by marketingteam | Apr 19, 2024 | Taxes
New multigenerational home renovation tax credit If you’re renovating a your home, adding additional dwellings for seniors or eligible adults can qualify you for a new tax credit worth up to $50,000. The secondary unit must allow a senior or adult who is...
by marketingteam | Apr 19, 2024 | Taxes
by marketingteam | Apr 19, 2024 | Taxes
by marketingteam | Apr 19, 2024 | Taxes
Launched on April 1, 2023, the tax-free First Home Savings Account combines a TFSA with an RRSP. It allows Canadians to make a contribution of $8,000 per year up to a maximum of $40,000 over their lifetime toward the purchase of a first home. Contributions are tax...
by marketingteam | Apr 19, 2024 | Taxes
Of course you can’t talk about income tax brackets without thinking about registered retirement savings plans (RRSPs). The contribution limit increased from $29,210 in 2022 to $30,780 for tax year 2023. Having said that, your contribution limit is still capped at 18%...
by marketingteam | Apr 19, 2024 | Taxes
Technically, it’s not a tax credit but a tax deduction that reduces your taxable income. During the pandemic, when approximately 5 million Canadians were forced to work from home, the federal government introduced a temporary flat rate method for claiming work from...
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