Essential tax numbers: Updated for 2025 | Advisor.ca
Nov 21, 2024 · The staff of Advisor.ca have been covering news for financial advisors since 1998.
Total TFSA contribution room to rise above $100K in 2025
Oct 15, 2024 · AdobeStock / Alex. The TFSA dollar limit will be $7,000 in 2025, matching the 2024 amount. That means the total contribution room available next year for someone who has never contributed to a TFSA and has been eligible to do so since its introduction in 2009 is set to be $102,000, up from $95,000 this year.
CRA announces prescribed rate for Q1 2025 | Advisor.ca
Dec 9, 2024 · AdobeStock / Jeff Whyte. The prescribed rate on loans to family members will be 4% in the first quarter of 2025, and the interest rate Canadians must pay on overdue tax will be 8%.That’s down from 5% and 9%, respectively, in the current quarter.
CRA announces CPP maximum pensionable earnings for 2025
Nov 1, 2024 · iStock / Bob Bosewell. The year’s maximum pensionable earnings under the Canada Pension Plan for 2025 will be $71,300, up from $68,500 in 2024, the Canada Revenue Agency (CRA) announced Friday.
What happens to the capital gains tax changes if the government …
Oct 10, 2024 · iStock / tiger barb. Taxpayers who sold property earlier this year to avoid the federal government’s hike to the capital gains inclusion rate (CGIR) could regret having done so if the tax measure is not passed into law before the next federal election.
What the disability tax credit means for eligible Canadians and …
May 14, 2021 · iStockphoto Federal Budget 2021 proposed expanding eligibility for the disability tax credit (DTC) in the areas of mental functions and life-sustaining therapy. This is welcome news for thousands of Canadians who didn’t previously qualify. Not only does DTC eligibility offer immediate tax savings, but it opens the door to other tax benefits and programs to assist eligible Canadians with ...
Understanding the CPP death benefit | Advisor.ca
May 12, 2023 · The amount has been falling in real terms. Since Jan. 1, 2019, the CPP death benefit has been a flat $2,500. This one-time, lump-sum benefit typically paid to the deceased’s estate was originally intended for funeral costs.
CRA updates guidance on underused housing tax | Advisor.ca
Mar 12, 2024 · AdobeStock / Reimar. The Canada Revenue Agency (CRA) has provided updated guidance on filing obligations for the underused housing tax (UHT), even though the related legislative proposals have not been enacted.
Long-term care: How much it costs and how to pay for it
Jul 29, 2024 · iStock / Grandriver. Clients often don’t budget for long-term care in their retirement plans, which can be a considerable expense. While the public system is subsidized by provincial and territorial governments, clients must still pay out of pocket for part of the cost.
How should trusts flow capital gains to beneficiaries in 2024?
Jul 5, 2024 · AdobeStock / Travis. Trusts may have extra accounting to do this year thanks to the higher capital gains inclusion rate (CGIR). Personal trusts that flow out capital gains to beneficiaries this year must disclose which gains were realized before and after June 25, when the CGIR increased to two-thirds from half.