Renovating a home to make it safer and more accessible for seniors or individuals with disabilities can be a transformative endeavour. Fortunately, in Canada, there's financial assistance available through the Federal Home Accessibility Tax Credit (HATC). This tax credit aims to alleviate some of the financial burden associated with making these necessary improvements. Let's delve into what the HATC entails and how it can benefit eligible individuals.
Are you someone who has joint accounts, or jointly holds real estate with your children for estate planning purposes? If so, you might be subject to new legislation regarding enhanced reporting requirements for trusts, with a trust tax return due by March 30, 2024.
The cost of higher education has become a financial juggling act for many. You've got tuition, books, living expenses - the list goes on.
As we step into the new post-secondary school winter semester, it's important to review the financial aspects of education.
Despite the shifting landscape of learning over the past few years due to the pandemic, the costs associated with post-secondary education remain a constant challenge. Tuition bills, housing expenses, and meal plans continue to be significant financial burdens for students and their families.
Fortunately, there are tax credits and benefits available to help alleviate some of these costs.
In Canada, we have two public retirement income programs – Old Age Security (OAS) and the Canada Pension Plan (CPP). While you’re still allowed to accumulate your own savings in registered pension plans or registered retirement savings plans, these two programs ensure that all Canadians get a basic level of income when they retire.
Tax season in Canada is approaching rapidly, and for business owners, this period can be particularly stressful without proper preparation.
Buying your first home is a big step in life, and it means more than just having a place to call your own. In Canada, owning a home is seen as a sign of financial success and stability. It's also one of the largest financial transactions you'll ever make.
Owning a home offers tangible financial advantages. When you buy a home, you often make a down payment and borrow the rest from a bank. Over time, you pay off this loan, and at the end, the home is all yours.
As a self-employed individual in Canada, it's essential to take advantage of tax planning strategies to reduce your tax bill and maximize your deductions.
