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Cision Canada
11 hours ago
- Business
- Cision Canada
Tax Tip - Make the most of your first home savings account Français
OTTAWA, ON, July 22, 2025 /CNW/ - A First Home Savings Account (FHSA) lets you save for a qualifying home with tax-free growth and tax-deductible contributions, making it a great option for potential first-time home buyers. But, it's important to make sure you don't put too much into your FHSA. If you do, part of the tax-free growth you're generating could end up going toward taxes anyway! Here are some tips for how you can make the most of your FHSA and avoid any costly errors: Make sure you're eligible FHSAs are intended for people who are saving for their first home – it's right in the name! You can only open an account if you're an adult resident of Canada and a first-time home buyer. Pro tip: To be considered a first-time home buyer, you can't have lived in a home you owned, or shared ownership of, in the past four years. If you have a spouse or common-law partner, you can't have lived in a home they own either. Understand your participation room Participation room is the total amount your FHSA can hold in a given year. When you open your first FHSA, your participation room is $8,000. Pro tip: Unlike a tax-free savings account, your FHSA participation room only starts when you officially open your first account through your financial institution. You can participate in your FHSA by making contributions from your income or other sources, or you can make transfers from your registered retirement savings plan (RRSP). Pro tip: No matter how you choose to participate, the maximum participation room in your account for the first year is $8,000. Each year after your account was opened, you will get another $8,000 of participation room, as long as you stay within your limit each year. The lifetime limit for FHSAs is $40,000. If you don't end up using all of your participation room for that year by December 31, you may be able to use it the following year. You can open more than one FHSA, but having more than one account doesn't mean you get extra participation room. The total room across all your FHSAs will still be $8,000 in the first year, followed by an additional $8,000 each following year, as long as you stay within your limit, up to a lifetime maximum of $40,000. Once you open your first FHSA and file your taxes for that year, you will get a statement on your notice of assessment that lets you know how much participation room you have. You can also find this statement in your CRA account. Don't over-participate Over-participation is what happens when you contribute or transfer more into your FHSA(s) than your participation room for that year. Pro tip: Any amount that exceeds your participation room is called an "excess amount" and it may be taxed. If you over-participate, it affects your participation room for the following year. Any excess amounts will reduce your participation room for the next year. For example, if you opened an FHSA in 2024 and contributed $10,000, your participation room for 2025 will only be $6,000. Don't wait! You will have to pay tax on any excess amount you have in your FHSA every month. Take swift action to resolve the issue – don't let your growth be impacted by taxes! More on this below. Fix your over-participation as soon as possible If you made contributions from your income or other sources to your FHSA, you can make a designated withdrawal to reduce the excess and get your account back within the annual limit. Pro tip: To make a designated withdrawal, fill out form RC727 and give it to your financial institution. If you transferred into your FHSA from your RRSP, you can make a designated transfer to return the excess amount to your RRSP. Pro tip: To make a designated transfer, you also need to fill out form RC727 and give it to your financial institution. You can also remove the excess from your FHSA by withdrawing that amount, but when you do this, it will be considered a taxable withdrawal. Just like it sounds, that means you have to pay income tax on the amount you remove, because it is now considered income. If you have an excess FHSA amount, you have to report it by filling out form RC728 and form RC728-SCH-A. This will determine how much tax you need to pay. If you don't file these forms on time, the CRA may send you a notice of assessment. Pro tip: Sign up for email notifications in your CRA account to get notified every time the CRA sends you mail. Use the Canada Revenue Agency's FHSA estimators There are two FHSA estimators. The first gives you an idea of how much you could save for a down payment, including possible investment growth. The second looks at your potential tax savings, based on your yearly taxable income and province or territory of residence. The estimators have built-in limits to reflect the annual participation room of $8,000 and the $40,000 lifetime limit. These are great tools to try out when planning your FHSA participation. Looking for more information? FHSA statistics for 2023 are available on including how many people opened accounts, the average balance, and the total value of all active accounts. Data for the 2024 tax year is being processed and will be added to this page when available. For more details on how FHSAs work, visit First Home Savings Account on Contacts Media Relations Canada Revenue Agency 613-948-8366 [email protected] Stay connected Follow the CRA on Facebook Follow the CRA on X – @ CanRevAgency Follow the CRA on LinkedIn Follow the CRA on Instagram Subscribe to a CRA electronic mailing list Add our RSS feeds to your feed reader Watch our tax-related videos on YouTube Listen to our Taxology podcast SOURCE Canada Revenue Agency
Euronews
7 days ago
- Climate
- Euronews
Athens' reservoirs are now very close to historic lows, study warns
