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Tax News
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Death of a TFSA Holder - Plan Ahead
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[…]
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Tuition, Education and Textbook Tax Credits
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[…]
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RRSP Home Buyers' Plan (HBP)
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[…]
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2024 Federal Budget April - 16, 2024
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[…]
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Report the Sale of Your Principal Residence!
Reporting the sale of your principal residence on the tax return has been required since 2016. The maximum penalty for not filing is $8,000. If you weren't aware of this requirement and missed filing in a previous year, consider filing[…]
