Hi there,

Hope you're doing well. If your mortgage renewal is coming up in the next six months, it's a good time to start planning ahead. Higher mortgage rates mean that most people are going to pay more at renewal than what they're used to.

To help you avoid any surprises and ensure a smooth transition, I've put together some handy tips in the featured article "How to Avoid Mortgage Rate Renewal Shock."  If you'd like to review the tips together or have any questions, just let me know.

Talk soon,

David Pipe

Trust tax reporting:

• Starting from tax years ending after December 30, 2023, all trusts, including bare trusts and joint accounts, must file a T3 Tax Return annually. Missing the filing, due 90 days after the trust's year-end (March 30, 2024, for most), will result in penalties.

Underused House Tax (UHT)

• The UHT is a yearly tax for vacant homes owned by non-residents or non-citizens. It can also apply to some Canadian companies, partnerships, and trusts. Changes proposed on November 21, 2023, aim to exempt specific groups from filing requirements. The first filing deadline is April 30, 2024.

First Home Savings Account (FHSA):

• Contributions made in 2023 can be deducted from your 2023 tax return, or choose to claim them later, which could be beneficial if you expect a higher income soon.

Working from home:

• The flat-rate method for home office deductions, used during 2020-2022, won't be available from 2023. You'll need to revert to the detailed method for claims.

Residential property flipping:

• A rule introduced on January 1, 2023, taxes profits from flipping residential properties as business income, not as capital gains, if the property was held for less than a year. Exceptions apply, so check if this affects any sale you made in 2023.

Canada Child Benefit (CCB) Payments:

• April 19, 2024
• May 17, 2024
• June 20, 2024
  

Personal income tax deadlines in 2024:

• Income tax return filing for individuals: April 30

• Income tax return filing for self-employed individuals: June 17 (the normal deadline of June 15 falls on a Saturday this year)

Want to learn more? Lets talk

David Pipe is a Mortgage Agent of TMG - The Mortgage Group, FSRA  #10315

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