Let's start with tax breaks
https://financialpost.com/personal-finance/taxes/buying-first-home-top-3-tax-strategies-use
HBP
FHSA
First Home Buyers Credit
Building, Major Renovation- HST rebate
Reno, for Disabled and Elderly
Afordability
Mortgages
This morning I received a lovely email and one of the articles was about the Monday Blues. I forgot about this, I guess it happens to many people.
"Mondays typically aren’t fun for most people. The weekend is over, it’s the start of the work week with many emails to catch up on, and there are five days to go until you have two glorious days off again."
1st Tip
Just because Blue Monday is upon us, doesn’t mean you can’t combat it. Here’s what you can do to feel better when the winter blues roll around.
Consider having dinner with your family or close friends, or just hanging out with your four-legged friend (Mercy loves to go with me for road trips). Being around your loved ones isn’t just a mood booster, it’s also a good distraction from the day itself.
Have a Delicous Good For you Maple Water Drink - my Favorite Option that is
#SimplyRefreshing
Enjoy #CanadasNationalBeverage
My favourite Tip, is to get a Maple Water beverage. Natures Energy Water , try our Maple Sap Beverage, Sparkling KiKi Maple Lemon, Cranberry, Blueberry or Strawberry #SimplyRefreshing
WHY MAPLE WATER?
Maple water is the name that the industry decided to call Maple Sap. Maple Sap is the term for the liquid that comes from the tree. It is present in every tree and is utilized by the tree to move energy and nutrients between the roots to the leaves. During the freezing winter months the maple tree stores the sap in the roots. As the weather warms up in the spring the sap moves up to the branches to provide these nutrients to grow the new leaves.
Maple Water contains all the nutrients needed to keep a strong and tall sugar maple tree healthy! With over 64 antioxidants, 80 nutrients, amino and organic acids, Maple Water beverages are an ideal source to restore your electrolytes and rehydrate.
The Iron, Zinc, Calcium, and Magnesium present in Maple Water are just some of the essential minerals your body needs to stay healthy.
"Drink Healthy Stay Healthy!"©
This will pick you up and inspire you to be your best on Monday, enhancing your day !
Enjoy the benefits of Maple Water, get sold out, turn those cans upside down and make the best of Blue Monday's . If you want an extra boost, make Sparkling KiKi Maple Blueberry your go to answer.
For 2023 tax reporting
These are typical reporting / mailing expectations for most items.
2023 Tax Slip Target Mailing Date Deadlines
T4's by Feb 29, 2024
T5's by Feb 29, 2024
2023 RRSP Remainder of Year (ROY) Contribution Slips (March to December 2023) , by January 29, 2024
1st 60-Days RRSP Contribution Receipts for trades placed January 1 to March 1, 2024 = by March 25, 2024
T4RSP, T4RIF, T4A, T5 and matching Releve’s (R2 & R3) by February 5, 2024
T4A and Releve1 for advisors and distributors by February 5, 2024
NR4 (registered and non-registered) by March 27, 2024
T3 (R16) for Segregated funds by March 27, 2024
RRSP first 60 days of 2024 contribution key dates:
January 1, 2024 to February 29, 2024 Contributions are accepted until end of day March 1, 2024, contributions after the cutoff date will not be accepted for the first 60 days.
Beverage Business- Diversity
Mountain Dew and Frito Lay
https://finance.yahoo.com/news/pepsico-known-sodas-pepsi-mountain-165723426.html
I started eating Turmeric in my morning smoothie, it's a bit spicy , as I learn about it's benefits I am glad I have added this to my diet. Along the journery I am learning how to grow this interesting plant. So turns out we are eating the right stuff, our package is organic, so it should be able to sprout, it's from Peru, I understand the original would be from India. Check in the comments for more updates and research.
Cheers !
TLR
https://homesteadandchill.com/how-to-grow-turmeric/
How Does Turmeric Grow?
