Beware of the RESP Tax Trap: How to Minimize Your Child’s Tax Liability
If you’re a parent in Canada, you’re probably familiar with the RESP (Registered Education Savings Plan). It’s a popular investment vehicle that allows you to save for your child’s post-secondary education while taking advantage of tax-deferred...
FHSA: How the First Home Savings Account Works, and What It Is Not
A First Home Savings Account does something no other registered account does: you deduct the contribution like an RRSP, and you take the money out tax-free like a TFSA. $8,000 a year, $40,000 in a lifetime, and it only works if you buy. The short answer$8,000 a year,...
Understanding the Underused Housing Tax in Canada: A Guide to the Tax on Vacant Properties in Urban Areas
To prevent foreign buyers from purchasing Canadian residential properties and holding them vacant, the Canadian Federal government announced in the 2018 budget that they would implement the new Underused Housing Tax Act (UHT). And this new act is finally effective...
Meal expenses of long-haul truck drivers
Meal and beverage expenses of long-haul truck drivers are deductible at a higher rate than the 50% permitted for other transportation employees. During eligible travel periods in 2022, meal and beverage expenses are deductible at 80%. You are a long-haul truck...