Tax Updates

First Home Saving Account (FHSA)

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 …

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Tax reminders for clients who bought, renovated or sold homes in 2021

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 …

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Underused Housing Tax – more exclusions coming?

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 …

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What’s in and what’s out, as Biden offers scaled-back plan

After months of talks with Democratic lawmakers, President Joe Biden outlined Thursday a US$1.75-trillion framework to support families and education as well as protect against global warming. (All figures are in U.S. dollars.) The updated plan includes universal preschool, funding to limit child care costs and a one-year continuation of a child tax credit that …

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Canadian GDP down 0.3% in Q2

Substantial declines in home resale activities and exports pushed real gross domestic product (GDP) down 0.3% in the second quarter of 2021. This contrasted with three consecutive quarterly increases that followed the sharp decline (-11.3%) caused by pandemic-related business shutdowns and travel restrictions in the second quarter of 2020.Increases in investment in business inventories, government final consumption expenditures, …

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