A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter). This is typically a bank or credit union.

Please find our 2023 Quarter 3 newsletter here.

The Canada Revenue Agency (CRA) provides the Disability Tax Credit (DTC) for eligible taxpayers that are affected by a variety of medical conditions and situations that require more time to complete daily functions than on average.

This year there is also now another tax return for some that will need to be filed, called the Underused Housing Tax (UHT). This was originally due for filing on April 30, 2023. However, the Canada Revenue Agency (CRA) has extended the deadline to waive Interest and penalties if filed by October 31, 2023.

Click HERE to read our 2022 Quarter 2 newsletter.

The CRA instalment interest has increased to 8%. This makes it even more important for instalments and taxes owing to be paid on time.

The deadline to file your tax return this year will be May 1, 2023. For our current clients, our offices have sent out more information to you to prepare for the coming tax season. You can also find some useful information under our ‘Resources’ and ‘FAQ’ tabs.

Please click to read our 2023 Quarter 1 newsletter.

The Alberta Government is rolling out a program, with applications first being accepted January 18, 2023 to help with the rising costs of living. This consists of 6 $100 monthly payments.

The Leduc and Devon Chamber of Commerce have released a list of grants and programs that can be utilized in various different capacities and industries.

From everyone here at Reschke Fritz LLP Chartered Professional Accountants, we are wishing you a Happy New Year.

From our family to yours, we are wishing you all a very Merry Happy Holiday season. We continue to look ahead and forward to what 2023 will bring.

Please find our 2022 year end tax planning newsletter here.

Key highlights of the new Canada Dental Benefit program are that families with a household income under $90,000 may be eligible for direct payments from CRA, two payments per eligible child are available, and applications are being accepted as of December 1, 2022.

The government has proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis.

Canada Revenue Agency has outlined changes to the Climate Action Incentive (CAI) for the upcoming year, under the Pollution Pricing system.

The one-time top-up to the Canada Housing Benefit aims to help low-income renters with the cost of renting. You may be eligible for a tax-free one-time payment of $500 if your income and the amount that you pay on rent qualify.

Movember is a worldwide organization that helps raise money, making a difference in mental health, prostate and testicular cancer. They also support many different campaigns and projects each year.

Quarter 4 Reschke Fritz LLP Newsletter

We are thankful we were able to support local, while enjoying the nature and greenspace. We hope everyone had a great Thanksgiving weekend and were able to spend time with family and friends.