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.

Professionals who are designated specialists are committed to meeting standards of conduct that include professional development annually and an attestation to ethical conduct.  Knowledge Bureau designates who have not yet relicensed have the options that follow.

Here’s a dark horse for those who NETFILE six or more T1 returns for friends and family.  Starting in January 2024, it became mandatory for you to register as a tax preparer for the purposes of  EFILE if you accept payment for those returns.  Penalties are charged if you don’t comply and even if you want to, you may not pass CRA’s suitability tests. 

CRA plans a system shutdown early this year in December 2024 and could have far reaching repercussions for professional tax advisors and their business owner clients. For example, businesses to electronically file information slips prior to December 2024, and this now includes the requirement that businesses filing 6 or more information returns must do so electronically to avoid filing penalties.

Two important changes to intergenerational business transfer rules tabled in Bill C-59 have now come to be passed into law.  All family business owners and their professional advisors should take note.

EVELYN JACKS, DMA™, RWM™, MFA-P™, FDFS™, Founder and President, Knowledge Bureau introduces the 2024 Fellows of Distinguished Financial Services and Provides the Vision for their Special Mission.

Mark Your Calendar for the weekend of November 9-12.  You’re going to be in for an incredible networking experience, and a 15 session, impactful Education Conference tailored for tax specialists and wealth advisors.  Most important, 20 thought leaders will inspire you to re-engage with your prospective clients who sadly, may not be seeking your advice soon enough.   It’s the Acuity Conference for Distinguished Advisors (DAC) and the full agenda is now here! Register by September 30 early-bird deadline – Ask about group rates, how to buy a table and access to VIP Affinity Program rates.  Here’s the run of the events: