Act) is included in Bill C-8, which received first reading on December 15, 2021. The new annual tax …
The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister …
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