Tax Tips: Third Quarter 2023 - Buckberger Baerg & Partners LLP

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3RD QUARTER 2023 TAX TIPS

Overview

CPP Enhancements: Higher Contributions and Higher Benefits

In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025.
The changes will require larger contributions but will also provide larger benefits.

First Home Savings Account (FHSA): A New Investment Tool

The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase.

Multigenerational Home Renovation Tax Credit: More Housing Support

If building a secondary suite for a family member (generally an adult who is 65 years of age or older, or eligible for the disability tax credit) to live with a qualifying relative, check whether you can claim this new credit.

Disability Tax Credit (DTC): Electronic Applications

To speed up and simplify the process for applying for the disability tax credit, consider using the electronic method.

Paying Rent to Non-Residents: Withholdings Required

Take proactive steps to understand a landlord’s residency status. Renters can be liable for unremitted withholdings even if they do not know the landlord’s residency status.