Turmeric (Curcuma longa) is a perennial herb, closely related to ginger. That said, most all of these growing tips apply to ginger as well! Though ginger can be a little more finicky. Turmeric doesn’t have typical tiny “seeds” that you imagine for most plants. Instead, pieces of the root system called rhizomes are planted, which in turn produce above-ground foliage as well as more, larger rhizomes in the soil below. Those precious rhizomes are the very thing we after when growing turmeric! Each seed rhizome is often referred to as a “finger” – because when fresh turmeric is harvested, the cluster of rhizomes around a center node resembles a hand!
As a "New Dad" I like these strategies!
As a "New Dad" I like these !
1. Identify your priorities clearly.
To start, you need to identify your priorities. Obviously, when everything is a priority , this is easier said than done.
To get started, follow these steps:
Organize your tasks into a list.
Put each task in a ranking order.
Realistically determine how much time each task will require.
Plan your day's priorities using a schedule.
In short, making decisions based on your priorities is much easier once you know what they are.
.......
No one is perfect, including me. There are times when I don't get it right as well. Despite that, I'm committed to finding a balance that works for both my family and me. It's possible for you too.
Let's start this one off with some cold remedy recommendations.
my 2nd application is a cup of honey water, the 1st was the tablespoon of honey, that was soothing
“For unto us a Child is born,
Unto us a Son is given;
And the government will be upon His shoulder.
And His name will be called
Wonderful, Counselor, Mighty God,
Everlasting Father, Prince of Peace.”
Isaiah 9:6
Merry Christmas!
More Red Tape for business to comply with because the government does not trust families with kids that apply for dental benefits.
If you do not comply you will face financial penalties.
A new box on employer-offered dental benefits has been added to the T4 and T4A slips. Employers must declare annually the dental care insurance they offer to their employees.
Learn more: https://ow.ly/4j9e50Qe5IF
XXX XXX XXX
https://www.canada.ca/en/revenue-agency/services/child-family-benefits/dental-benefit.html
The interim Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year. Parents and guardians may be eligible if they pay for dental care for a child under 12 years old who does not have access to a private dental insurance plan.
Dental costs fully paid by other programs
If an eligible child's dental costs are fully paid for by another government program with no direct cost to you, those services do not qualify for this benefit. Check your child's eligibility for other programs before you apply.
Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. You can apply for a maximum of 2 payments per child.
Applications are open until June 30, 2024 for:
dental care received between July 1, 2023 and June 30, 2024
one additional payment if you meet the criteria
Benefit payments are administered by the Canada Revenue Agency (CRA).
Not to be confused with a $50,000 tax refund
Multigenerational Home Renovation Tax Credit
This Multigenerational Home Renovation Tax Credit came up in my feeds this afternoon.
Case A.
Let's say we have a retired couple who just turned 65 and older, and they moved into their daughters and son-in laws house which they plan to renovate or receently renovated to accoumadate the newly minted "Granny Suite"
Case B. You have a son or daughter of another family member who has a disbaility and they are under 65, they may be eligible for Disability Tax Credit ( DTC) , if eligible, Dad would be able to claim this credit should he do a reno to accomadte the son in their home. He also may be eligible to claim him even if the renovation is not undertaken yet and may in fact be eligible for prior yrs. We often recover taxes going back 10 yrs in such cases. Your grandson may also be eligible for a RDSP investment plan, there is excellent grants and bonds possible with this.
First step would be for dad or mom to get in touch with our office and speak with our Disability Tax Specialist to make a determination regarding DTC eligibility. For this service we currently charge a 25% recovery fee on what we get them back, if nothing, there is no charge. Hopefully we get you back 10 to 20 M. Our experts can go over those details when they talk.
Thanks
Tim
Tax Tax Tax
X X X
Tax reflections and planning and implementation are always evolving and some of the basics stay pretty well the same.
It has been suggested by my friend Mark that I start a Tik Tok channel on T A X. , he sugested lots of XXX in the titles apparently that gets more viewers attentions. Will see, we don't want our eyes poked out.
In the meantime, let's start with this list
https://www.advisor.ca/tax/tax-news/essential-tax-numbers-updated-for-2024/
Hot Hot Hot off the internet advisors site.
Will add some more content and commentary going forward.
