Description

Sonya Dolguina, Manager, Tax Consulting joins host Chris Cooksey to talk tax, including new tax accounts and laws, cross border tax implications as well some general tax planning topics:

New account and laws

• First Home Savings Account (FHSA), what is it and who can open one?

• What if someone previously owned a home, can they open the FHSA account?
• How can a FHSA help with supporting your adult children with purchasing their first home?

o   New tax law – federal anti-flipping rule for selling real estate held for less than a year

o   New tax law – multi-generational home renovation tax credit

Cross Border

• Tax implications of moving to Canada, including with investments and US retirement accounts from previous employer
• Tax implications of moving out of Canada

General Tax Planning

• Income splitting with a spouse
• Maximizing tax benefits of donations by donating stocks rather than cash

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