2023 Canadian Federal and Alberta Tax Brackets and Rates

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What Are Tax Brackets?                                      The Canada Revenue Agency collects federal income taxes using a marginal tax rate system. A different tax rate is applicable to each level of income, and these levels are called tax brackets. Tax brackets are structured so that low-income Canadians pay a lower percentage in taxes than high-income Canadians. Changes are […]

RRSPs vs. TFSAs | How Should You Invest Your Money?

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What Are RRSPs Registered Retirement Savings Plans (RRSPs) are retirement savings plans that are registered with the Canada Revenue Agency and that you and/or your spouse or common-law partner can contribute to. When you contribute money to your RRSP, that money can grow over time through investments. Contribution room is based on 18% of your […]

The Right Time to Buy a House | Can You Afford to Buy a Home in Canada?

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You might be ready to buy a home if you can see yourself staying in the same place for the long term and you have a general idea of what your future will look like. Perhaps your current home doesn’t meet your needs and you’re in a comfortable financial position with a manageable amount of […]

Programs and Financial Assistance for Home Ownership in Canada

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According to the 2019 Canadian Income Survey, the median after-tax income of Canadian families and unattached individuals was $62,900 in 2019. In the fourth quarter of 2020, the average price of a detached single-family home in Canada was about $700,000. To help Canadians purchase homes, a few programs exist to make it easier. The Home […]

Renting vs. Buying A Home in Canada | What is the Right Financial Choice for You?

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The Cost of Renting a Home in Canada The cost of renting a home is simple to determine. It’s basically what you pay in rent and utilities. Your landlord takes care of all other costs associated with homeownership and maintenance. However, it’s also important to understand that renting rather than buying can mean a loss […]

Home Ownership Changes in Canada | Are Canadians Still Buying Houses?

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As family structures evolve in Canada, the need for home ownership has also changed. Canadians are having fewer children with rates hitting record lows beginning in 2019. In 1959, the average number of births per woman was 3.94, while in 2019 the average number of births per woman declined to 1.47. Canada’s marriage rate has […]

An Update to Your Old Age Security (OAS)

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In July 2021, Employment and Social Development Canada announced that seniors who are eligible for Old Age Security (OAS) as of June 2021 and who were born on or before June 30, 1947 would receive a one-time payment of $500 during the week of August 16, 2021. The same announcement also shared that OAS payments […]

Understand and Track Your Personal Net Worth

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If you’d like a complete view of your personal financial situation, you’re considering a major financial or life decision, or you want help setting and tracking personal financial goals, you’ll benefit from ONSight Advisory’s Understand and Track Your Personal Net Worth service. Having an understanding of your personal financial value is key when planning for […]

Support for Albertans – COVID-19

The Alberta government will provide immediate financial relief to Alberta’s families and vulnerable populations. Albertans should be focused on their health and not worry about whether they can pay their bills so we have put a number of options in place for those struggling financially. Emergency isolation support This will be a temporary program for […]

Tax News and Changes – COVID-19


The Prime Minister and the Minister of Finance announced on March 18th an economic relief package to begin addressing the economic impacts of the COVID-19 pandemic. Part of the economic relief package includes tax relief for individuals and businesses. Filing Deadline Extensions The deadline for filing personal income tax returns will be extended to June 1, […]