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.

Check out the recording of the live Meeting of the Minds session featuring practicing members of the Society of Real Wealth Managers™ and learn more about how their collaborative family office approach helps clients make sound financial decisions. Our panel featured two team members from Fraser and Partners who shared how their focus on education and leveraging the multi-faceted skills of internal and external stakeholders adds value to the work they do with their clients. Learn more by registering now for the Meeting of the Minds and enrol in the Designation Program at a special tuition rate, only until June 30.

Rounding out the tax filing season 2024, in which  29,894,168 tax returns have been filed up to May 27 (59% by EFILE), the average refund is $2,178 and the average balance due is $7,164.  Compared to 2023, just over 400,000 taxpayers have yet to file. Good news for those who owe:  the prescribed interest rates will fall for the first time since the fourth quarter of 2023.  With the upcoming proprietorship filing deadline of June 17, and the capital gains inclusion rate changes on or after June 25, the clock is ticking on June’s numerous tax filing milestones. Here’s what to discuss:

Approximately 600,000 incorporated small to medium sized businesses with 499 or fewer employees will be receiving $2.5 billion in Carbon Tax Rebates for the years 2019 to 2024 soon, BUT they must have filed their 2023 T2 tax returns by July 15. There are other important criteria:

Some things don’t change, despite the two certainties in life:  death and taxes.  What are they?  The preparation of a will and estate planning.  Half of Canadians surveyed five years ago still haven’t done it, according to the Angus Reid Institute, but now there is a compelling trigger to make it happen: the proposed June 25, 2024  increase to the capital gains inclusion rate. Here’s why:

We invite you to connect with Canada’s brightest and 16 of the most accomplished thought leaders in the tax, accounting and financial services industry at the 2024 Acuity Conference for Distinguished Advisors in Montreal November 10-12.  Join us to celebrate, meet and honour your peers from coast-to-coast at the Knowledge Bureau Awards Ceremony on November 10. Check out the detailed online conference agenda designed to help you discover new ways to lead with impactful guidance.

On June 5 at 10 am CT we invite you to join practicing Real Wealth Managers™ as they share their “why” that lead them to build their own family offices and practice within the RWM™ framework in order to help Canadians achieve financial peace of mind. How can you be part of transformative change in the financial services industry with your own family office focused on collaborative, future-oriented, financial planning? Learn more at this complimentary event and take advantage of a pre-event enrolment offer to enrol in the program and save $500 only until May 31!