Time is Running Out for First-Time Home Buyers to Save in 2024

Owning a home, once almost considered a right of Canadian citizenship, has become a more distant dream for millions. The high cost of housing, coupled with a desperate shortage of supply, has turned the notion of home ownership into a near impossibility for many Canadians and those who have arrived in our country more recently.  The Tax-Free First Home Savings Account (FHSA) can help but it’s important to open an account before December 31, 2024 to create and preserve the contribution room.

The inaugural MFA-P Symposium will be held in Toronto on October 30th, 2024. You’ll experience six dynamic sessions from industry leaders designed specifically to help advisors engage their clients about strategic charitable giving. It’s an opportunity to meet peers and industry leaders who can help you build your business.

July 15 was an important day for carbon-tax weary taxpayers. A Canada Carbon Rebate payment was  made to individuals who have filed their 2023 personal tax returns.  What about the long-awaited $2.5 billion Carbon Tax Rebate For Small Businesses? The delivery date and amounts to be received remain elusive, but one thing is clear: many businesses will have disqualified themselves by missing the July 15 date for filing 2023 T2 returns.  Here’s what you need to know. 

New T3 filing requirements for trusts were formally enacted beginning in the 2023 taxation year.  The  rollout of this program quickly became a broad-based disaster, as informal and bare trusts were a surprise inclusion in the requirements. Over 52,000 T3 returns and new Schedule 15s were filed before the government had a sudden change of heart; cancelling the requirement for bare trusts just hours before the filing deadline. Now, the Taxpayer’s Ombudsperson is looking into the situation to determine if taxpayer rights were breached.

In the market for a new car?  Did you know that the federal government wants to achieve, by 2035, 100% zero-emission vehicle sales.  Interim targets are that at least 20 percent of all sales are e-vehicles by 2026, and at least 60 percent by 2030.  To encourage those results, two federal programs are available to make those purchases easier.  And that’s good news because the average e-vehicle costs are still quite high; but the offset is lower driving costs.

Knowledge Bureau is pleased to introduce a new Diploma in Advanced Family Tax Compliance.  This comprehensive program is ideal for experienced tax accountants and wealth advisors who require updating in the latest  tax and economic changes from Finance Canada and CRA in order to help clients meet tax filing compliance requirements and family wealth planning objectives.  The program comprises of four online courses, 5 chapters each, and 4 virtual CE Summit events. A special introductory tuition offer is available until July 30.  Details below.   

Check out the outstanding pre-conference activities we have selected to enhance your experience in Montreal! Open to all 2024 Acuity Conference for Distinguished Advisor attendees and their companions. Space is limited, reserve now!