The B.C. government introduced the Short-Term Rental Accommodation Act on October 16, 2023, in response to the housing crisis of long-term rentals. It aims at the estimated 16,000 homes in B.C. that are used exclusively as short-term rentals … [Read more...]
Just for Doctors Newsletters
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Oct, 2023 The Short-Term Rental Accommodation Act: Targeting Airbnb, VRBO etc.
October 19, 2023 by
31
Mar, 2023 The Federal Budget 2023 in a Nutshell
March 31, 2023 by
The 2023 federal budget was released with great anticipation for some possible harsh tax measures to counteract previous government over spending. However, with a projected federal deficit of over $40 billion it seems the government is keen to double … [Read more...]
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Mar, 2023 Making your home mortgage tax deductible
March 14, 2023 by
If you have faced the unpleasant task of renewing your mortgage, you will undoubtedly have experienced the significant impact of the higher mortgage payment on your household budget. The mortgage interest rates have generally increased from about … [Read more...]
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Mar, 2023 File Your Underused Housing Tax Form Before April 30 To Avoid $10,000 Penalty!
March 14, 2023 by
The Federal Government has finally jumped on the band wagon of requiring certain property owners to declare the use of their property. Some may be familiar with the Empty Homes Tax (city of Vancouver) or the Speculation Tax (province of BC). Now it’s … [Read more...]
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Mar, 2023 The Tax Season is Here!
March 14, 2023 by
In order to get a head start on tax filing, below is a list of information that may be required to complete your 2022 personal income tax returns: T4 Employment Income slips T4A Other Income slips T4A BCMA slip T4A(P) Canada Pension slip … [Read more...]
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Feb, 2023 The First Home Savings Account (FHSA). What you need to know.
February 6, 2023 by
Starting in April 2023, the new First Home Savings Account will allow prospective homeowners at least 18 years of age to save up to $40,000 for their first home. You can contribute up to $8,000 each year to the FHSA. You must use these funds within … [Read more...]
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Feb, 2023 The foreign buyers’ ban on purchasing Canadian real estate
February 6, 2023 by
Starting January 1, 2023, non-Canadians and non-permanent residents will be prohibited from purchasing residential property in Canada for two years. The Act will be repealed on January 1, 2025. The new law does not apply to commercial real … [Read more...]
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Feb, 2023 The Government’s Inflation Adjustment Means Big Tax Savings for 2023
February 6, 2023 by
The federal government’s annual indexation adjustment for personal income tax and benefits, which is based on the rate of inflation, will be 6.3% for 2023, compared to 4% in 2022 and 1% in 2021. You can earn $53,359 in 2023, compared to $50,197 in … [Read more...]
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Dec, 2022 The new Canada Dental Benefit Plan
December 19, 2022 by
The Canada Dental Benefit (CDB) provides eligible parents with up to $650 tax-free, per year for 2 years, to pay for dental expenses for children under the age of 12. The plan is available exclusively to families who do not have access to private … [Read more...]
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Dec, 2022 Gift Cards Now a Tax-Free Treat for Your Staff
December 19, 2022 by
Just in time for Christmas, CRA introduced a new policy on gifts and awards. CRA’s previous policy was that the first $500 of annual gifts and awards would be considered non-taxable benefits, however it would not apply to cash or near cash gifts. In … [Read more...]
