As we move through 2024, it’s important to stay on top of key tax deadlines to avoid penalties and maximize tax planning opportunities. Here are the crucial dates you should keep in mind for the year.

Key Deadlines for Q1 2024

February 28

• Proposed extended deadline to make charitable donations for the 2024 tax year (pending approval).

• Deadline for corporations with a December 31 year-end to pay the balance of income tax due (for Canadian-Controlled Private Corporations meeting specific criteria, the balance is due three months after year-end).

• Deadline to issue T4, T4A, T5, RL-1, RL-2, and RL-3 income tax slips.

March 1

• Deadline to contribute to your RRSP to claim a deduction for the 2024 tax year, including Home Buyers’ Plan/Lifelong Learning Plan repayments.

• The 2024 RRSP limit is $31,560.

March 15

• First quarterly personal income tax installment is due.

March 31

• Deadline to file most trust income tax returns.

• Deadline to issue most T3, RL-16, NR4, and T5013/RL-15 income tax slips.

• Deadline to file most partnership income tax returns.

Key Deadlines for Q2 2024

April 15

• Deadline to file 2024 U.S. individual income tax returns or request a six-month extension and pay any tax due.

• Deadline to file 2024 U.S. Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114) for U.S. persons (automatic six-month extension applies).

April 30

• Deadline to file personal income tax returns for most individuals and pay any balance due for 2024.

• Deadline for residential property owners affected by the Underused Housing Tax (UHT) to file returns and pay any tax owing.

June 15

• Second quarterly personal income tax installment is due.

• Deadline to file personal income tax returns for self-employed individuals and their spouses/common-law partners.

• Deadline to file GST/HST returns for self-employed individuals with a December 31 year-end.

• Deadline to file U.S. individual income tax returns for U.S. citizens or resident aliens residing abroad and U.S. non-residents with no withholding tax.

June 30

• Deadline to file corporate income tax returns for corporations with a December 31 year-end.

Key Deadlines for Q3 & Q4 2024

September 15

• Third quarterly personal income tax installment is due.

December 15

• Fourth quarterly personal income tax installment is due.

December 30

• Last trading day for tax-loss selling planning in 2024.

December 31

• Deadline to contribute to a First Home Savings Account (FHSA) to claim a deduction for the 2025 tax year.

• Deadline to make charitable donations for the 2025 tax year.

• Deadline for RESP and RDSP contributions to receive government grants.

• Deadline to contribute to your RRSP if you turn 71 in 2024.

• Deadline to convert your RRSP to a RRIF if you turn 71 in 2024.

• Deadline to close your FHSA if you turn 71 in 2024.

Final Thoughts

While these deadlines serve as general reminders, each taxpayer's situation is unique. It is always advisable to consult a tax professional to discuss your specific needs and ensure compliance with the latest tax regulations.

Stay organized and ahead of your tax obligations to maximize your financial opportunities in 2025!

Details provided by - https://www.scotiawealthmanagement.com/ca/en/resource-centre/scotiawealth-important-tax-dates.html

January 31, 2025 - Ottawa, Ontario
The federal government has delayed the increase in the capital gains inclusion rate from June 25, 2024, to January 1, 2026. Announced by Finance Minister Dominic LeBlanc, this move provides Canadians with more certainty ahead of tax season.

Key Changes and Exemptions

1. Principal Residence Exemption

   • Canadians selling their primary home remain exempt from capital gains tax.

2. New $250,000 Annual Threshold (Effective 2026)

   • Individuals earning gains under this limit continue to benefit from the current one-half inclusion rate.

   • Applies to secondary properties, e.g., a couple selling a cottage with a $500,000 gain faces no extra tax.

3. Increased Lifetime Capital Gains Exemption

   • Rising to $1.25 million (from $1,016,836) on June 25, 2024.

   • Small business owners, farmers, and fishers with eligible gains under $2.25 million benefit.

4. New Canadian Entrepreneurs’ Incentive

   • Lowers the inclusion rate to one-third on up to $2 million in gains.

   • Begins in 2025, increasing $400,000 annually, reaching $2 million in 2029.

   • Combined with the $1.25 million exemption, tax benefits apply to $6.25 million in gains.

Next Steps

The government will introduce legislation to formalize these changes. The increase in the Lifetime Capital Gains Exemption and the Canadian Entrepreneurs’ Incentive remains on schedule.

Minister’s Statement

“The deferral of the increase to the capital gains inclusion rate will provide certainty to Canadians, whether they be individuals or business owners, as we quickly approach tax season. Given the current context, our government felt that it was the responsible thing to do.”

