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.

Is there a prospective teacher, social worker or midwife in the family?   An educational seminar about the new tax and student debt assistance available to Canadian families may be a good way to celebrate the busy back to school month of September.    Here’s an overview:

Taxpayers may file a Notice of Objection when they disagree with CRA’s assessment or reassessment of their tax returns.  That’s the first step in the appeals process.  Students at this week’s CE Savvy Summit learned firsthand at a live virtual day of presentations about the changes to the appeals process that can now impact taxpayers in a more significant way. The program is now available for listening and learning online.  An overview of important deadlines is discussed below.   

How will Tax Audits of the Future Develop?   Knowledge Bureau CE Savvy Summit audiences heard fascinating presentations this week on tax changes to know from recent draft legislation, including the dramatic shift in the balance of power in favor of CRA vs the Taxpayer.  This is very concerning especially as we learn more about the proposed new Notice of Non-Compliance Rules.  It’s not too late to sign up for the Knowledge Bureau’s CE Savvy Summit and Audit Defence Course for access to the complete recorded presentations on these complex provisions and learn how new powers will dominate in the relationship a taxpayer and their accountants have with CRA. . . and what to do about this. Plus, you have an opportunity to earn your Diploma in Advanced Family Tax Compliance!

Choose your CE/CPD Adventure! Knowledge Bureau and its esteemed partners proudly present 9 impactful events for your professional development. Mark your calendar now, register below and come think, collaborate and connect with your peers – live or in person!

The Great Wealth Transfer represents an unprecedented passage of assets from one generation to the next, with approximately $1T passing from baby boomers to the next generations by 2026, but what does this generational wealth transfer mean for philanthropic giving? Although more dollars are being donated in Canada, fewer people are donating. Financial challenges are presenting barriers to donors, but so is lack of clarity of impact. Learn more from Kristin Ramlal and Evan Connell of Canada Life, only at the 2024 Acuity Conference for Distinguished Advisors this November.

Filing tax returns is for millions of households, the most important financial transaction of the year. While helping with this task is often challenging, with unprecedented complexity in tax law and a highly digitized environment at CRA, specialized tax accounting skills have helped professionals evolve into a highly rewarding career with an extremely bright future. That makes this the right time to step up,  meet the demand for more services and scale up the industry, too. Consider the following statistics and trends: