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.

We’ll be back on January 3, 2024!  In the meantime, please share your thoughts in our last poll of 2023:

Connect with a like-minded group of financial leaders through cross-referral and networking opportunities as a member of the Society of Real Wealth Managers™: open to those who have achieved the RWM™ Designation. Current members of the Society of Real Wealth Managers™ commit to an annual membership that qualifies for 15 CE/CPD credits to keep your RWM™ credentials in good standing with Knowledge Bureau. For existing members, join us on Tuesday, January 2 for our annual member’s meeting, check your calendar for details.

On  December 11, the federal government announced it will introduce the new Canada Dental Care Plan (CDCP) to seniors age 87 and above in December 2023.  Access for others will begin over the 6 months ending in June 2024.  In all cases, eligible claimants must not have access to a private dental care plan, and 2022 tax returns must have been filed to meet income testing.  Tax specialists should contact our oldest seniors immediately to discuss eligibility and in addition, be mindful of changes to T4 and T4A slip reporting as well.  Here are the details:

Did you know that of the over 31.5 returns processed in 2023 for the 2022 tax year, close to 7.4million of these returns had a balanced owing for a grand total of almost $57 Billion?  That’s an average amount owing per return of $7,729.  Owing CRA money can be very expensive – and the interest rate on overdue accounts is expected to rise in January to 10%.   Here is how they are calculated and what you can do to free up cash flow ahead of this year’s holiday season by managing the spend to the CRA:

Beginning December 12, 2023 the government is asking for feedback until February 9, 2024 in preparation for the 2024 Federal Budget. This is your opportunity to make a difference and share your ideas and priorities on how the government can build an economy that works for everyone. What is most important to you? What challenges do you see ahead? Join the conversation by taking the questionnaire or submit a more detailed submission.

Do you want to be part of a transformative change in the financial services industry in 2024!  Make a difference while you differentiate with new credentials and a collaborative approach to leadership in building your practice and a natural referral network, too, with the Real Wealth Management™ Designation Program. The RWM™ approaches conversations with clients on a deeper level while following a compliant framework that goes beyond KYC and KYP – all to enable greater financial piece of mind. Now until December 15 you can save $200 on tuition!