Gift card giveaways and what's happening!

Christos Gitersos - Mortgage Planner

christos@gitersos.com
604.786.9099
http://www.gitersos.com/

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Foreclosure Lists

 

Detached - Burnaby & New West
Attached - Pitt Meadows & Maple Ridge
Detached - Langley
Detached - Pitt Meadows & Maple Ridge
Attached - Tri Cities
Detached - Chilliwack & Sardis
Detached - Tri Cities
Attached - Surrey, Delta & Cloverdale
Detached - Surrey, Delta & Cloverdale
Detached - Mission & Abbotsford



Quick trip

 

the wife and I was able to get out to Whistler for a quick night! It is one of our favourite, close, places to go to. Not much snow to be seen though. We did have a nice sunny day as well!

I made a point to stop at a couple 'points of interest' spots along the way to get a photo!!



Your 2024 Tax Claims Kick Off

 

Most Canadians must file their tax return by April 30, which is also the deadline to make a payment for those who owe money to the government.Canadians who are self-employed, along with their spouses or common-law partners, have until June 15. Since that day falls on a weekend, the CRA will consider a return to be on time if it is received by or postmarked on or before June 17.

Self-employed Canadians must still pay money owed to the CRA by the April 30 deadline to avoid paying interest.

FHSA, home office claims among changes

This marks the first year that taxpayers will be able to enter deductions on the First Home Savings Account (FHSA), a type of tax-free account rolled out by the federal government last year to help Canadians save on their first home.

"Your contributions to the FHSA are tax-deductible, while your withdrawals — as long as you use them for the down payment of a purchase of your first home — are tax-free," said Gerry Vittoratos, a national tax specialist with UFile.ca.

The program allows prospective homebuyers to start saving for up to 15 years once they open an account, with an annual $8,000 deposit cap and a lifetime contribution limit of $40,000.

Canadians who've opened this type of account will receive a new slip called the T4FHSA, which will provide the details needed to complete your tax return.

Financial institutions and employers have until the end of February to send tax slips to the CRA. So most taxpayers might not even get their slips until early March, "and that's really the kick-off of the season," Vittoratos said.

Canadians might also notice that the temporary flat-rate method for claiming employees' home office expenses — such as rent, electricity, internet and office supplies — is no longer available.



Let's see how creative and fun we can get here!

 

1st = $75   -  2nd = $25

Let's start with an easy one this month....

If you were given a million dollars today, what would you do with it?


Reply this email with your answers. Please don't be afraid to pass the newsletter off to others and they can join in too!!!

Have your answers in no later than Wednesday April 10th at 5pm. I'll reveal the winner on Friday. I will only contact the winner, so if you don't hear from me, I am sorry.

I will use Guusto to distribute the cards. On this site you will have the choice to choose from multiple places. You then download the gift card or print it out.



Bank of Canada meeting this week

 

The Bank of Canada meets again on April 10th. 

It is HIGHLY thought they will make no changes, even with last weeks unemployment numbers coming in higher.

They meet again in June and July and this is where many, including myself, predict they will make a change. I don't think they're going to start making big changes as I believe inflation will continue to be sticky, especially with the recent increase in taxes and gas/oil.

They also don't want to spark a major home buying spree, which I think we're seeing signs of at this point anyway.



TFSA Calculator

 

The Tax-Free Savings Account (TFSA) was introduced in 2009 to help Canadians save for retirement without incurring tax on the earnings inside the TFSA.

The contribution limit started off at $5,000 per year and the amounts vary year to year.

If you have never set up a TFSA investment, then your lifetime contribution limit is $95,000.

The interesting part is when the investment inside your TFSA increases dramatically, like when a real estate investment is sold inside a private mutual fund trust, and the profit is distributed back into the TFSA account, your investment limit increases to the amount inside your TFSA plus the annual contribution limit. 

This is one wealth building strategy through optimizing your TFSA.

This video explains TFSA contribution and what happens when you withdraw money.



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