Duffin Martin – Duffin Martin Tax & Accounting

What to Know About the Free Canadian Dental Care Plan Proposed in 2023 Budget

What to Know About the Free Canadian Dental Care Plan Proposed in 2023 Budget More Canadians will soon have access to dental care coverage, thanks to the new Canadian Dental Care Plan announced in the 2023 federal budget. The government wants to widen access to dental care with the Canadian Dental Care Plan. It aims

Canada’s New Grocery Rebate: What to Know About the One Time Tax Free Payment For Low Income Canadians

Canada’s New Grocery Rebate: What to Know About the One Time Tax Free Payment For Low Income Canadians As part of Canada’s 2023 budget, the federal government has announced initial details of a new “grocery rebate” which would attempt to combat the rising cost of living in Canada. Inflation-driven food price hikes have been a significant

Canada’s Underused Housing Tax – What You Need to Know

Canada’s Underused Housing Tax – What You Need to Know Underused Housing Tax (UHT) was introduced by the Govt. of Canada in 2022 in an effort to reduce the amount of housing in Canada that remains vacant while owners ‘sit on the investment’ as real estate prices continue to rise. For BC owners, particularly for

Flipping A House? B.C. To Introduce House-Flipping Tax

Flipping A House? B.C. To Introduce House-Flipping Tax Effective as of January 1, 2023, the new residential anti-flipping tax rule came into effect in Canada according to which all flipped properties profits are subject to full income inclusion. The primary goal of this law is to combat excessive price growth in the housing market. It uses

Saving For Your First Home? Learn More About Tax-Free First Home Savings Account (FHSA)

Saving For Your First Home? Learn More About Tax-Free First Home Savings Account (FHSA) In the 2022 budget, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings

How to Maximize Tax Return 2022 in Canada

How to Maximize Tax Return 2022 in Canada With rising interest rates every Canadians are experiencing strains caused by the increased cost of living and inflation. Claiming tax deductions & credits can help offset the financial burden by putting extra money back in your pocket. In order to maximize your tax return, you need to calculate your

Understanding Shareholder Loan Accounts

Understanding Shareholder Loan Accounts As interest rates continue to climb in 2023, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But before you plan to do that, it is important to understand the tax implications related to that. If you’re considering taking out a

Thinking About Retiring? Our Advice on Credits & Benefits Available to Canadians

Thinking About Retiring? Our Advice on Credits & Benefits Available to Canadians It is essential for seniors to adopt a plan regarding taxes when planning for retirement. More than 1 in 5 working-age Canadians are between the ages of 55 and 64 – more than at any time in our history. With the impending retirement wave, retirement planning

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023 TFSAs (tax-free savings accounts) and RRSPs (registered retirement savings plans) are two of the most popular registered accounts held by Canadians. A TFSA helps you save for any goal – from next summer’s vacation abroad to supplementing your retirement later on — with tax-free growth.

Getting Ready for your 2022 Tax Return

Getting Ready for your 2022 Tax Return Tax-filing season is fast approaching, and it is a busy time for both individuals and businesses. While tax season may not be the most wonderful time of the year, there are a few steps you can take now to remove some of the stress of filing your taxes

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