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August 2024 Poll
Effective August 1, new 30-year mortgage amortizations are available for first-time home buyers purchasing newly built homes. Will you recommend this option to your clients? Tell us why in the comments!
Cut the Delays: CRA Ombudsman Makes 15 Recommendations
It all takes much too long: that’s the message the Taxpayer’s Ombudsman had for the CRA with the release of report that culminated in 15 recommendations focused on cutting incredibly long wait times for tax assessments and adjustments. What’s considered too long? Taxpayers, professionals, CRA and the Ombudsman appear to have very divergent views.
It’s Official! Tax Filing Season Has Started
The CRA started E-filing transmission services on Monday, February 24 which means tax refunds should be flowing soon for millions of tax filers. This tax season features a new 8-page tax return and a complete change to the line numbering system throughout the return. Plus, coming in March there’s the introduction of Charlie to Chatbot who will answer general tax filing questions. But are you clear about when you must file? Many Canadians are not.
Buying Your First Home? Use the RRSP Home Buyers’ Plan
Statistics released on February 14, 2020 by the Canadian Real Estate Association (CREA) show that national home sales declined by 2.9% between December 2019 and January 2020, but prices are poised to rise later in the year. This could therefore be a good time to buy that first home, especially with the help of the enhanced RRSP Home Buyers’ Plan. For these reasons, some of your clients may still be interested in topping up their plans before March 2 RRSP contribution deadline.
Easy Money: Changes to the Mortgage Stress Test Ahead
Changes announced by Bank of Canada last week will make getting a mortgage easier for new home buyers in Canada as of April 6, 2020. It’s important for tax and financial advisors to understand the new guidelines in order to assist Canadians with sound debt management strategies.
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