Tax Changes for Canada Jan. 12, 2018 Exempt scholarship or bursary income can now include programs taken below the post-secondary level under certain conditions. The tuition amount has been enhanced, but the education and textbook amounts eliminated. The new “Canada caregiver amount” replaces th...
TFSA contribution amounts YearAmount 2025$7,000 2024$7,000 2023$6,500 2022$6,000 2021$6,000 As a tax resident of Canada, if you were at least 18 years of age and have reached the age of majority in the province where you set up the account, you could contribute at least $7,000...
No, you don’t have to pay income tax on the amounts you withdraw. As TFSA withdrawals don’t count as taxable income, they don’t affect federal income-tested benefits or tax credits you may receive, including the Canada Child Benefit program, the Canada Workers Benefit, the Good a...
RRSPs allow you to hold cash savings and investments on a tax-deferred basis, reducing your taxable income by the amount you contribute each year. Compare top RRSPs to find the best interest rates and investment options with a provider that suits your investment needs. Benefits to look for...
Unlike tax-sheltered accounts such as a TFSA or RRSP, HISAs don’t provide any tax advantages. Each year, your bank will issue a T5 tax slip showing how much interest you earned, and you’ll need to report that amount on your income tax return....
When evaluating your application and determining the maximum amount to lend you,, a lender will look less closely at your credit score and focus more on: Your age. The location and condition of your home. Your home’s appraised value. During the application process, you must include all indi...
For example, if you earned $94,761 during the “OAS year” from July 2023 to June 2024, the CRA would calculate that you earned $13,000 above the OAS clawback threshold. When the 15% pension recovery tax is applied to that amount we get $1,950. Now, instead of applying this tax ...
The mortgage amount; Current interest rates; The amortization period; Your household income; Housing costs; Your current debt. View as many homes as possible via property sites like Realtor and Zoocasa. Once you find a few you like, ask a realtor to help narrow your selection, and with their...
The proposed new spending will cost an additional $31 billion over five years, which amounts to 1-2% of GDP. This is a substantially smaller increase than the previous pandemic-era budgets, though unlike during the pandemic there is no sudden need for new fiscal suppo...