3 - Blog - Jones & O’Connell LLP

Reporting the Sale of a Principal Residence During 2023

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 28, 20240 comments

While owning one’s own home brings with it many intangible benefits, home ownership also provides some very significant financial advantages. Specifically, it provides the opportunity to accumulate wealth through increases in home equity, and to realize that wealth on a truly ...

Some Last-Minute Tax Filing Strategies - What (and What Not) to Claim

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 21, 20240 comments

Most Canadians don’t turn their attention to their taxes until sometime around the end of March or the beginning of April, in time to complete the return for 2023 ahead of the April 30, 2024 filing deadline. While that approach leaves plenty of time to get the return prepared ...

Using Home Equity to Generate Cash Flow

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 14, 20240 comments

For the past two years, Canadians have had to continually adjust their household budgets to accommodate price increases for nearly all goods and services. The impact of rising prices is felt most by those who are living on a fixed income and who, of necessity, spend a larger than ...

What’s new on the tax return for 2023

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 7, 20240 comments

While our tax laws require Canadian residents to complete and file a T1 tax return form each spring, that return form is never exactly the same from year to year. Some of the changes found in each year’s T1 are the result of the indexing of many aspects of our tax system, as ...

How and when to file your 2023 tax return

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 29, 20240 comments

Each year, the Canada Revenue Agency publishes a statistical summary of the tax filing patterns of Canadians during the previous filing season. The final statistics for 2023 show that the vast majority of Canadian individual income tax returns – just over 92%, or just under ...

Taking advantage of pension income splitting

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 22, 20240 comments

Income tax is a big-ticket item for most retired Canadians. Especially for those who are no longer paying a mortgage, the annual tax bill may be the single biggest expenditure they are required to make each year. Fortunately, the Canadian tax system provides a number of tax deductions ...

RRSPs, TFSAs, and FHSAs - making the annual choice

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 15, 20240 comments

If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions to one’s registered retirement savings plan (RRSP). And it is true that for several decades the ...

How to respond to a tax instalment notice

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 8, 20240 comments

Sometime during the month of February, millions of Canadians will receive some unexpected mail from the Canada Revenue Agency (CRA). That mail, entitled simply “Instalment Reminder”, will set out the amount of instalment payments of income tax to be paid by the recipient ...

Employment Insurance Premiums for 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 25, 20240 comments

The Employment Insurance (EI) premium rate for 2024 is set at 1.66%. Yearly maximum insurable earnings are set at $63,200, making the maximum employee premium $1,049.12. As in previous years, employer premiums are 1.4 times the employee premium. The maximum employer premium for 2024 ...

Canada Pension Plan Contributions for 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 18, 20240 comments

Changes made to the Canada Pension Plan (CPP) beginning in the 2024 calendar year will create a two-tier contribution structure. First-tier contributions for 2024 are set at 5.95% of pensionable earnings between $3,500 and $68,500. Second-tier contributions for 2024 are set at 4.0% ...

Federal individual tax rates and brackets for 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 11, 20240 comments

The indexing factor for federal tax credits and brackets for 2024 is 4.7%. The following federal tax rates and brackets will be in effect for individuals for the 2024 tax year. Income level Federal tax rate $15,705 ...

Tax deadlines and limits for the 2024 tax year

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 4, 20240 comments

Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2024 are listed below. Registered Retirement ...

Getting help from the Taxpayer Relief Program

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 28, 20230 comments

While most taxpayers pay their annual income tax bill in full and by the tax payment deadline of April 30, there are many circumstances that could result in an individual’s being unable to meet their tax payment obligations in full or on time. Individuals who earn income from ...

Figuring out whether you can afford to retire now

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 21, 20230 comments

While almost everyone looks forward to retirement and an end to the day-to-day demands of working life, there’s also no question but that the decision to give up a regular paycheque is a stressful one. Particularly when the cost of life’s necessities – groceries, ...

Potential tax consequences of holiday gifts and celebrations

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 14, 20230 comments

During the month of December, it’s customary for employers to provide something “extra” for their employees, whether it’s a compensation bonus, a gift, or an employer-sponsored social event – or all three. And, given the current labour shortages in many ...

Changes to the Canada Pension Plan starting January 1, 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 7, 20230 comments

Everyone in Canada who earns a salary or wages is familiar with the deduction taken from each paycheque for contributions to the Canada Pension Plan (CPP). The CPP is one of the two major government-sponsored retirement income programs in Canada – the other being the Old Age ...