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.

Share the love with your companion or team member and join us in the splendid aura of the arts in the charm of Montreal as you discover new ways to lead with impactful guidance at the Acuity Conference for Distinguished Advisors, November 10-12, 2024.  Early-bird deadline: February 15. Save up to 25% on tuition when you register as a Delegate, Companion or Team Member!

Did you miss the January 17 Virtual CE Summit? Now available, the Advanced T1 Tax Update for 2023 Returns, Lite version! Tax season is coming up fast, and this is the tax season solution your team needs! Contact your friendly registrar Carol Scott

Did you or your clients sell capital property last year?  Did they help finance the purchase?  In that case, it’s important to review how to complete Form T2017 Summary of Reserves on Dispositions of Capital Property, because tax on these capital gains can be deferred for up to 10 years.   Further, if there is a gradual transfer of property under the new intergenerational business transfer rules that begin in 2024, the capital gains reserve provisions will come into play. Here’s a synopsis of the rules, with excerpts from Knowledge Bureau’s Evergreen Explanatory Notes.

What happens when a FHSA (First Home Savings Account) ends because it is closed by the account holder or the account holder dies?  Recent legislation has been drafted to cover these FHSA lifecycle events:

It’s official:  pros have weighed in on this important tax trend in 2024: “The government’s Underused Housing Tax consultations ended January 3. Should the UHT stay or should it go?” The comments shed light on the consensus – it’s time for it to go, according to the tax and financial professionals who participated in our January poll.

Did you know that Knowledge Bureau issued CE accreditation for its own designates as well as for MFDA, IAFE, IIROC, ICM, and AIC requirements?  The breakdown of credits issued follows.  The Acuity Conference for Distinguished Advisors is a great way to earn your CE credits every year!  Mark your calendar now for 2024 Acuity Conference in lively, wonderful Montreal - November 10-12, 2024 - and don’t forget to register as an early bird by February 15, for the best pricing of 2024.