News & Updates in the Accounting/Tax World
Just like that the 2023 Tax Season has come to an end, for those whom are employees. Self-Employed Individuals have until June 15th to file. ALTHOUGH if you owed it needed paid May 1, 2023.
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CRA Twitter Page updates to important tax information
NEW AS OF APRIL 2023:
First Home Savings Account (FHSA) – Tax-Free
· Help Canadians over 18 years old save for a first-time home
· Tax free when the funds are withdrawn to buy a home – contribution carries forward to next year if it hasn’t been used
· Maximum participation period is 15 years
· Up to $8000 a year - the lifetime contribution limit is $40,000
· 2 people can each use their FHSA as well as their RRSP Home Buyers Plan to jointly purchase their home
· Contributions that you make to your first home savings accounts (FHSAs) are generally deductible on your income tax and benefit return. It is important to note that transfers from your registered retirement saving plans (RRSPs) to your FHSAs are not deductible.
· If you are not quite sure you won't be able to purchase a home within 15 years you should probably delay opening an FHSA
· If you do not buy a home, and unused savings in your FHSA may be transferred to RRSP or can be withdrawn as taxable income
· FHSA may be available through your financial institution to get started
· For more information see link below: