Tax-Free First Home Savings Account
January 22, 2025 Download this article as a PDF. The First Home Savings Account (“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 to help Canadians save and fulfill their dreams of home […]
Understanding the RRSP Deduction Limit Statement
January 22, 2025 Click here to download the PDF. Every year clients look at the RRSP Deduction Limit Statement on their Notice of Assessment and ask similar questions: • Is there a difference between a RRSP contribution and a RRSP deduction? • I have RRSP deduction room and unused contributions — what does this mean? […]
Calculating 2025 RRIF Minimum Withdrawals
January 22, 2025 Download this article as a PDF. 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 2024, the following information outlines how their 2025 minimum withdrawal will be calculated. All RRIF withdrawals are reported as […]
RRSP
January 22, 2025 RRSP 101 Understanding the RRSP Deduction Limit Statement
TFSAs 101
January 21, 2025 Download this article as a PDF. The Tax-Free Savings Account (TFSA) allows Canadians to save and invest funds tax free in order to fund a wide variety of short and long-term financial goals. TFSAs were introduced in 2009 to provide Canadians with an additional tax-advantaged account to augment their savings for longer-term […]
Deadline Reminder: 2024 Prescribed Rate Loan Interest Payment
January 14, 2025 Download this PDF here. Clients who have implemented a prescribed rate loan should be reminded to pay the appropriate interest relating to the 2024 year on or before January 30, 2025. What is a prescribed rate loan? A prescribed rate loan is one of the few income-splitting opportunities provided to Canadians that does […]
Prorogation Purgatory: What Parliament’s Shutdown Means for Proposed Tax Changes
January 10, 2025 Download this PDF here. On January 6, 2025, Prime Minister Justin Trudeau resigned, effective upon selection of a new leader of the Liberal Party of Canada, and requested that Parliament be prorogued. The Governor General consented to the request, terminating all parliamentary activities until March 24. What does this mean for […]
2024 Personal Tax Planning Cards
December 20, 2024 Download our province and territory-specific 2024 Personal Tax Planning Cards below. Alberta Tax Planning Card British Columbia Tax Planning Card Manitoba Tax Planning Card New Brunswick Tax Planning Card Newfoundland and Labrador Tax Planning Card Northwest Territories Tax Planning Card Nova Scotia Tax […]
Highlights from the 2024 Federal Budget
The 2024 Federal Budget, tabled on April 16, 2024, provides a mix of expected measures and a few surprises. In line with the announcements leading up to Budget Day, Budget 2024 outlines a multitude of measures targeted at housing affordability and the cost of living. The big question was how the government was going to […]
2024 Tax Resources
March 25, 2024 2024 Wellington-Altus Corporate Tax Reference Card Personal Tax Planning Cards LIF and RLIF Minimum & Maximum Factors Personal and Corporate Tax Integration Reference Cards 2024 Form T1135 – Foreign Income Verification Statement 2024 Canada/U.S. Cross-border Tax Reference Card Income Tax Information Slips: Important Dates Income Tax Returns: Important Dates and Deadlines […]