Canada Revenue Agency Expected to Pilot a New Automatic System for Tax Year 2024
The Canada Revenue Agency (CRA) is set to pilot a new automatic tax filing system in 2024. This new pilot program was announced in the federal government’s 2023 to 2024 fiscal budget on March 28, 2023, as part of its goal to “Making Life More Affordable” for Canadians. Automatic tax filing is already a reality
Read MoreImportant 2024 Canada Tax Deadlines to Keep in Mind
It’s almost that time of year again: tax season. Many of us put off filing our income tax and benefit returns until the last minute. In this article, we will review all the important tax deadlines. February 19, 2024 – That’s when you can start filing your 2023 tax return That’s the date you can
Read MoreGovernment of Canada Extends Deadline for Homeowners to File their Underused Housing Tax Return
The Federal Government of Canada has extended the deadline for homeowners to file their Underused Housing Tax (UHT) return until April 30, 2024. Homeowners affected by the Underused Housing Tax (UHT) will have until April 30, 2024 to file their returns for the 2022 calendar year without being charged penalties or interest. Penalties and interest were previously
Read MoreImportant Tax Deductions & Credits Canadians Can Claim for Tax Year 2023
Over the past year, economic instability has been notable, attributed to the ongoing developments surrounding COVID-19 and heightened inflation and increased cost of living. In this article, we will share some of the tax credits and deductions that you may be able to claim on your income tax return this year to help you save
Read MoreAll You Need to Know About Navigating the CEBA Loan Repayment Extension
Program Overview The federal government introduced the Canada Emergency Business Account (CEBA) in April 2020 as part of its COVID-19 pandemic relief initiatives. CEBA program initially offered interest-free loans of up to $40,000, to eligible small businesses or not-for-profit organizations. Eligible CEBA loan holders were later offered an expansion of up to $20,000 (i.e., for a
Read MoreWhat 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
Read MoreCanada’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
Read MoreCanada’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
Read MoreFlipping 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
Read MoreSaving 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
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