The federal government has released new details about a new registered savings account for first-time home buyers. It’s called the FHSA and it combines aspects of both the RRSP and TFSA. Like the RRSP Home Buyers Plan, it allows withdrawals on a tax-free basis to help buy a qualifying home. But, it also offers some other features not found in RRSPs and TFSAs.
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How to Prepare a T5 Slip in Canada for 2026?
The CRA requires financial institutions to file T5 slips by the end of February each year. These slips detail investment income paid to individuals during the previous calendar year. The CRA uses these filings to verify the amounts reported on individual taxpayer returns.
Canada’s New Luxury Goods Tax to Know for 2024
The luxury tax, which was first announced in Canada in the 2021 Budget, took effect on September 1, 2022. It will impact individuals who purchase high-value cars, airplanes, and boats, as well as manufacturers and vendors that produce, wholesale, or retail these goods.
What is a Group RRSP and Why Do You Need It in Canada?
Every group benefit plan has its pros and cons. It is important to educate your employees about their options and the benefits of each choice.
Top 9 Ways to Maximize Your Tax Return in Canada in 2026
As tax season approaches in Canada, it’s time to start thinking about how to make the most of your tax return. The Canadian tax system offers numerous opportunities for individuals to optimize their financial situation and receive the maximum refund possible.
Department of Finance Introduces Draft Legislation Limiting Expense Claims for Short-Term Rentals
In a move to tackle the housing crisis gripping major Canadian cities, the Department of Finance Canada has released a draft legislation aimed at curtailing the tax benefits associated with short-term rentals.
US LLCs Cause Canadian Tax Problems for 2026
Canadian individuals who choose to utilize US Limited Liability Companies (LLCs) for earning rental income or conducting business in the United States encounter a host of challenges due to the distinct tax treatment by the Canada Revenue Agency (CRA).
What is Line 15000 on the Tax Return in Canada for 2026?
Filing your tax return can be a perplexing task, with various lines and numbers demanding your attention. One such line that may catch your eye is Line 15000.
Tax Implications of Giving Gifts to Employees in Canada in 2026
Many employers may be planning to give gifts or awards in 2024 to their employees. But what are the tax implications?