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How to properly plan the opening of an FHSA

Clients may be eager but timing is important

KEN YUEL PHOTOGRAPHY / GETTY IMAGES

Canada Disability Benefit Act receives royal assent

Benefit is meant to support working-age Canadians with disabilities, but details still to be determined

Shopify to fight CRA request for six years of merchant tax records: CEO

Government said records were being sought to verify that merchants were obeying tax acts

Parliament buildings with Canada flag flying in front

Federal government passes 2023 budget implementation bill

Changes to RESPs and RDSPs, caps on payday loans and leeway to increase the CDIC limit are all law now

Inspection image

Expanded rules for mandatory tax disclosures are now law

Financial advisors may need to report more things to the Canada Revenue Agency

Eggs on nest

Tax reforms needed to Canada’s retirement regime: C.D. Howe Institute

Study argues for providing Canadians more retirement savings room, allowing OAS/CPP deferral after 70

Parliament buildings at night in Ottawa

Finance tables report reconsidering RRIF minimum withdrawal rates

Study examines whether assumptions that underlie RRIF withdrawal factors are still appropriate

Interior view of the Canada Commons of Parliament, Ottawa

Liberals reject key Senate amendment to disability benefit bill

Senate opponents say they will support Bill C-22 even without the amendment

Family plays

Tips for helping children buy a home

Strategies to minimize tax implications, including the FHSA

Modern condo buildings with huge windows in Montreal, Canada.

FHSA questions abound as industry rolls out account

The issue of what happens when an FHSA holder dies may need to be dealt with sooner rather than later, for example

Moving boxes in new house. Real estate concept.

What are the FHSA qualifying withdrawal rules?

The holder needs a written agreement to buy or build a home to make a tax-free withdrawal

House building and city construction concept evening outdoor urban view of modern real estate homes

What are the FHSA eligibility rules?

Even homeowners can open an FHSA in some cases

Understanding the underused housing tax

If your client is an affected owner, they must file a UHT return by Oct. 31 to avoid penalties

Grocery rebate bill receives royal assent

The CRA will deliver the one-time GST credit boost to Canadians in July

Wheeling his way into recovery

Disability tax credit applications at “standstill” during CRA strike, advisors say

The DTC is a valuable credit for Canadians with disabilities and the key to other support programs

illustration of magnifying glass and tax forms

Tax-loss selling: Superficial loss and identical property rules

Help clients realize a capital loss while maintaining market exposure

Petition calls for tax deadline extension amid federal worker strike

The CRA says tax returns filed digitally will largely be processed automatically ``without delay"

Canadian parliament in Ottawa

Government tables second budget implementation bill

Changes to RESPs and RDSPs are included in the legislation, as well as leeway to increase the CDIC limit

Taxpayers with complex issues face biggest headaches during CRA strike

The agency said all paper returns “will be stockpiled for future processing"

Wooden box lined with hay from the chicken eggs

What clients should know about the CPP reforms

Clients are paying in but increases to benefits remain minimal for now

  • By: Lea Koiv
  • April 19, 2023 June 30, 2023
  • 13:25
Interior view of the Canada Commons of Parliament, Ottawa

Thousands of Canadians missed out on federal housing and dental benefits: report

The low take-up means the federal government spent less than it allocated for the measures

Parliament buildings with Canada flag flying in front

Liberal tax promise tracker, post-budget edition

Here’s the status of tax proposals that matter to your clients

Wooden box lined with hay from the chicken eggs

Budget proposes tax changes to pension plan arrangements

Changes to the Income Tax Act are good news for employers with pension plans

Moving boxes in new house. Real estate concept.

Questrade launches FHSA

Other firms are rushing to set up back-office systems and internal procedures for the account

red card

Advisor learns the hard way that TFSAs are not for frequent trading

A Tax Court case led to a hefty tax bill