Author: VF Accounting
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Federal Budget 2025: What’s Changing for Your Personal Taxes:
The latest federal budget includes a few personal tax changes that could impact many Canadians over the next few years. Here’s a quick overview of what’s coming. Personal Support Workers Tax Credit (new) Starting in 2026, personal support workers employed by approved health-care organizations may qualify for a new refundable tax credit worth 5% of… Read more
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Automatic Tax Returns Coming Soon? What the 2025 Federal Budget Proposed
The 2025 Federal Budget introduced a proposal that could make tax season a little easier for some lower-income Canadians – automatic tax filing. Under this plan, the Canada Revenue Agency (CRA) could automatically prepare and file a tax return for individuals who meet certain criteria. This would mainly apply to people with simple tax situations… Read more
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Key Financial Deadlines for 2024: What You Need to Know
As we approach the end of the year, it’s crucial to stay on top of key deadlines for various savings and financial plans. Missing these dates can impact your ability to maximize contributions, access tax benefits, or meet program requirements. Here’s a breakdown of the most important deadlines and what they mean for you: Registered… Read more
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Did you know? There are different tax filing deadlines for Businesses (Incl. Sole Proprietors)
Key Tax Filing and Payment Deadlines for Canadian Businesses Self-Employed Individuals If you or your spouse/common-law partner were self-employed in 2023, these are your key dates. Note that if a deadline falls on a weekend or public holiday, your return is considered on time if received or postmarked by the next business day. For those… Read more
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Understanding the New Residential Property Flipping Rule
Starting in 2023, a new rule from Budget 2022 affects how profits from flipping residential real estate are taxed. Here’s a breakdown of what you need to know: What is Property Flipping? Property flipping involves buying residential property and quickly reselling it for a profit. This includes selling the rights to purchase a property before… Read more
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Proposed Changes to Capital Gains Tax in 2024 Federal Budget
The 2024 federal budget proposes increasing the capital gains inclusion rate to help fund new projects and programs. Here are the key points: Consult a tax professional for personalized advice. Contact VF Accounting Source: Benjamin Lopez Steven · CBC News · Posted: Apr 17, 2024 1:38 PM EDT | Last Updated: April 17 Read more
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Key Dates: RRSPs, HBP, LLP, FHSAs, and More
Stay on top of important financial dates: RRSPs: Contribute by Feb 29, 2024, for the 2023 tax year. Plan ahead if you’re turning 71. Home Buyers’ Plan (HBP): Buy/build by Oct 1 after withdrawal. Cancel by Dec 31 if needed. Lifelong Learning Plan (LLP): Student enrollment offer before March post RRSP withdrawal. Cancellation payments due… Read more
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Navigating the End of Work-From-Home Tax Credits: What You Need to Know
As the COVID-19 landscape evolves, so do the tax implications for Canadians working from home. The Canada Revenue Agency (CRA) has recently announced updates regarding home office expenses for the 2023 tax year, signaling the end of temporary measures introduced in response to the pandemic. Updates for the 2023 Tax-Filing Season The CRA is set… Read more