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.

Now you can earn 20 life credits with AIC along with 30 KB, 30 life credits with ICM, 20 CIRO PD, and 20 MFDA and lead a collaborative team of professionals and help your clients accumulate, grow, preserve and transition sustainable wealth The RWM™ credentials signify comprehensive training in delivering holistic wealth management service. Want to learn more about the RWM™ approach? Register now to join us at a complimentary live-virtual event on May 7, hosted by practicing Real Wealth Managers™ and outstanding thought leaders, and explore an interactive online Orientation.

Mark your calendar for 17 big tax and benefit milestones in April! Prescribed interest rates from the Bank of Canada remain the same this quarter, but new rates for OAS are in effect. Check out the details below:

Two provincial budgets were released on either side of the Easter Weekend:  Ontario’s on March 26 and Manitoba’s on April 2, and their approaches were entirely different: one reflecting few taxes changes (but a promise of tax reform!); the other a plethora of broad-reaching new ones that will raise taxes and increase complexity.  Here’s what you need to know:

As Canadians scramble to meet their April 30 tax filing obligations, the federal government plans to release its next budget on April 16.  Expect more red ink as debt services costs skyrocket. According to a new study by the Fraser Institute, the government debt burden for families across Canada has been growing significantly, it’s making us poorer.  The numbers tell the story, below, and underscore the need for a fiscal focus on our future prosperity.  

The health indicators for small business in Canada show weaknesses that should be of concern to all Finance Ministers who face their own challenges in offsetting growing deficits and debt service costs with economic growth.   From new bankruptcy statistics (see below) to CFIB’s Business Barometer for March, the business outlook, at least in the short term is somber.  In addition, 77% of advisors who answered Knowledge Bureau Report’s March poll, believe the recent CEBA deadline will push more into bankruptcy.  

Did you agree with the government’s last minute abort of the bare trust filing requirements on March 28, just one business day before the April 2 deadline?