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Canada’s Job Market Gains Momentum as Unemployment Drops to 6.5%

  I n October, Canada gained 66,600 jobs and the unemployment rate dropped 0.2 percentage points to 6.9 per cent.  Canada’s labour market showed renewed strength in November , with the unemployment rate falling to 6.5% as the economy added 53,000 jobs . This marks a positive shift after months of slower employment growth, suggesting resilience despite global economic uncertainties. Key Highlights: Unemployment Rate: Down to 6.5%, the lowest in several months. Job Creation: 53,000 new positions added, driven largely by full-time employment. Sector Growth: Gains were seen in professional services, healthcare, and construction, reflecting strong demand across diverse industries. Regional Trends: Ontario and British Columbia led the way in job creation, while some provinces experienced more modest growth. Economic Context: Analysts note that the increase in employment could ease concerns about consumer spending and economic slowdown. However, wage pressures and infla...
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Can You Write Off Home Renovations in Canada?


When it comes to home renovations in Canada, the tax landscape can be a bit narrow for existing homeowners. However, there are still some key considerations to keep in mind:

  1. Principal Residence Exemption: This is the big one. When you sell your primary home, the principal residence exemption allows you to avoid capital gains tax. But beware! As of January 1, 2023, the Canada Revenue Agency (CRA) tightened the rules. Housing units sold after less than a year of ownership are now excluded, with certain exceptions like death and disability. So, watch out for those anti-flipping rules!

  2. Profit Shielding: Unlike the United States, Canada doesn’t cap the amount of profit shielded from taxes. Existing homeowners rely on their homes as a store of value for retirement, and any significant shift in tax policy would be a political nightmare.

  3. First Home Savings Account (FHSA): If you’re a future buyer, the FHSA is your friend. It’s like a slam dunk for first-time homebuyers. Contributions are tax-free on the way in (similar to an RRSP) and tax-free on the way out (like a TFSA). You can contribute up to $8,000 annually, up to $40,000 over a lifetime. Just remember, unused contribution room doesn’t carry forward indefinitely.

  4. Renovation Benefits: Unfortunately, for current homeowners thinking about renovating, the federal tax benefit buffet is pretty sparse. But don’t lose hope—there are other avenues to explore, such as provincial home renovation tax credits and specific programs.

In summary, while the tax breaks for home renovations may not be as generous as we’d like, strategic planning and understanding the rules can still make a difference. Whether you’re sprucing up your kitchen or adding that dream deck, keep these factors in mind as you navigate the world of home improvements.

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