In Budget 2022, the Federal government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This account will allow first time home buyers to save money for the purchase of their new home. The Bill received a Royal Ascend in December of 2022. The enacted rules permit individuals to use the FHSA and the Home Buyers’ Plan together in respect of the same qualifying home purchase.
Given Canada’s current housing crisis, it shouldn’t come as a surprise that people are looking for creative ways to reduce the cost of owning a home. For some, this includes having multiple generations under the same roof.
The federal government recently released new details about the First Home Savings Account (FHSA). The account is a registered savings plan that was designed to help Canadians save for their first home.
The Canada Pension Plan (CPP) provides a taxable benefit that provides a basic level of income to retirees. The program is funded by contributions made by employees, employers and the self-employed.
If you haven't already, it’s time to mark the 2023 tax deadlines in your calendar. For individuals and businesses alike, this deadline is an essential time to organize financial documents, gather receipts, and ensure that all necessary forms and payments are submitted to the Canada Revenue Agency (CRA) in a timely manner.
Registered Retirement Savings Plan (RRSP) contributions are one of the last opportunities Canadian taxpayers have to affect their 2022 tax position.
With the deadline for contributions falling on March 1 of each year, now is the perfect time to review your financial goals and consider contributing to your RRSP before the deadline. In this blog, we’ll answer some of the most common RRSP questions.
If you have employees, you are required to deduct and remit source deductions from your employee’s wages, salaries and taxable benefits.
In Canada, the general corporate tax rate is 15%, after the federal tax abatement of 10% and the general tax reduction of 13%. However, small businesses have a reduced federal tax rate of 9%.
