Lifelong Learning Plan and Home Buyers' Plan: 2024 Limit Increases
The 2024 budget increased the Home Buyers' Plan withdrawal limit from $35,000 to $60,000 and extended the repayment grace period. The Lifelong Learning Plan annual limit also increased to $20,000 with a lifetime cap of $40,000.
Disability Tax Credit 2024: Eligibility, Application, and Retroactive Claims
The DTC provides a federal non-refundable credit worth over $1,500, with a supplemental amount for individuals under 18. Qualifying for the DTC also unlocks the Registered Disability Savings Plan and a range of other benefits.
Multigenerational Home Renovation Tax Credit: $7,500 Back for Secondary Suites
The MHRTC provides a 15% non-refundable federal tax credit on up to $50,000 of eligible renovation costs to add a secondary suite for a senior or adult with a disability. The credit can be worth up to $7,500.
Canada Carbon Rebate 2022: How Much You Get by Province
The Canada Carbon Rebate (formerly the Climate Action Incentive Payment) is paid quarterly to residents of provinces where the federal fuel charge applies. The amount varies by family size and province — here are the 2022 figures.
Home Buyers' Plan 2022: $35,000 Limit and Repayment Rules
The Home Buyers' Plan allows first-time buyers to withdraw up to $35,000 from their RRSP tax-free to buy a qualifying home. Repayment begins two years after the withdrawal year and must be completed within 15 years.
CERB, CEWS, and CRB: How COVID Benefits Are Taxed
COVID-19 emergency benefits — CERB, CRB, CRSB, and CRCB — are all taxable income included on your T4A slip. Many recipients were surprised to owe tax at filing time because no withholding was deducted at source.