Essential tax numbers: Updated for 2025 | Advisor.ca
Nov 21, 2024 · CRA announces prescribed rate for Q1 2025. Agency confirms the interest rate Canadians must pay on overdue tax will drop to 8%. By Michelle Schriver | December 9, 2024 2 min read
Total TFSA contribution room to rise above $100K in 2025
Oct 15, 2024 · AdobeStock / Alex. The TFSA dollar limit will be $7,000 in 2025, matching the 2024 amount. That means the total contribution room available next year for someone who has never contributed to a TFSA and has been eligible to do so since its introduction in 2009 is set to be $102,000, up from $95,000 this year.
CRA announces CPP maximum pensionable earnings for 2025
Nov 1, 2024 · iStock / Bob Bosewell. The year’s maximum pensionable earnings under the Canada Pension Plan for 2025 will be $71,300, up from $68,500 in 2024, the Canada Revenue Agency (CRA) announced Friday.
What happens to the capital gains tax changes if the government …
Oct 10, 2024 · iStock / tiger barb. Taxpayers who sold property earlier this year to avoid the federal government’s hike to the capital gains inclusion rate (CGIR) could regret having done so if the tax measure is not passed into law before the next federal election.
What the disability tax credit means for eligible Canadians and …
May 14, 2021 · iStockphoto Federal Budget 2021 proposed expanding eligibility for the disability tax credit (DTC) in the areas of mental functions and life-sustaining therapy. This is welcome news for thousands of Canadians who didn’t previously qualify. Not only does DTC eligibility offer immediate tax savings, but it opens the door to other tax benefits and programs to assist eligible Canadians with ...
CRA updates guidance on underused housing tax | Advisor.ca
Mar 12, 2024 · AdobeStock / Reimar. The Canada Revenue Agency (CRA) has provided updated guidance on filing obligations for the underused housing tax (UHT), even though the related legislative proposals have not been enacted.
TFSA limit rises to $7,000 for 2024, officially | Advisor.ca
Nov 23, 2023 · AdobeStock / JHVEPhoto. The TFSA contribution limit for 2024 has been officially released. That limit is $7,000, up from $6,500 in 2023 and $6,000 in 2022.
Pros and cons of family trusts | Advisor.ca
Sep 25, 2024 · AdobeStock / Nishihama. While recent changes in federal tax policy may affect whether trusts represent the best planning strategy for some families, the vehicles still have benefits.Many Canadians settle trusts for their families for privacy purposes as well as to provide trustees the ability to gift to beneficiaries in accordance with the trust’s (and family’s) goals.
CRA announces prescribed rate for Q4 | Advisor.ca
Sep 3, 2024 · AdobeStock / JHVEPhoto. The prescribed rate on loans to family members will be 5% in the fourth quarter of 2024, and the interest rate Canadians must pay on overdue tax will be 9%.Those rates remain unchanged from the third quarter.
FHSA carryforward rules: everything you need to know
Jun 28, 2024 · iStock / Johnny Greig. The FHSA rules for accumulating contribution room and determining carryforward amounts differ from those governing RRSPs and TFSAs, which could confuse clients who are more familiar with the established plans.