Tax Tips

Tax Tips: Third Quarter 2023

We provide tax tips on available benefits, CRA policies, and more.



CPP Enhancements: Higher Contributions and Higher Benefits

  • In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025.
  • The changes will require larger contributions but will also provide larger benefits.

First Home Savings Account (FHSA): A New Investment Tool

  • The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase.

Multigenerational Home Renovation Tax Credit: More Housing Support

  • If building a secondary suite for a family member (generally an adult who is 65 years of age or older, or eligible for the disability tax credit) to live with a qualifying relative, check whether you can claim this new credit.

Disability Tax Credit (DTC): Electronic Applications

  • To speed up and simplify the process for applying for the disability tax credit, consider using the electronic method.

Paying Rent to Non-Residents: Withholdings Required

  • Take proactive steps to understand a landlord’s residency status. Renters can be liable for unremitted withholdings even if they do not know the landlord’s residency status.