CRA hits taxpayer with $5,000 in penalties for mistake in reporting U.S. holdings

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https://financialpost.com/personal-finance/taxes/cra-taxpayer-penalties-reporting-u-s-holdings If you own “specified foreign property” where the total cost at any time in the year is more than $100,000, you’re required to complete Form T1135, Foreign Income Verification Statement with your personal tax return. While most of us would agree that a Swiss bank account with a value of more than $100,000 in Read more about CRA hits taxpayer with $5,000 in penalties for mistake in reporting U.S. holdings[…]

OHIP coverage outside Ontario

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https://www.ontario.ca/page/ohip-coverage-outside-ontario Check your health card before you go You should bring your health card with you if you’re planning to travel within Canada, but first, make sure it’s still valid. A valid Ontario health card has: If you’ve moved, you can update your address online with ServiceOntario. If your name has changed since receiving your current health Read more about OHIP coverage outside Ontario[…]

Claim Your Personal Medical Expenses in Business

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Many individuals have huge medical costs which they cannot deduct to certain limits personally as both spouses’ taxable income are high. You can use “Private Health Service Plan” (PHSP) to make your medical expenses fully deductible.  If you have an incorporated business or a partnership you qualify. You could be a single one-person business or have Read more about Claim Your Personal Medical Expenses in Business[…]

Hoping to file your 2024 taxes early? You might have trouble online

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https://www.ctvnews.ca/vancouver/article/hoping-to-file-your-2024-taxes-early-you-might-have-trouble-online/ By Andrew Weichel Published: March 04, 2025 at 9:02PM EST If you’re someone who likes filing your taxes early, you could run into trouble this year. While the Canada Revenue Agency has been accepting online tax returns since Feb. 24, many eager filers have found themselves unable to click the “submit” button. The issue affects anyone Read more about Hoping to file your 2024 taxes early? You might have trouble online[…]

Government of Canada announces deferral in implementation of change to capital gains inclusion rate

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https://www.canada.ca/en/department-finance/news/2025/01/government-of-canada-announces-deferral-in-implementation-of-change-to-capital-gains-inclusion-rate.html From: Department of Finance Canada News release January 31, 2025 – Ottawa, Ontario – Department of Finance Canada Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half Read more about <strong>Government of Canada announces deferral in implementation of change to capital gains inclusion rate</strong>[…]

Update on the Canada Revenue Agency’s administration of the proposed capital gains taxation changes

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https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2025/update-cra-administration-proposed-capital-gains-taxation-changes.html January 31, 2025 Ottawa, Ontario Canada Revenue Agency The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirms the government’s intention that, effective for dispositions that occur on or after January 1, 2026, the inclusion rate Read more about Update on the Canada Revenue Agency’s administration of the proposed capital gains taxation changes[…]

TFSA limit rises to $7,000 for 2024, officially

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https://www.advisor.ca/tax/tax-news/tfsa-limit-rises-to-7000-for-2024-officially/ The TFSA contribution limit for 2024 has been officially released. That limit is $7,000, up from $6,500 in 2023 and $6,000 in 2022. “This marks the first time that we have seen two consecutive years of increases on the annual TFSA limit,” said Aaron Hector, private wealth advisor with CWB Wealth in Calgary, in Read more about TFSA limit rises to $7,000 for 2024, officially[…]

7 ways to improve your credit score

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https://www.cibc.com/en/personal-banking/smart-advice/borrowing-and-credit/7-ways-to-improve-credit-score.html Boosting your credit score can feel like an uphill grind, but it doesn’t have to be. Whether you’re just starting a credit history or are rebuilding after your scores have taken a hit, it’s important to get acquainted with some of the basic ways to improve them. Get started on these 7 strategies to improve Read more about 7 ways to improve your credit score[…]

October 1st – Ontario Increasing Minimum Wage to $16.55 an Hour

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TORONTO — The Ontario government is increasing the minimum wage to $16.55 an hour on October 1, 2023. This 6.8 per cent pay raise for low-income workers builds on the government’s steady and predictable increases every year to help families offset the rising cost of living. “Under the leadership of Premier Ford, our government is putting Read more about October 1st – Ontario Increasing Minimum Wage to $16.55 an Hour[…]