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2024 short-term rental income

The federal government proposed to deny deductions for short-term rentals for taxpayers where there is non-compliance with provincial or municipal laws or regulations related to short-term rentals, starting on January 1, 2024. More

  • Property flipping -Starting January 1, 2023, any gain from the sale of a residential property that you owned for less than 12 months is deemed to be business income (100% taxable) and not a capital gain (50% taxable)
  • First Home Saving Account (FHSA) – The FHSA is a new registered plan to help qualified individuals to save to buy or build a qualifying home. Starting April 1, 2023, contributions to an FHSA are generally deductible and qualifying withdrawals made from an FHSA to buy or build a qualifying home are tax-free.
  • Deduction for tools (tradespersons and apprentice mechanics) – Starting in 2023, the maximum employment deduction for tradespersons’ eligible tools has increased from $500 to $1,000.