Registered Retirement Savings Plan (RRSP):

RRSP contribution can save a substantial amount of taxes in the current year when you are in higher tax bracket and will become taxable when you may not be in the higher tax bracket after retirement. The current year RRSP deduction limit is calculated as the lesser of 18% of your previous year’s earned income to a maximum limit for the given year. RRSP contribution limit for 2023 is $30,780. If you did not fully use RRSP deduction limit in the previous year, CRA carries forward the limit to the next year. Please note that the Canada Revenue Agency (CRA) charges a tax of 1% per month on excess contributions to RRSPs.

Principal Residence Exemption (PRE):

The PRE allows homeowners did not have to report any sale of a Principal Residence until 2015 but effective 2016 a sale of Principal Residence must be reported on your personal tax return in order to claim the PRE benefits. If the disposition of a principal residence is not reported you may be able to amend your return at a later time to report the disposition, however, a late filing penalty may apply, calculated at the lesser of $100 for each month the reporting is late and $8,000. Moreover, from 2016, the One Plus year rule in claiming the PRE is no longer available to non-residents who purchase Canadian homes. Earlier, these individuals were allowed to claim the PRE for one year that they owned a Canadian personal residence.

Home Accessibility Tax Credit (HATC):

Individuals sixty five years of age or older or individuals who are eligible to claim the disability tax credit can claim a federal non-refundable tax credit on eligible home renovations which enhances the safety and accessibility of their home. A maximum of $20,000 per year can be claimed which can result in a maximum tax credit of $3000.

Tax Credits to be phased out:

Ontario Staycation credit has been discontinued.

Children Fitness and Arts Credits: The Federal Government has reduced the Children Fitness Credit and Children Arts Credit by half in 2016. Earlier the Canadian Residents were able to claim a maximum of $1,000 and $500 respectively for these expenses and could save a maximum federal tax of $225 per child. In 2016 the maximum limit for these amounts will be $500 for fitness expenses and $250 for arts expenses per child, resulting in a maximum tax savings of $113. The credits will not be available in 2017.

The Education and Textbooks Tax Credit :

The Education and Textbooks Tax Credit allowed all post-secondary students to claim $465 federal tax credit for every month of full-time study and $140 for each month of part-time study. From 2017 onwards, this credit has been eliminated, however, actual tuition fees will still be eligible for a credit. The Ontario Tuition and Education tax credit is expected to be eliminated for periods of study occurring after September, 2017 in order to support the proposed changes of the new Ontario Student Grant program

Educator School Supply Tax Credit (ESS) :

Educator School Supply Tax Credit (ESS) allows teachers and ECEs who purchase supplies for use in the classroom will be eligible for a refundable tax credit on up to $1,000 of purchases.

New Top Tax Rate :

New Top Tax Rate-For 2016 a new top marginal Income tax brackets Federal rate has been introduced.

  • 15% tax up to $53,358
  • 21% from $53,358 to $106,716
  • 26% from $106,717 to $165,429
  • 29% from $165,430 to $235,674
  • 33% for incomes more than $235,675

Tax Free Savings Account (TFSA) :

Tax Free Savings Account (TFSA) A TFSA is a registered savings account that allows individuals to earn investment income tax-free. Contributions to the account are not deductible for tax purposes and withdrawals of contributions and earnings from the account are also not taxable. The TFSA contribution limit for 2023 is $6500 and for 2024 is $7000.

First Time Home Savings Account (FHSA) :

First Time Home Savings Account(FHSA) introduced in 2023 allows you to contribute up to $8000 a year to a maximum of $40000 which can be withdrawn when you purchase your first time home. Unlike RRSP HBP, the eligible withdrawal is not taxable when you withdraw to the first time home purchaser.

Important Dates for 2024:

Feb 28-Filing deadline for T4 returns

Feb 29-Last day to contribute to RRSP for 2023

March 31-Filing deadline for HST returns for corporations if frequency is annual

March 31-Filing deadline for Trusts having a calendar year end

April 18-Filing deadline- US personal income tax returns

April 30-Filing deadline- Canadian personal income returns (Except self-employed)

June 15-Personal tax installments due

June 15-Filing deadline- Canadian personal income returns for self-employed

June 15-Filing deadline for personal HST returns if filed annually

June 30-Corporation tax return if Dec 31 is the year end

September 15– Personal tax installments due

December 15-Personal tax installments due

December 31-RRSP contribution deadline (if turning 71)


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He is very professional.goes through everything in details. To ensure your interest looked after .I have a best experience and definitely 💯 satisfied with his work and recommend to anyone for income tax.Thanks mr. Ravinder g.
Ajay Chawla
Ajay Chawla
Thank you very much Mr Ravinder for your expertise and professionalism in taking care of my corporate and personal taxes. Thank you for the expert advice and opinion regarding taxation matters. Keep up the good work. Highly recommended ⭐️⭐️⭐️⭐️⭐️
I have been with Mr. Ravinder Ahlawat and his team for my corporate & personal Taxes, and I am glad to share with you all that, I'm very happy and heartily thankful for his great job. I appreciate Ravinder 's deep knowledge about accounting and financial analysis. As per my experience, I can assure that you can benefit as well from Ravinder's expertise of accounting and his unique skills in analyzing your accounting needs. I will highly recommend Ravinder Ahlawat for anyone looking for accounting services. 5 stars ⭐️⭐️⭐️⭐️⭐️
sandeep hooda
sandeep hooda
Mr. Ravinder and his staff are highly professional and very knowledgeable. They have been handling our corporation and personal taxes for couple of years and we are extremely happy with their services. Highly recommended!!!!
Dr Nidhi Narwal
Dr Nidhi Narwal
I love him like a brother he so honest and trustworthy he very good takes care of my tax and wouldn't be happier thanks MR RAVINDER
Amirhoshang Ghodratolapour
Amirhoshang Ghodratolapour
Great Accountant I ever had in Canada. I would definitely recommend to anyone who really need an expert accountant in terms of all your needs... like Business or personal accounts.. Must visit once, you will be so happy and feel yourself fortune to have a wonderful account like this.... Absolutely, he is great problem solver, helping nature and of course he has having exclusive expertise in his profession of all era.... Thank you very much Ravinder ji... I much appreciate your precious time and you did resolve my concern. Thank you again 😊
Aziz Kothari
Aziz Kothari
Ravinder is one of the most knowledgeable, kind and patient CPA I have ever come across, this is my first year filing for corporate taxes and I was completely lost in the complexity but when I met him he really took time to make me understand how things work, he's has been guiding me on every step and has taken complete ownership of work, He has made things so simple for me and my family He is the most professional and genuine CPA I have ever met, he will not just file your taxes he will educate you. I would highly recommend his services to anyone looking for a genuine CPA.
Hemayur Malhotra
Hemayur Malhotra
I am very pleased that a friend referred me to Mr. Ahlawat. I am based in BC. and was looking for a new accountant. I am glad that I did not limit myself looking for someone local. Mr. Ahlawat is very attentive, patient and highly knowledgeable both in filling my personal and business. I have dealt with many different accountants in the past both for my personal and business but non of them ever explained every detail in filling as accurately and efficiently as Ravinder. Outstanding service. Thank you Mr. Ahlawat.
Bahram Sam
Bahram Sam
We are very pleased and happy with the services offered by Mr. Ahlawat in filling our personal taxes. He is knowledgeable and very patient gives ample time to our queries and provides valuable inputs.
Kaushik Kumar
Kaushik Kumar
I would recommend Ravinder and his abilities without question in any application of financial management and accounting, he is very knowledgeable about accounting and financial standards, rules and procedures.
Laila laila
Laila laila