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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
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Busy agenda for Finance in second half of 2022

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

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

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Liberal tax promise tracker, summer edition

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

Canadian parliament in Ottawa

Budget bill receives royal assent

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

Early spring windows cleaning. Maid cleans window

Window closing on prescribed rate loans at 1%

Beginning next month, the minimum rate that can be charged on such a loan will double

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Is my client’s RRSP protected if they go bankrupt?

Creditor account protection across Canada is a jurisdictional maze

At home

Financial industry asks feds for more guidance on FHSA

Firms face tight deadline to launch new registered plan next year

Interior view of the Canada Commons of Parliament, Ottawa

Feds reintroduce legislation to create disability benefit

The Finance committee also proposed an amendment to DTC eligibility in the budget implementation bill

Canadian parliament in Ottawa

Luxury vehicle tax to bring in less than $800M over five years: PBO

Parliamentary Budget Officer estimates the tax will reduce vehicle sales by a much greater amount, however

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 clarifies tax treatment of settlement payments related to RRSPs, other plans

In an income tax folio, the Canada Revenue Agency clarified its position on settlement amounts and registered plans

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Ontario, Quebec yet to match feds’ proposed small business tax break

The federal budget proposed increasing the level of taxable capital at which a business can still access the small business rate

income tax owing

CRA can use ‘arbitrary assessments’ to fill a filing void

A Tax Court case offers a warning about missing corporate returns

Canadian parliament in Ottawa

Luxury vehicle tax, DTC changes included in Budget 2022 implementation bill

Bill C-19 gives people who purchased luxury vehicles in 2021 a break

senior women

Ontario proposes new tax credit for seniors

Tories also propose enhancing existing tax credit for low-income earners

Hands Giving & Receiving Money

Prescribed loan rate to rise July 1

Now is the time to lock in 1% prescribed rate on family loans, achieve income splitting opportunity