Gregory, Harriman & Associates LLP Blog

Introduction to the New Tax Free First Home Savings Account (FHSA)

Details: Published: Wednesday, 26 July 2023 17:21

As part of the 2022 Federal Budget, the Department of Finance announced its intention to establish a new tax free First Home Savings Account (FHSA) as a means to allow prospective first-time home buyers to save up to $40,000 tax-free towards the purchase of their first home. Similar to with an RRSP, eligible contributions (subject to annual contribution limits) are tax-deductible, however, qualifying withdrawals to purchase a first home are non-taxable. As of April 1, 2023 you can now apply with your bank to open a new FHSA account.

Tax Highlights from the 2023 Federal Budget

Details: Published: Friday, 09 June 2023 15:26

On March 28, 2023, the Department of Finance introduced the 2023 Federal Budget for Canada, titled “A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future”. Although this year’s version of the budget contained fewer significant tax measures as compared to budgets from years past, there were still a few important tax implications for Canadian taxpayers to be aware of as summarized below.

Helpful Hints on Gathering Tax Slips and Other Information for Personal Tax Returns

Details: Published: Monday, 13 March 2023 18:00

Now that personal tax season is here you will need to start gathering up all your tax slips to report your income and deductions for 2022. With a lot of institutions and businesses going paperless you will need to determine what tax slips may be coming by e-mail or that you need to sign into your account to download versus arriving in the mail.

Updated Vehicle Mileage and Meal Expense Rates

Details: Published: Wednesday, 01 February 2023 15:32

Did you know that the Department of Finance recently updated important vehicle mileage and expense benefit rates that apply when using an automobile for business purposes, or for claiming certain tax-deductible travel expense?

Updated CRA Policy - Employee Gifts and Awards

Details: Published: Wednesday, 25 January 2023 09:00

Effective January 1, 2022, the Canada Revenue Agency (CRA) has updated its policies on employee gifts and awards in order to address the treatment of gift cards provided to employees.

Alberta Affordability Payments - Application Now Open

Details: Published: Wednesday, 18 January 2023 09:00

On January 18, 2023, the Alberta Government began accepting applications for temporary Affordability Payments as part of its Affordability Action Plan aimed at providing assistance to Albertans who are struggling with the rising cost of living due to inflation. The Affordability Payments will provide direct payments to help parents, seniors and vulnerable people with their daily living costs.

Page 3 of 10

Start
Prev
1
2
3
4
5
6
7
8
9
10
Next
End