This decision aims to balance tax policy with economic growth, ensuring fairness for middle-class Canadians and business owners alike. Stay tuned for legislative updates.

Information provided by - https://www.canada.ca/en/department-finance/news/2025/01/government-of-canada-announces-deferral-in-implementation-of-change-to-capital-gains-inclusion-rate.html

Smart homes are no longer a luxury; they’re becoming a standard in modern living. From energy savings to enhanced security and convenience, smart home technology is revolutionizing the real estate market. Here’s why you should consider smart features when buying or selling a home.

What is a Smart Home?

A smart home uses internet-connected devices to control various systems, like lighting, heating, security, and appliances. These devices can be controlled remotely through apps or voice assistants, making everyday tasks more efficient.

1. Convenience and Comfort

Smart homes offer unmatched convenience. Imagine walking into your house and having your lights turn on automatically, your thermostat adjust to your preferred temperature, and your security system activate—all without lifting a finger. Smart devices like thermostats, locks, and lights make everyday life easier and more comfortable, and are increasingly becoming a must-have for homebuyers.

2. Energy Efficiency and Cost Savings

Smart thermostats learn your schedule and adjust temperature settings to save energy, while smart lighting ensures lights aren’t left on unnecessarily. This helps homeowners cut down on energy costs. Additionally, these systems can integrate with solar panels or battery storage for even greater savings and sustainability.

3. Increased Security

Smart home security systems, including doorbell cameras, motion sensors, and smart locks, provide real-time alerts and remote monitoring. Homeowners can keep an eye on their property from anywhere, offering peace of mind when it comes to safety.

4. A Smart Investment

Homes with smart technology often have higher resale value. As more buyers seek homes equipped with the latest tech, investing in smart devices can make your property stand out. For buyers, purchasing a smart home means fewer upgrades and long-term savings on energy and security.

5. Personalization

Smart homes are highly customizable. You can control lighting, temperature, and security based on your routine. This level of personalization adds comfort and convenience to everyday life, making it an appealing feature for homeowners.

Conclusion

Whether you're buying or selling, smart home technology adds value and functionality to any property. From energy efficiency to improved security, the benefits are clear. As the demand for tech-savvy homes grows, now is the perfect time to explore the potential of smart living in the real estate market.

Purchasing a condo or townhouse is an exciting milestone, but before you take the plunge, there’s a crucial step you can’t skip: reviewing the strata documents. While it may seem daunting, understanding these documents is essential to making an informed decision about your new home. They offer a window into the building's financial health, rules, and management, all of which can impact your future living experience.

What Are Strata Documents?

Strata documents include a variety of records that provide insight into the building’s operations. Some of the key documents you'll want to review include:

• Financial Statements: These reveal how well the building is managed financially, including the budget, reserve funds, and current debts.

• Bylaws and Regulations: These outline the rules you'll need to follow, covering everything from pet policies to renovation restrictions.

• Maintenance and Repair Reports: These documents show the history of building upkeep and any upcoming maintenance plans that could affect you.

• Meeting Minutes: Minutes from annual or special meetings can help you understand the building’s general atmosphere and any major issues or future projects.

What to Look For

1. Financial Health: Ensure the strata has a consistent budget, healthy reserve funds, and no signs of financial distress. Underfunded reserve funds or frequent special levies can be red flags, indicating that future assessments could be costly.

2. Bylaws and Regulations: Make sure the rules align with your lifestyle. For example, if you're a pet owner, check for pet restrictions. If you plan to renovate, ensure the bylaws allow it.

3. Maintenance and Repairs: Look at past and future repair plans to gauge how well the building is maintained and whether any major expenses are coming down the pipeline.

4. Meeting Minutes: These can give you valuable insight into the mood of the building’s community, recurring issues, and upcoming projects.

Common Red Flags

• Underfunded Reserve Fund: This could mean significant future costs will be passed on to owners.

• Frequent Special Levies: Indicates poor financial planning or unexpected expenses.

• Ongoing Litigation: Legal issues could create financial instability for the strata corporation.

Conclusion

While reading and understanding strata documents may seem overwhelming, taking the time to go through them can give you a clear picture of what life in that condo will be like. From financial health to building maintenance, these documents hold the key to understanding the potential risks and rewards of your investment. So, take a deep breath, dive in, and arm yourself with the knowledge you need to make a well-informed decision.

Some Details Provided by - https://www.stratareports.ca/blog/how-to-read-and-understand-strata-documents-before-buying-your-next-condo