The 2023 federal budget proposes changes in the deduction for tradespersons tools. Here are the facts: The proposed change included doubling the maximum employment deduction for tradesperson's tools from $500 to $1,000. The new maximum deduction would be in effect for the 2023 tax year. Under the current rules, a tradesperson can claim a [...]
The latest federal budget includes changes to the Income Tax Act (ITA) that change the amounts that students can withdraw from their RESP accounts. Here are the facts of the proposed changes: The current rules allow for a student in full-time post-secondary education to withdraw a maximum of $5,000 in education assistance payments (EAPs) [...]
At the end of March, Local 891 featured a member highlight article in its newsletter about Frank Haddad, Chair of CEIRP's Retirement Committee. We encourage everyone to read it. Click here for the full article.
According to a recent study by Stats Canada published at the end of March, Canadian credit card debt has increased to $91.5 billion. That amounts to a 13.8% increase in December 2022. If you’re looking to reduce your credit card use and to bring down your debt, consider trying some of these suggestions: Set [...]
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One important habit to adopt in order to become a successful budgeter is tracking your expenses. Luckily, there are a lot of options available to help make your life easier. Here are a few ideas: Spending apps: regardless of whether you have an Android or an Apple phone, you can easily find a free [...]
Now that RRSP season is over, it’s time to look ahead to Tax season. While we know that many of you file with the help an accountant, others among you complete and file your taxes yourself. So the following short list of tips may be best suited to the personal filers. Maximize on your [...]
According to the latest Canadian Anti-Fraud Centre’s annual report, digital frauds like Phishing, Spear Phishing and Identity Theft continue to rise. In fact, they report that there has been a 130% increase in dollar loss compared to the previous year. Since this is Fraud Prevention Month, here are some reminders on you can protect [...]
IMR Update Minimal Exposure to Faulty U.S. Banks Click here to read the statement.
We’ve heard from members wondering who they should call when they have specific questions. To start: For general information about the CEIRP, check out our website at www.ceirp.ca, or contact the CEIRP office at 416-362-2665. For questions concerning your taxes, RRSP contribution limits, Home Buyers Plan or Lifelong Learning Plan, call Canada Revenue Agency [...]
