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.

Dan Kelly, President of the Canadian Federation of Independent Businesses (CFIB) gave an impassioned speech on the efforts to get the federal government to release the $2.5 Billion Carbon Tax Rebate promised to small business owners back in 2019, only to learn that the government planned to tax the rebate as “government assistance” when it finally arrives.  Taxing a refund of tax makes no sense, and the finance department reversed course quickly - the rebate won’t be added to income.  But this is another one of many recent instances in which tax policy appears off base, exasperating the ability to comply with our self assessment system of taxation with certainty.  Other important points from Dan’s speech on Beating Public Policy Barriers to Small Business:

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 between 2020-2030, but what does this generational wealth transfer mean for philanthropic giving? Kristin Ramlal and Evan Connell of Canada Life provided a list of reasons why there is a great opportunity for social impact in Canada, something important to think about as Giving Tuesday, December 3, a global movement advocating for community  philanthropy approaches. 

Conference for Distinguished Advisors 2025.   The theme is Happy Landings:  Discover a New Era of Risk & Reward.  To apply forward your proposal for a topic to the theme to the attention of Program Director Evelyn Jacks.

Knowledge Bureau Graduates, Designates and instructors were recognized for their stellar achievements in continuing professional development and specialization of skills at the Acuity Conference for Distinguished Advisors in Montreal.  In addition, selected organizations and individuals were bestowed special awards that recognized the tremendous impact they make in their industries. Please join us in congratulations this year’s honourees and take a peek at the photos and videos of the celebrations!

We’re headed back to Puerto Vallarta November 23-26 and our official conference venue will be the Marriott Puerto Vallarta Resort & Spa. Booking details for your accommodation options are coming soon, and you don’t want to miss this opportunity to save 50% on conference tuition when you register by November 15 for Canada’s only top-tier multi-disciplinary conference for leading tax, accounting and financial services professionals.

Immediately following the U.S. Election, the Bitcoin hit new highs.  New volatility may be in store for investors, and for those reasons it’s important to understand the tax consequences now and keep meticulous records.  Here’s why this matters to Canadian investors: