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First Home Savings Account (FHSA): A New Investment Tool

First Home Savings Account (FHSA): A New Investment Tool

FIRST HOME SAVINGS ACCOUNT (FHSA) : A NEW SAVINGS TOOL The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase. Individuals eligible to open an FHSA must be at least 18 years of age and resident in Canada. The individual must also have not lived…

CPP Enhancements: Higher Contributions & Benefits

CPP Enhancements: Higher Contributions & Benefits

CPP ENHANCEMENTS : HIGHER CONTRIBUTIONS & BENEFITS In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred from 2019-2023; phase 2 will occur from 2024-2025. Overall, the changes will require larger contributions but also will provide larger benefits. Pre-CPP enhancement…

TFSA: Carrying on a Business Within It

TFSA: Carrying on a Business Within It

TFSA: Carrying on a Business Within It Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. n a February 6, 2023 Tax Court of Canada case, CRA had assessed the TFSA on the basis that it was carrying…

Digital Adoption Program: Grants, Loans & Professional Assistance

Digital Adoption Program: Grants, Loans & Professional Assistance

Digital Adoption Program: Grants, Loans and Professional Assistance On March 3, 2022, the Canada Digital Adoption Program (CDAP) was launched and opened for application. This $4 billion program provides funding through two initiatives. Grow Your Business Online Initiative This initiative provides $2,400 micro-grants and access to e-commerce advisors to help applicants adopt digital technology. Grants…

Buying and Selling a Home: Budget 2022 Proposals

Buying and Selling a Home: Budget 2022 Proposals

Buying and Selling a Home: Budget 2022 Proposals The 2022 Federal Budget included several proposals that would significantly change the taxation environment when buying and selling a home. Broadly, the government proposed various incentives for first-time buyers and extended family units in addition to bright-line tests/restrictions for those purchasing homes for profit (e.g home flippers)….

Special Educational Needs – Catch Up Payments

Special Educational Needs – Catch Up Payments

Special Educational Needs – Catch Up Payments You can get financial support to help with the costs of your child’s tutoring, supplies or equipment during the 2022–23 school year. Eligible applicants will receive a one-time payment of: $200 for each student between kindergarten and Grade 12, up to age 18 $250 for each student with special education…

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