Tax Advice

CPP Enhancements: Higher Contributions and Higher Benefits

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In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred from 2019-2023; phase 2 will occur from 2024-2025. Overall, the changes will require larger contributions but also will provide larger benefits.

TFSA: Carrying on a Business Within It

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Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. A recent court case may set precedence on what’s allowed and what’s not allowed in a TFSA.

Poker Winnings – Taxable or Not?

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Earnings from gambling and hobbies may be taxable depending on the intention and circumstances surrounding the earnings. If in doubt as to the tax status, consult a tax advisor.

Top Up to the Canada Housing Benefit

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While this benefit may not be available to you personally due to income levels, it may be available to lower-income adult children or family members.

Unreported Real Estate Dispositions

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Ensure to report all dispositions of real property, whether it is eligible for the principal residence exemption or not, on your personal tax return otherwise you may end up in court with CRA.

Affordability Action Plan

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Alberta’s economy has recovered strongly, but many people are struggling with the rising cost of living due to inflation. Find out how you benefit.