Revenue-generating measures in the 2023 federal budget will probably target the wealthy to offset spending meant to mitigate the effects of inflation tax experts suggest. This budget may go after higher-income Canadians perhaps even introducing a higher income tax bracket.
The Liberals proposed the ‘First Home Savings Account’ (FHSA) as part of their 2021 election platform to help Canadians under the age of 40 save for a down payment on their first home.
The account will be a combination of an RRSP and a TFSA. Contributions to the FHSA will provide the taxpayer with a deduction that can be used to reduce their income for the year. The maximum contribution is $40,000, and account funds will grow tax-free. When the funds are withdrawn, the growth won’t be taxable if the funds are used to purchase the taxpayer’s first home. Read more…
Expenses incurred for necessary medical or reconstructive purposes are eligible. Generally, expenses for treatment that was purely cosmetic in nature is not an eligible medical expense. Read more to see a list of eligible expenses…
Canada is now home to the world’s first surgical accidental death insurance product. Samos Insurance has created a first-of-its-kind accidental death insurance policy that covers planned surgical treatments including cesarean sections, joint replacement, heart surgery, and popular cancer diagnostic tests. Read more…
All sorts of benefits, tax credits and grants from the Canadian Government are available if you know where to look…read more
If you are an employee that worked from home in 2020, here are some deductions you can use for your 2020 income tax. Read more
The Canada Revenue Agency (CRA) is extending the payment due date for current-year individual, corporate and trust income tax returns — including instalment payments — from Sept. 1 to Sept. 30.
The CRA said Monday that it will not charge penalties and interest if payments are made by the extended deadline of Sept. 30. This includes the late-filing penalty as long as the return is filed by Sept. 30. Read more
While travel restrictions to contain the spread of COVID-19 are still in place in some provinces and territories, the past several weeks have seen a loosening of some inbound and outbound travel policies as several regions begin to slowly reopen. As well, here’s a look at some of the rules for each province and territory (updated July 6, 2020). Read more…
TORONTO — The U.S. and Canada are poised to extend their agreement to keep their shared border closed to non-essential travel to Aug. 21, but a final confirmation has not been given, a person familiar with the matter said Tuesday.
One of Canada’s highest-profile medical experts throughout the COVID-19 crisis, Dr. Isaac Bogoch, told the CBC last week that he wouldn’t be surprised if the Canada-U.S. border stays closed until into 2021. Read more…