For the 2022 and subsequent taxation years, the amount used to calculate the HBTC is $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers. You can claim up to $10,000 for the purchase of a qualifying home in 2023 if both of the following apply: A qualifying home must be registered …
Individual (T1) – Deadline for the 2023 personal income tax return is April 30, 2024. Any tax owing must also be paid by this date. Self-Employed – Deadline is June 15, 2024 but any tax owing should be submitted on or before April 30, 2024. Corporation (T2) – T2 return should be filed no later …
Applicants can now complete Part A of the application form online via My Account. Once completed, the applicant will receive a reference number to give to their medical practitioner (MP) who will use it to complete Part B of the form The option of completing this process by phone, either with the support of a …
New Digital Form for Disability Tax Credit Application Read More »
Beginning January 1, 2024, businesses filing six or more information returns (slips and summaries) must file electronically Examples of information returns include the T4 payroll return (renumeration paid), T5(Investment income), T3(trust income) and T4A (pension and other income return). As at today, businesses filing five or fewer information returns can still choose to file by …
Box 16A is the new box on T4 begin in 2024 This is to report the new employee’s Second Additional CPP contribution Beginning January 1, 2024, any employee who contributes to the CPP will make CPP2 contributions if and when their annual income surpasses the first earnings celling. The maximum pensionable earnings in 2024 is …
New Canada Pension Plan (CPP) box on the T4 Slip Read More »
Crypto-assets are digital assets that exist on a cryptographically secured distributed ledger. There are many types of crypto-assets, the most common being cryptocurrencies such as Bitcoin. Transactions related to crypto-assets often have tax implications and must be reported. Proper financial records of activities relating to the crypto-assets must be kept. This includes but not limit …
Crypto-asset exchanges: Records, Obligations and Responsibilities Read More »
Affected trusts will be required to file a T3 (Income tax and information return) and a Schedule 15 (Beneficial Ownership Information of a Trust) Before the introduction of the new reporting requirements, a trust that did not earn income, dispose of capital property, or make distributions of income or capital in a year was generally …
New Reporting Requirements For The Trusts as of December 31, 2023 Read More »
First Home Savings Account (FHSA) – Starting from 2023. Contributions are generally tax deductible and withdrawals for the purpose of buying or building a qualifying home are tax-free. The participation room in the year that you open your first FHSA is $8,000 and the lifetime FHSA limit is $40,000.
Before you can qualify for one of the following housing tax incentives or other benefits and credits, you must file your income tax return. New housing benefits and tax credits: Multigenerational Home Renovation Tax Credit. This is a refundable credit for eligible expenses related to certain qualifying renovations to create a self-contained secondary unit for …
Dental benefits offered by Employer or Payer has to be report on Box 45 of T4 or Box 015 of T4A beginning with the 2023 tax year. Box 45 on T4 is mandatory for all slips. Box 015 on T4A is only mandatory if an amount is reported in Box 016 – Pension or Superannuation.