Canada Tax Changes that Will Come into Effect in 2024
Some important tax rule changes will take place in 2024 that may affect you as an employee or an employer. The amount you owe in taxes will directly change as a result of these changes.
Let’s dive in to know these key changes.
Tax Advantages of the First Home Savings Account (FHSA)
First Home Saving Accounts (FHSAs) are enacted through Bill C-32 and provide Canadians an opportunity to save for their first home purchases with different tax benefits.
Why should you read The Z-Book?
This book is designed to give an overview of the SR&ED Program of the Canadian Tax Credits & Refunds System to the busy executive and the business owner/manager. In order to keep the Canadian businesses competitive in the present global market, the Canadian government offers one of the most generous incentives to Canadian businesses to encourage them to engage in scientific research and experimental development (SR&ED). It is also available to foreign corporations conducting SR&ED in Canada. It is estimated that only a very small fraction of those eligible actually apply for this credit. It is also estimated that in the last fiscal year tax credits running into billions of dollars were approved, including refunds to eligible businesses. There is no upper limit set by the Government as to the amount of tax credits it is willing to give to eligible businesses with regard to SR&ED.
*Note: This book was released in 2011 and laws change over time. Seek professional advice.
