If you need cash flow for personal or business expenses, you may want to consider borrowing money against your home.
Now that the New Year is almost here, it’s time to start making some year-end tax planning decisions, especially related to an RRSP and TFSA.
In the 2022 Federal budget, the government proposed a new tax-free savings plan called the First Home Savings Account (FHSA). This account will take the benefits of a TFSA and combine them with the benefits of an RRSP to help Canadians save for their first home.
Tax Free Savings Accounts (TFSAs), which were introduced in Canada in 2009, are savings tools that can be used to optimize your yearly tax planning. Each year, the federal government announces an annual contribution limit, which is added to your limits from previous years.
Employees who work from their homes have always been able to claim home office expenses. To do this, the employee had to meet specific criteria, retain receipts, calculate the portion of expenses that were related to work and get certification from their employer.
As with every new year, 2022 has its own set of payment and filing deadlines that every taxpayer needs to know about.
To help you out, in this blog we’ve listed the most significant dates and information that you will want to make note of. If you need further tax return help, please do contact one of our chartered professional accountants today!
Now that the new year has come, it is time to start planning for the tax year ahead. That means you need to be aware of the applicable tax brackets, credit rates, contributions and premiums that will apply to you and your specific situation in Ontario in 2022.
New Ontario estate planning legislation came into effect on January 1st of this year (2022). Are you up to speed on exactly what these changes are and what they mean?
These new changes were made to help simplify the estate planning process. Changes will affect the validity of wills after marriage, property rights of separated spouses, and wills with technical errors. In this blog, we will also look at the legislated changes and the virtual witnessing of wills.
