Economic and Tax Highlights from the 2023 Federal Budget
Budget 2023 outlined the government’s plans to build a stronger, more sustainable and secure Canadian economy against a backdrop of slower global growth, elevated global interest rates, and high inflation.
Tax-Free First Home Savings Account
On November 3, 2022, the Department of Finance released updated draft legislative proposals outlining the First Home Savings Account (“FHSA”). The FHSA was first introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising real estate values. The FHSA is intended to help Canadians save and fulfill their dreams of home ownership.
Calculating 2023 RRIF Minimum Withdrawals
For clients who have rolled their Registered Retirement Savings Plan (“RRSP”) over to a Registered Retirement Income Fund (“RRIF”) or who have an existing RRIF account in 2022, the following information outlines how their 2023 minimum withdrawal will be calculated. All RRIF withdrawals are reported as pension income on a T4RIF slip.
Canadian Snowbirds and U.S. Taxes: Avoiding Turbulence
Canadian residents who routinely fly south to escape the cold winters at home may not be aware that they could face U.S. tax consequences. This article looks at how spending extended periods in the U.S. can subject Canadians who are not otherwise U.S. taxpayers.
Earlier or Later? Deciding When to Start Canada Pension Plan Retirement Benefits
Many individuals approaching retirement wonder if there is an optimal age to begin taking their Canada Pension Plan retirement pension benefits (CPP). The question often arises because CPP is calculated based upon the age at which an individual starts to receive monthly payments.
Tax-Free First Home Savings Account
On August 9, 2022, the Department of Finance released for public comment the draft legislative proposals outlining the First Home Savings Account (“FHSA”). The FHSA was introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising real estate values. The FHSA is intended […]
Tax Insights: Finance releases draft legislative proposals to implement a luxury tax
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Economic and Tax Highlights from the 2022 Federal Budget
Economic and Tax Highlights from the 2022 Federal Budget “These three pillars – investing in people, investing in green transition, and investing in innovation and productivity – will create jobs and prosperity today and build a stronger economic future for our children.” Download this article as a PDF. On April 7, 2022, Canada’s Deputy Prime […]