MSD Chartered Professional Accountant Inc

11/21/2024

New Working Canadians Rebate

* Tax-free $250 rebate for Canadians who worked in 2023 and earned up to $150,000 in net income. To qualify, individuals must file their 2023 T1 by December 31, 2024 and have claimed EI or CPP credits or have EI income in 2023.

Temporary GST/HST “break” (Dec 14, 2024 to Feb 15, 2025)

* Several “holiday essentials” such as groceries, restaurant meals, drinks, snacks, children’s clothing and gifts would be relieved from GST/HST for the period Dec 14, 2024 to Feb 15, 2025.

The government can’t set prices at the checkout, but we can give Canadians more money in their pockets. To help them buy the things they need and save for the things they want, the government announced that it will be introducing legislation in Parliament that would provide for the delivery of a n...

01/17/2024

The TFSA contribution limit has increased to $6,500 for the year. This means that if you’ve had an account since 2009, were 18 years of age and have been a resident of Canada throughout that period, the cumulative total you can have in your TFSA is now $81,500.

The RRSP annual dollar limit for tax year 2023 is $30,780. Remember that your RRSP contribution limit is capped at 18% of your earned income in the previous year. This means the dollar limit is the maximum amount you can contribute regardless of your income.

01/04/2024

New reporting requirements for trusts as of December 31, 2023

The Government of Canada has introduced new reporting requirements for trusts. These changes were made as part of Canada’s international commitment to the transparency of beneficial ownership information as well as its continuous efforts to ensure the effectiveness and integrity of the Canadian ta...