On October 20, 2023 the Federal and Alberta Governments announced they are partnering on a 2023 Canada-Alberta Drought Livestock Assistance response to assist livestock producers affected by drought and extreme growing conditions.
The Livestock Tax Deferral Provision allows for a portion of sales proceeds to be deferred to the following year, where producers in prescribed regions sell breeding stock due to drought.
An important, but commonly overlooked requirement for rental arrangements involving non-resident landlords, is the requirement under the Income Tax Act for the tenant to withhold non-resident tax from their regular rental payments and remit this tax to the CRA on the landlord’s behalf. The following are some key points to keep in mind if you are ever presented with the opportunity to rent property in Canada from a non-resident owner.
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.
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.
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.