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Focus LLP News and Tax Tips
First Home Savings Account (FHSA): A New Investment Tool
First Home Savings Account: A Tax Efficient Tool for First Time Homebuyers The First Home Savings Account, commonly known as an FHSA, is a registered account designed to help eligible Canadians save for the purchase or construction of their first home. Introduced in...
Underused Housing Tax: Increased Disclosures and Taxes
Underused Housing Tax: Updated Filing Rules and Outstanding Obligations The Underused Housing Tax, commonly referred to as the UHT, was introduced as an annual federal tax on the ownership of vacant or underused residential property in Canada. The tax was generally...
Employee Gifts and Parking: Updated CRA Policies
Employee Gifts and Parking: Updated CRA Policies The Canada Revenue Agency has updated and clarified several administrative policies concerning taxable employment benefits. Two areas that continue to create questions for Canadian employers are gifts and awards...
2023 Vehicle Allowance Rates
Historical rate guide: This article explains the Canadian automobile allowance and deduction limits that applied in 2023. Rates and limits change by calendar year, so use the figures below only for a 2023 payroll, expense or tax review. 2023 vehicle allowance rates...
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