The U.S. election was held on Tuesday, November 6 and Donald Trump won the race for the presidency, defeating Vice President Kamala Harris to earn a second term in the White House. The Republican party also won the Senate and the U.S. House of Representatives. Equity markets reacted favourably to the news, with the Dow… Read More
The You First Blog
The Liberal Government released the 2023 Federal Budget on Tuesday. Here are some of the highlights from the announced budget. Personal Tax Measures The Grocery Rebate The Goods and Services Tax Credit (GSTC) helps to offset the impact of the GST on low- and modest-income individuals and families. The GSTC is non-taxable, income-tested, and indexed… Read More
There are a lot of tax-related contribution limits, credits, thresholds to remember in our industry, so we’ve compiled this handy reference list. Maximum RRSP contribution: The maximum contribution for 2022 is $29,210; for 2021, it’s $27,830. The 2023 limit is $30,780. TFSA limit: In 2022, the annual limit is $6,000, for a total of $81,500… Read More
The CRA will be applying automatic interest relief on 2020 tax return balances until April 30th, 2022 if you meet the following criteria: Your total taxable income was $75,000 or less You received at least one of the pandemic relief benefits (CERB, CESB, CRB, EI, CRCB, CRSB) You filed your 2020 income tax If you… Read More
The CRA will be applying automatic interest relief on 2020 tax return balances until April 30th, 2022 if you meet the following criteria: Your total taxable income was $75,000 or less You received at least one of the pandemic relief benefits (CERB, CESB, CRB, EI, CRCB, CRSB) You filed your 2020 income tax If you… Read More
Equity markets continue rising The Toronto S&P TSX Composite index has had a strong run over the last 2 weeks. It has posted daily gains in nine of the last 10 trading sessions and has risen 6.5% over that time and is up 5.89% year-to-date. The TSX closed Friday at an all-time high of 18,460.21…. Read More