Apr
03

Budget 2019: Personal Income Tax Measures, Part 2

Budget 2019:  Personal Income Tax Measures, Part 2
Here are the rest of the Personal Income Tax Measures included in Budget 2019:1. Medical Expense Tax Credit: Last year, access to cannabis is subject to the Cannabis Regulations under the Cannabis Act. Eligible expenses for the medical expense tax credit will also include expenses for other classes of cannabis products purchased for a patient for medical purposes. Budget 2019 proposes to amend the Income Tax Acct to reflect the current regulations for accessing cannabis for medical purposes. 2. Contributions to a specified multi-employer plan (SMEP) for older members: Budget 2019 proposes to amend the tax rules to prohibit contributions to...
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Apr
01

Budget 2019: Personal Income Tax Measures, Part 1

Budget 2019:  Personal Income Tax Measures, Part 1
This week, we will look at the personal income tax measures proposed in the Budget. 1. Canada Training Credit: A refundable tax credit that will provide financial support to help cover up to half of eligible tuition and fees related with training. Eligible individuals will accumulate $250 each year in a notional account which can be accessed for this purpose. 2. Home Buyers’ Plan: The home buyers’ plan allows first-time home buyers to withdraw up to $25,000 from a registered retirement savings plan (RRSP) to purchase or build a home without having to pay tax on the withdrawal. Amounts withdrawn under...
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Mar
27

Budget 2019: First-Time Home Buyer Incentive, part 2

Budget 2019:  First-Time Home Buyer Incentive, part 2
The First-Time Home Buyer Incentive, as mentioned in part 1, is a shared equity mortgage that will allow eligible first-time home buyers to lower their borrowing costs by sharing the cost of buying a home with the CMHC. Here are more details. How will it work? Eligible first-time home buyers who have the minimum down payment for an insured mortgage would apply to finance a portion of their home purchase through a shared equity mortgage with the CMHC. CMHC will offer qualified home buyers a 10% shared equity mortgage for a newly constructed home or a 5% shared equity mortgage for...
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Mar
25

Budget 2019: First-Time Home Buyer Incentive, part 1

Budget 2019:  First-Time Home Buyer Incentive, part 1
Last week, the Federal Government tabled Budget 2019. One of the major proposals included in Budget 2019 is the new First-time Home Buyer Incentive. Here are more details:What is it? As mentioned in a previous blog, the First-Time Home Buyer Incentive is a shared equity mortgage that will give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with the Canada Mortgage and Housing Corporation (CMHC). This incentive will provide funding of 5 or 10 percent of the home purchase price. . Through the First-Time Home Buyer Incentive, the CMHC will...
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