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[…]

The Canada Revenue Agency locked roughly 800,000 accounts after a routine check found that the login information was available to “unauthorized individuals,” the federal tax agency said Friday. Impacted users will be locked out of their accounts as a preventive measure until they create a new user ID and password, the CRA said in a Read more about Canada Revenue Agency locks 800,000 accounts[…]

When a person dies leaving a will in Ontario, it isn’t uncommon for the executor of the estate to apply for a certificate of appointment of estate trustee with a will, a legal process where courts confirm the validity of the deceased’s will, and the executor’s authority to act on behalf of the estate. An Read more about High-net-worth clients should draft dual wills[…]

The ORPP is mandatory for employers without a comparable workplace pension plan. Employers will contribute up to 1.9% on an employee’s annual earnings up to $90,000. Both employers and employees will make equal contributions. The ORPP minimum earnings threshold (the amount a plan member earns before they begin making contributions) will be $3,500 for eligible employees between the ages of 18 Read more about Ontario Retirement Pension Plan (ORPP)[…]

Ontario’s minimum wage is increasing to $11.25 per hour, up from the $11 per hour it has been since June 2014. For students $10.55 per hour, up from the $10.30. This rate applies to students under the age of 18 who work 28 hours a week or less when school is in session, or work Read more about Ontario’s minimum wage increasing as of Thursday to $11.25[…]