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.Will the U.S. Election Affect Canada’s Economic Outlook?
Will the election results in the U. S. affect the Canadian economy? It’s quite possible, as the Canada-United States-Mexico Agreement is up for renegotiation and review in 2026 and the potential for expensive new tariffs has been raised. It was just last month that Canadians could expect a solid increase in real GDP growth in 2025, followed by a levelling off in the following two years. That was the projection from Canada’s Parliamentary Budget Office report. Here’s the forecast, in the absence of significant new Trumpian policies:
Understanding Terminal Losses
As the tax year draws to a close it’s important to understand what happens when a depreciable asset is disposed of. If that is less than the undepreciated capital cost, a terminal loss results. A technical tax update may be in order because some of the rules are quite interesting.
Introducing the 2025 Acuity Conference for Distinguished Advisors!
As we get ready to kick off Acuity 2024 in Montreal this weekend, we’re giving you a sneak peek of what’s in store for the 2025 Acuity Conference for Distinguished Advisors! We’re headed back to Puerto Vallarta November 23-26 and you can save 50% on tuition when you register by November 15 for Canada’s only top-tier multi-disciplinary conference for leading tax, accounting and financial services professionals.
Get Up to Speed on Year-End Tax Planning!
New Capital Gains Inclusion Rates Change the Game: are you prepared to help? Learn New Year-End Tax Planning Techniques from Our Special Guest Experts with the CE Savvy Summit, featuring live event recordings from the November 6 virtual sessions. This is an opportunity to upskill your knowledge, learn from Canada’s top experts an earn 15 CE Credits before year-end. Plus, you have an opportunity to earn your Diploma in Advanced Family Tax Compliance.
Canada’s Income Tax Fundamentals Course™: Save $100 This Month Only!
New! Get hooked on taxes preparing true-to-life case studies on professional tax software. File simple tax returns confidently. This 20-hour pre-requisite to Knowledge Bureau’s highly acclaimed professional Diploma and Designation Programs is perfect for anyone new to personal tax filing and especially valuable for career development in the tax preparation or financial services. This month only, save $100 on tuition as a Black Friday Special Offer!
Bare Trust Filings: Are T3s Required for 2024?
Great news! CRA has a Halloween treat for tax accountants and their financial advisors this year: it will not require bare trusts to file a T3 return include Schedule 15 for both the 2023 and in the 2024 tax year. This confirms the position in the draft legislation released over the summertime and previously reported in Knowledge Bureau Report. Here’s the backdrop:
