Tag: Tax news
Tax-Free First Home Savings Account (FHSA)
The Tax-Free First Home Savings Account (FHSA) was first proposed in Budget 2022. A backgrounder and draft legislation was released on August 9, 2022, which provided more details on the plan’s design. On November 4, 2022, the revised legislation was released as part of Bill C-32 (Fall Economic Statement Implementation Act, 2022) and […]
Interest Rates for First Calendar Quarter 2023
It’s official – CRA has added the prescribed rates for the first quarter of 2023 to their website today These rates will be in effect from January 1, 2023 to March 31, 2023. Income tax The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums will be 8%. […]
Year-end Tax Loss Selling
As tax time approaches, individuals with significant capital gains incurred during the year might be wondering if there are ways to reduce their taxes owing for the year. Please note that Horizon CPA does not provide investment advice, only guidance on the tax treatment of investment transactions. Please consult your […]
