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.

Did you know that Knowledge Bureau is a private, educational institution certified by Employment and Social Development Canada (ESDC) to provide courses that develop or improve skills for those working in the tax, bookkeeping, accounting, and financial services industries? What this also means is that Knowledge Bureau students who have paid 2023 tuition fees in excess of $100 qualify for the tuition fee amount, and the T2202 tax slips to claim this are now available in your Virtual Campus. Here’s how to claim them:

Things are changing quickly in the tax world and we have a great way to stay on top the critical changes to tax planning and new burdens of proof with the new CE Savvy™ Collection – Tax Audit Defence Strategies.  You can earn 5, 15, or 30 CE Credits before year end, too. Here’s why professional advisors cannot miss this opportunity to come up to speed with the complex rules from the March 28, 2023 budget, the August 4, 2023 Draft Legislation and more in preparation for the upcoming tax season.

Correct errors & omissions prior filed returns and benefits BEFORE December 31, 2023, particularly if you want to adjust deductions and credits you may have missed on the 2013 tax filing year.  It will be statute barred on January 1, 2024.  But for families there is another important filing deadline on December 31 related to their Canada Child Benefits.  Don’t miss it – you could get $450 back!  Here are the details:

 To pull ahead of high inflation, interest rates and new taxes, taxpayers and their advisors must quickly sharpen tax and financial skills in the new year for the challenging times ahead, says Knowledge Bureau Founder and President Evelyn Jacks, best-selling tax financial author and award-winning educator.  The good news?  Most people can find new tax relief due to a host of changes, together with highly educated specialists who can help.

With the late introduction of the Fall Economic Report, Canadian taxpayers and their advisors will face further uncertainty in planning their financial affairs to include the myriad of tax changes the government has introduced publicly recently.  Bill C59 was introduced on November 21, 2023 to encompass some of these provisions and this was submitted on November 30 for First Reading.  The bill will not likely pass before the Christmas break.  Specifics of concern to individuals and their advisors are summarized below:

Canadians of working age who live in poverty because of a disability have been awaiting the Canada Disability Benefit since 2020.  The Canada Disability Benefit Act was passed into law on June 22, 2023 and the next step to income is a consultation period that ends December 21. The eight topics are the government wants to know more about describes what’s in the legislation and provides an overview of what disabled people and their families can expect from the benefit.