Month: February 2023

Tax-Free First Home Savings Account (FHSA)

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https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html In Budget 2022, 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 Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from Read more about Tax-Free First Home Savings Account (FHSA)[…]

Underused Housing Tax (UHT)

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The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners. Many Canadian corporations, partnerships, and trusts — including those with no Read more about Underused Housing Tax (UHT)[…]