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What is the FHSA? The federal government has introduced the First Home Savings Account (FHSA) as a savings tool to help future home buyers with the purchase of their first home. The FHSA is similar to a Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP). Like a TFSA, withdrawals made are on a

Now is the time to consider contributing to your RRSP if you have not done so already. The deadline for contributing to an RRSP for the 2023 tax year and the deadline is quickly approaching, and this year, it will be on February 29th, 2024. Here is a summary of RRSPs: Contributions made are tax

As we start the year 2024, it is crucial to evaluate your financial situation and explore opportunities for tax optimization. Consider the following deadlines and planning tips to make the most of potential tax savings opportunities: Your Upcoming Tax Deadlines Your Payment Due Dates Planning for Homeowners and Buyers Residential Property Sale: If you have

In the 2023 Budget, the federal government committed to fully implement the Canadian Dental Care Plan. This initiative is designed to offer dental coverage to uninsured Canadians with an annual family income below $90,000. The new legislation mandates the reporting of employer-provided dental coverage through T4 (Statement of Remuneration Paid) and T4A (Statement of Pension,

Our very own Kelly Khalilieh, 2023 Chartered Professional Accountants of Ontario Fellow! Kelly Khalilieh, Partner, Professional Standards and Quality Management, has been named a Chartered Professional Accountants of Ontario 2023 Fellow.  An FCPA is the highest honour that can be given to a CPA, recognizing exemplary leaders for their outstanding impact in the world of

Many provinces and municipalities across Canada have recently introduced legislation to limit or eliminate short-term rentals of residential real estate in an effort to increase the supply of long-term housing for Canadians. Some provinces, including Quebec and British Columbia, as well as some municipalities, such as Toronto, Montreal, and Vancouver, have already taken action. The

With the recent introduction of new proposed tax measures in the federal budget, we wish to draw your attention to significant changes impacting the planning opportunities surrounding certain surplus-stripping transactions. A surplus stripping transaction generally involves extracting money from a corporation in the form of capital gains (taxed at approximately 27%, assuming the highest marginal

The Ontario Annual Return refers to a mandatory filing requirement for all corporations operating in the province of Ontario. It entails the submission of an updated list of corporate details to the provincial authorities. The details typically include information about the corporation’s directors, officers, and registered office address. The purpose of the Ontario Annual Return

ARTICLE | November 6, 2023   Owners affected by the Underused Housing Tax (UHT) will now have until April 30, 2024 to file their returns for the 2022 calendar year without being charged penalties or interest. Previously, the CRA said it would only provide relief until October 31, 2023, for affected owners who would have

After more than 40 years of success, McGovern Hurley looks forward to a new decade. We approach this with an uncompromising standard of service, quality and excellence. Our wordmark is the manifestation of the authentic, extraordinary and uncompromising service McGH offers to our customers. Bringing together a sense of our history and reliability in a