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The First-Time Home Buyers’ GST Rebate is a new federal rebate designed to reduce the amount of GST (Goods and Services Tax) that eligible first-time buyers pay on a newly built home. Instead of paying the full 5 % GST on the purchase, qualifying buyers can recover part or all of that tax. How Much […]

The Property Tax Deferral Program is a provincial loan program offered by the Government of British Columbia that helps eligible homeowners delay payment of their annual current property taxes. What the BC Property Tax Deferral Program Is Here’s how it works: Who Can Apply? There are a couple of main streams: To qualify, applicants must […]

Can I claim a Disability Supports Deduction? The Canadian Disability Supports Deduction is a tax deduction available to individual taxpayers in Canada who have a physical or mental impairment and who paid for certain disability-related expenses that enabled them to work, carry on a business, attend school, or do qualifying research. What is it? Who […]

In which order should you invest in RRSP TFSA or FHSA? The best order depends on your goals and income level — especially if you are likely thinking about buying property at some point. Here’s the general priority order for most people: 1️⃣ FHSA (First Home Savings Account) — If you plan to buy your […]

The distinction between legal ownership and beneficial ownership is fundamental in law, taxation, finance, and asset protection. 1️⃣ Legal Ownership of Assets Legal ownership means a person or entity is the officially registered owner of an asset and has formal title to it. Key Features: Example: If a house deed is registered in your name, […]

In any year many people struggle with increasing costs and other economic challenges. If CRA owes you money we can help you get it back faster. How easy is it to file with Connect Live through the web? Simple! 1) Go to the Connect Live 2024 Tax Checklist page & complete the checklist.2) Choose your […]

In Canada, different types of income are taxed in different ways depending on the source and nature of the income. Here’s an overview of how the main types of income are taxed: 1. Employment Income 2. Self-Employment Income 3. Investment Income 4. Rental Income 5. Pension Income 6. Government Benefits 7. Social Assistance and Unemployment […]

As of January 31, 2025, the Canadian government announced a deferral of the proposed increase in the capital gains inclusion rate from 50% to 66.7%. Originally intended to take effect on June 25, 2024, this change has been postponed to January 1, 2026. This decision follows the prorogation of Parliament on January 6, 2025, which […]

In Canada, cryptocurrency gains and losses are taxed as either capital gains or business income. This depends on how the cryptocurrency is being used and what your intent was when purchasing or selling it. Here’s a breakdown: 1. Capital Gains Tax If you hold cryptocurrency as an investment (i.e., buying and holding it for potential […]