The Basic Personal Amount (BPA) will be phased out over a net income range of $200,000 to $400,000 starting in 2025; 2025 Renters Tax Credit increases, Fertility Treatment Tax Credit maximum is doubled for 2024; Retail Sales Tax registration threshold[…]
The disposition of the TFSA upon the death of its holder depends on whether the holder designated a successor holder, one or more beneficiaries, or no successor holder or beneficiary. Only a spouse or common-law partner can be named as[…]
The tuition tax credit can be transferred to a spouse, parent or grandparent, after the maximum is claimed by the student. Sometimes other tax credits are forfeited due to the order in which the tuition credit must be claimed. Some[…]
The 2024 Federal Budget proposes that the maximum withdrawal from the HBP will be increased from $35,000 to $60,000. Those who have borrowed, or will borrow, for the HBP after January 1, 2022 and before December 31, 2025 will have[…]
Obviously, the budget doesn't "balance itself" - there are no balanced budgets projected for the next 5 years. The federal debt is $31,000+ per person in Canada (yes, children included). The capital gains inclusion rate will increase to 2/3 from[…]
Recent Tax Changes
2021 Updates coming soon
Contact us for more information on these new tax deductions and be sure to bring us your T1 tax return for completion.