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New First Home Savings Account: everything you want to know

Department of Finance releases details today that outline the age limit and allow unused contribution room to be carried forward

The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa on Monday, Aug. 17, 2020. CRA Tax

Draft legislation addresses trust reporting, anti-flipping rules

The legislation also covered changes to RRSP and RRIF reporting, charity disbursements and more

Banks

Feds soften banks’ recovery dividend in draft legislation

However, the bank and insurer surtax remains at 1.5% for profits over $100M

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New and upgraded tax credits coming for clients

The Liberal government is moving ahead with tax proposals

The Canada Revenue Agency sign outside the National Headquarters at the Connaught Building in Ottawa is seen on Monday, March 1, 2021. CRA Tax

CRA says it has $1.4 billion in uncashed cheques sitting in its coffers

The agency will be sending e-notifications to thousands of Canadians

senior couple

Tips for drawing down funds in retirement

Help clients prioritize the most tax-efficient assets

Canadian parliament in Ottawa

Canada could lower taxes and remain fiscally viable, says PBO

Report from the parliamentary budget officer also finds that Canada's debt level is sustainable over the long term

The Canada Revenue Agency sign outside the National Headquarters at the Connaught Building in Ottawa is seen on Monday, March 1, 2021. CRA Tax

Canadians receiving an average of $2,053 in tax refunds, CRA says

The agency has processed 29.1 million tax returns so far this year

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Prescribed rate set to rise to 3% in Q4

As rates rise, opportunity to achieve tax savings via a family loan strategy narrows

Yatch in ocean

Luxury tax coming Sept. 1, but draft regulations still pending

Draft regulations, to be released shortly, will provide some relief to certain vehicle manufacturers

  • By: Staff
  • July 19, 2022 July 19, 2022
  • 11:34
wills-estate-battle

Ontario amends estate forms, again, to clarify instructions

The province aims to streamline probate applications and speed the court review process

Shot of an adorable little boy and girl having a fun day at the beach with their parents and grandparents

Helping your clients talk to kids about money

The conversation should reflect their age and stage of life

Shelf with file folders in a archives

Busy agenda for Finance in second half of 2022

Here's a list of consultations and pending draft legislation on key tax proposals

Ottawa lost average of $22 billion a year in unpaid tax from 2014-2018: CRA

The agency released its first report on Canada's overall tax gap

Liberal tax promise tracker, summer edition

Here’s the status of proposals that matter to your clients

Budget bill receives royal assent

Luxury tax and increased eligibility for the disability tax credit are now law as Bill C-19 passes

Breaking down the ‘executor’s year’

Some beneficiaries are entitled to interest on their inheritance starting one year after death

Estate planning with TFSAs

Avoid the tax consequences of not distributing a TFSA quickly after the account holder dies

What your clients should know about real estate renos and repairs

For the best tax treatment, distinguish between current and capital expenses