Tim's Tax Tips
PS, maybe we should add some Traps , lots of T's
T T T & T
Came across this check list from a recent newsletter that I subscribe to at Carters Law
https://www.carters.ca/pub/checklst/Charity-Checklist.pdf
It's packed with a great list, if your involved with a charity or non profit, it would be a wise investment of your time to check it out and share with your board.
For non profits
Legal Risk Managmeent Checklist for Ontario-Baed Not-for-Profits - Nov 2023 (carters.ca)
Be careful where you dig...
I received this communication this morning, it's worth a read IMHO
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One of our ESG initiatives at Natures Energy Water Corporation (NEWC) and Brock Shores Financial is to plant trees. Today NEWC invested in planting an additional 127 trees in Ontario on behalf of our beverage brands Sparkling KiKi Maple Lemon, Cranberry, Blueberry, and Strawberry. These beverages are made from 100% Pure Canadian Maple Sap. I invite you to check out one of the organizations that we have discovered and partnered with to do this for us. Here is a link for a gift to plant a free tree of your own.
Cheers ! Tim Ross , Chief Weekend Warrior NEWC
"The best time to plant a tree was 20 years ago. The second best time is now." - Chinese Proverb
Plant your free tree at link below
http://onetreeplanted.refr.cc/timothyross
http://onetreeplanted.refr.cc/timothyross
One of our local amazing advocates and retailers in Merrickville, Ontario
Thank you to everyone who posted, texted, messaged, called, emailed birthday greetings to me. Had a wonderful day. Cheers 🥂
Looking forward to the year ahead, and Lord willing to 2064
https://www.youtube.com/watch?v=bNAspxzpz_4&list=PLhhVyaUmOQuoWtmyoo8RXpYIKF9K0AWUm&index=4
Do to the social requirements of Facebook paying the government money every time an article is posted on their site and their decision not to do that, since they have banned all news, it's kinda put the end to many recipes for my Facebook page Kitchen Moments, https://www.facebook.com/NewKitchenMoments so this will be the work around and file central till the regime changes or the policy changes.
will start with this one
https://www.grainews.ca/farm-life/froese-farmers-need-to-find-time-for-family/
Reading the article the principles apply to farm and other business as well. The farm seems to have a greater hold on us, the tasks are daily especially if there is livestock on your farm, no matter the size. For me, we have a milking goat. Getting someone to milk Ivy has been a challenge, easier to just stay home. It's just 5-10 minutes twice a day yet it held me back from leaving our place. Fortunately we found a young couple that wanted to help, we're trainable, this one thing allowed me to feel comfortable in leaving our small operation in their care. Going forward I need to make sure I have a backup, and that means cultivating the relationships that allow me to leave the farm with confidence that the care will be available. My operation is small scale, yet it doesn't take much to hold one back. A little trust, a little training , a little confidence develops and freedom flows, creating opportunities for my family to travel. To be able to respond to inevitable future happenings. Backup , so important, what if there is an emergency to tend to a family matter, a death, an accident, backup, means you have it covered. Line a fire alarm test, test the backup, get away , the strsss and anxiety level will go down. Yes we have to do this, on the farm, in our businesses. The challenge, make it so. Thuringia should run with or without our you. That will make what you have more valuable, and enhance your family relationships .
TLR
ps , even a place for the 2nd dog to be cared for, yes take one with you, if there is two, that extra pup adds stress, one is manageable ( for us ) Rose is happy with friends, licking up the opportunity for adventure, and new hugs and walks with our friends, sharing her love 💕
Open letter to Members of Parliament re: Underused Housing Tax Act
Bad legislation deserves to be pushed back against.
How to share your voice with your MP:
1. Click the following link to access the open letter:
https://lnkd.in/ehWd6dvZ
2. Copy the letter and paste it in a new email.
3. Ensure you change the date, your MPs name and your name.
4. Send the letter to your local MP, the Minister of Finance and the Prime Minister.
** A link to all MP email addresses is included in the Legacy Tax webpage above.
#uht #tax #housing #legislation #taxpayer #billofrights #penalties #canada
