Angela Delaney

CRA Cracks Down on Ontario Real Estate: What You Need to Know0

Posted On July 18, 2024, by Angela-delaney

The Canada Revenue Agency (CRA) has significantly ramped up its scrutiny of the real estate sector, with a particular focus on Ontario and the Greater Toronto Area (GTA). This heightened attention stems from the sector’s critical economic impact and its potential for tax non-compliance. Here is what you need to know about the CRA’s activities […]

Could You Be Facing an RRSP Over-Contribution?0

Posted On May 2, 2024, by Angela-delaney

What Happens When You Over-Contribute? Individuals aged 18 and above are allowed a $2,000 lifetime over-contribution allowance to their RRSPs. This provision by CRA serves to reduce penalties for minor, unintentional surpasses. In reality, utilizing this allowance leads to contributions that cannot be deducted in the current tax year, but are potentially eligible for deductions […]

Received Your Notice of Assessment? Now What?0

Posted On April 25, 2024, by Angela-delaney

Introduction Understanding your Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) is crucial for managing your finances effectively. One key aspect of the NOA is your RRSP deduction limit, which plays a significant role in your retirement savings strategy. In this article, we will walk you through how to find and make sense […]

First Home Savings Account (FHSA): What You Need to Know0

Posted On August 17, 2023, by Angela-delaney

Welcome back to the education series, ‘Special Tax Topics.’ The journey towards homeownership is laden with challenges, especially for first-time buyers. The Canadian government’s introduction of the First Home Savings Account (FHSA) seeks to ease this path. Today, we’ll uncover the intricacies of the FHSA, highlighting its benefits and some of its major rules. […]

GST/HST New Housing Rebate: What We Know and Don’t Know0

Posted On August 10, 2023, by Angela-delaney

Welcome to another article in our education series, ‘Special Tax Topics.’ Today, we will delve into a topic that has raised many eyebrows, yet it remains shrouded in an aura of complexity – the GST/HST New Housing Rebate. The Basics To start, let’s talk about what we know. The Goods and Services Tax (GST) […]

GST/HST Implications on Short-Term Rental Properties0

Posted On August 3, 2023, by Angela-delaney

Hello again to our valued readers. We are back with another installment in our education series, ‘Special Tax Topics.’ This time, we’ll explore a subject that’s becoming increasingly important in today’s changing real estate landscape: the GST/HST implications on short-term rental properties. What We Know: Short-Term Rentals and GST/HST Firstly, let’s clarify what we […]

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