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[…]

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)[…]

Corporate Owned Life Insurance – Watch Those Beneficiary Designations!

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As a business owner, your corporation has a life insurance policy on your life – a key part of your estate and succession planning! However, to avoid unintended tax consequences, it’s critical that the beneficiary designations of your corporate owned life insurance policies be reviewed. Where your corporation is the owner and payor of the Read more about Corporate Owned Life Insurance – Watch Those Beneficiary Designations![…]

2021 Personal Tax Update and Checklists

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CRA will open accepting electronic filing of tax returns for year 2021 from February 21, 2022. We recommend you to wait until end of March if you have a bigger investment portfolio, as investment statements including T5s and T3s are issued in March by most of the investment companies and mutual funds. If you receive Read more about 2021 Personal Tax Update and Checklists[…]

CRA My Account and My Business Account

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We have been receiving many requests to provide NOAs, RRSP limits, refund issued etc.  We encourage you to register with CRA to view or download any statements you need including NOAs, RRSP limits, track your assessments and many more. CRA has following two videos showing how to register for CRA My Account (used for individuals) Read more about CRA My Account and My Business Account[…]

TFSA

How to retire with over $200,000 Non-Taxable Family Income

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The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax free throughout their lifetime. Unlike an RRSP, investors are not able to deduct contributions to a TFSA for tax purposes; however investment Read more about How to retire with over $200,000 Non-Taxable Family Income[…]