Tax Tidbits

Some quick points to consider…
– New federal rules have been proposed that would prohibit arrangements designed to restrict competition in the labour markets. These include, for example, wage-fixing arrangements intended to fix, maintain, decrease or control salaries, wages or terms and conditions of employment.
– Financial institutions began offering tax-free first home savings accounts in April. The plans are a valuable tool for first-time home buyers as contributions (up to $8,000/year and $40,000 over a lifetime) are deductible, while eligible withdrawals (including growth in the account) are not taxable.
– It is possible to borrow funds from your RRSP for various purposes, such as using the home buyers plan to assist in buying your first home and the lifelong learning plan to fund education and training.

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