Skip to main content

Featured

Your daily horoscope: February 5

                   HOROSCOPES IF TODAY IS YOUR BIRTHDAY Aquarius is one of the zodiac’s fixed signs, which means you don’t change your ways often. This year, however, you must learn to be more adaptable, especially where new technology and new techniques are concerned. Don’t get stuck in the past. ARIES (March 21 - April 20): You must resist going to extremes over the next 24 hours, because if you allow the overly assertive side of your nature to take over you will almost certainly provoke a backlash. Venus in your sign should make it easier to avoid excessive behaviour. TAURUS (April 21 - May 21): Uranus in your sign means you will enjoy shocking people by saying and doing things that seem to be at odds with your easygoing nature. Just remember that while it may be a huge joke to you not everyone will be amused by your antics. GEMINI (May 22 - June 21): Although an upheaval of some kind is likely today it won’t be too traumatic and...
Post a Comment
Read more
Labels

Tax Season 2024: Key Changes and Deadlines for Canadian Taxpayers

 

As the calendar flips to another year, so does the start of the tax season in Canada. Here’s what you need to know about filing your income tax returns and navigating the changes for 2024:

  1. Filing Deadline:

    • Most Canadians must file their tax return by April 30. This date also serves as the deadline for making payments if you owe money to the Canada Revenue Agency (CRA).
    • Self-employed individuals, along with their spouses or common-law partners, have a slightly extended deadline. They can file by June 15, but any money owed to the CRA must still be paid by the original April 30 deadline to avoid interest charges.

  2. Home Office Expenses:

    • The temporary flat rate method for claiming home office expenses (such as rent, electricity, internet, and office supplies) is no longer available. From 2023 onward, employees must follow a more detailed method to make these claims.
    • Previously, eligible employees could claim a flat rate of $2 for each day worked from home due to the COVID-19 pandemic, up to an annual maximum of $400 in 2020 and $500 in 2021 and 2022.

  3. Canada Workers Benefit (CWB):

    • You no longer need to apply for advance payments of the CWB when filing your tax return. These payments are now issued automatically to those who were eligible in the previous tax year.

  4. First Home Savings Account (FHSA):

    • The FHSA program aims to help Canadians save for their first home. Contributions to an FHSA are deductible, and the income earned within the account is not taxable.
    • Qualifying withdrawals from an FHSA to purchase a first home are also tax-free. Prospective homebuyers can start saving for up to 15 years, with an annual deposit cap of $8,000 and a lifetime contribution limit of $40,000.

  5. Multigenerational Home Renovation Tax Credit:

    • This refundable credit assists with the cost of renovations that create a secondary unit for a senior or an adult eligible for the disability tax credit.

Remember, staying informed about these changes ensures a smoother tax-filing experience. Whether you’re a seasoned taxpayer or a first-time filer, take advantage of the available credits and deductions to maximize your returns.

Labels:

Comments

Post a Comment

Popular Posts