The most recent estimate issued by the Canadian Real Estate Association (CREA) is that close to half a million homes will be sold in Canada during 2019. Since that number doesn’t include moves from one rental accommodation to another, or the twice-a-year post-secondary student migration from home to school (and back again), it’s safe to […]
Claiming a deduction for moving expenses Read More »
In this year’s Budget, the federal government introduced a new program – the First-Time Home Buyer Incentive (FTHBI), to help qualifying first-time home buyers get into the housing market. Under that program the Canada Mortgage and Housing Corporation (CMHC) (an agency of the federal government) will add a specified amount to the down payment made
New information provided on First-Time Home Buyer Incentive program Read More »
Most Canadians have now filed their individual income tax return for the 2018 tax year and received a Notice of Assessment outlining their tax position for that year. Those who receive a refund will celebrate that fact or, less happily, those who receive a tax bill will pay up the tax amount owed. Both groups
A mid-year check up on your taxes Read More »
It’s the financial “achievement” no one wants to have, but Canadians keep setting new records when it comes to the size of their household debt. And, as of the last quarter of 2018, they did so again. The most recent release of “Mortgage and Consumer Credit Trends” issued by the Canada Mortgage and Housing Corporation
Canadian households set (another) new debt record Read More »
It would be entirely reasonable for Canadians seeking to buy their first home to feel that the odds are very much against them, for a number of reasons. Many of them, especially those in their twenties and thirties, must put together an income from short-term contracts and/or multiple part-time jobs, making it almost impossible to
New assistance for first-time home buyers Read More »
By May 20, 2019, the Canada Revenue Agency (CRA) had processed just over 27 million individual income tax returns filed for the 2018 tax year. Just under 17 million of those returns resulted in a refund to the taxpayer, while about 5.5 million resulted in the required payment of a tax balance by the taxpayer.
Objecting to your 2018 Notice of Assessment Read More »
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues. They can be accessed below. Corporate: Issue #48 Corporate Personal: Issue #48 Personal
New Quarterly Newsletters Read More »
Although virtually no one looks forward to the task, the vast majority of Canadians do file their tax returns, and pay any taxes owed, by the applicable tax payment and filing deadlines each spring. There is, however, a significant minority of Canadians who do not file or pay on a timely basis and, for some,
Coming clean with the tax authorities Read More »
As every Canadian driver knows, gas prices seem to rise every spring, seemingly in lockstep with the warmer weather. This year, that annual trend has been given an extra push by the implementation of federal and provincial carbon taxes. As of the end of April, gas prices ranged from $1.19 to $1.56 per litre, depending
Getting relief from the high cost of driving Read More »
The deadline for payment of all individual income taxes owed for the 2018 tax year was April 30, 2019. For all individuals except the self-employed and their spouses, that date was also the filing deadline for tax returns for the 2018 tax year. (The self-employed and their spouses have until June 17, 2019 to file.)
When you can’t file or pay on time – the Taxpayer Relief Program Read More »