Water reservoirs in Attica, the Greek region encompassing Athens, are approaching historic lows, according to the latest analysis of the FloodHUB service of the BEYOND Operational Unit of IADET/EEA for the water supply system of Athens. The research team identified that water supplies for the region are now under very high pressure due to the prolonged drought in recent years. Attica's water supply system draws water from four main reservoirs: Mornos, Evinos, Yliki, and Marathon. Mornos is the main source of supply, providing the largest amount of water consumed. The Evinos reinforces the Mornos through the Evinos-Mornos tunnel, acting as a transitional reservoir. The Yliki - a natural lake - and Marathon are complementary to the two main reservoirs. The FloodHUB service of the BEYOND Operational Unit of IAADET/EEA has assessed the hydrological and climatic conditions in the two main reservoirs supporting the Athens water supply system - the Mornos and the Evinos - in order to estimate the degree of hydrological stress and drought in the system for the first half of 2025. It found that in the last year, the system appears to be under intense pressure, requiring immediate action from authorities. How did experts analyse the status reservoirs supplying Athens? Medium and high resolution Landsat-5,7,8 (1984-2021) and Sentinel-2 (2017-2025) satellite data were used for estimating the surface area of the lakes. ERA5-Land climate data (1950-2025) allowed researchers to estimate monthly/daily climate variables for drought conditions and unusually hot days that increase evaporation. Here's what they found out about the state of the reservoirs. In May 2025, the surface of Lake Mornos covered only around 65 per cent of the (near) maximum area of depression based on historical data for the month of May. Similarly, in 2024 it was at 79 per cent, and in 2022 it had reached nearly 100 per cent. The current 2025 value of around 11.64 km² is among the lowest observed since the Evinos reservoir was incorporated into the system in 2002, with the exception of the summer/fall of 2008, when the surface area dropped to less than 10 km². In May 2025, the surface area of the lake was only 2.30 km², significantly below the surface area at the overflow level (3.6 km²). The 2024 values are correspondingly low, while other years, such as 2021 or 2022, show a much better picture. In 2024, Lake Mornu saw low snow cover (snow cover of less than 10 per cent), very high heat stress (around 30 per cent), and low precipitation values (SPI-3 < 0, indicating hydrological drought). In 2025, there were slightly better conditions with SPI-3 precipitation index between -0.5 and +1, snow cover ratio around 20 per cent, and heat stress below 10 per cent. With similar climatic patterns to Morno, there was no evidence of statistically strong precipitation or significant reduction in drought at Lake Evinos. Lake levels are approaching historic lows Current reservoir conditions as of May 2025 indicate a retreat of the lake surface to the second-lowest levels in the last 20 years. The 2008 period remains the worst hydrologically, but 2025 shows similar characteristics. In recent years, the surface of the Mornos reservoir has shown a continuous downward trend. In 2025, compared to 2024, although the values of the precipitation index show a relative improvement, they are not sufficient to compensate for the decrease in the amount of stored water. Instead, there is a roughly 10 per cent decrease compared to 2024. Evinus seems to be more strongly affected by drought conditions, due to its small storage volume. The present situation as of early 2025 presents combined unfavourable conditions for the Evinos to Mornos system. Both reservoirs show significantly low filling levels of around 60 per cent, which exacerbates the level of hydrological stress in the system. According to the above analysis, the system in the last year seems to be in a state of intense pressure, requiring immediate action from authorities. Greece faces a growing water scarcity crisis. It ranked 19th worldwide for water shortage risk, according to a World Resources Institute study and a Deloitte report commissioned by the Greek government in May. It found that the country faces severe challenges driven by tourism, agriculture, and ageing infrastructure. What is the Beyond unit? The Space Applications and Satellite Remote Sensing Unit (BEYOND) is a global operational unit, designed to identify hazards in a timely manner and protect societies, the environment and critical infrastructure from natural, man-made or near-space threats. In particular, it provides standard continuous monitoring services for natural disasters in the wider region of South-Eastern Europe, the Balkans, the Middle East and North Africa, utilising large satellite data collection antenna infrastructures installed at the NSA. Through the systematic activation of the Copernicus Emergency Management Services programme, BEYOND also serves the global community of Crisis Management Agencies and Services in a wide range of natural disasters. The BEYOND operational unit specialises in monitoring natural disasters such as fires, extreme weather events, volcanic activity, landslides, soil erosion, water shortages, toxic industrial accidents, earthquakes, floods, and desert dust and smoke transport.
India Today
14-07-2025
- Business
- India Today
'No alcohol' protest at over 20,000 bars in Maharashtra today over duty hikes
Maharashtra's hospitality sector, comprising over 20,000 bar owners—including 8,000 in Mumbai and its suburbs and 11,500 hotel-based bars—has announced a statewide 'Bar Bandh' and 'No Alcohol' strike today in protest against the Devendra Fadnavis government's decision to hike excise unprecedented shutdown, supported by regional hotel associations in Palghar, Vasai, Pune, Nagpur, Aurangabad, Lonavala, Mahabaleshwar, and Nashik, marks one of the largest unified protests in Maharashtra's hospitality history. The protests will be led by the Hotel and Restaurant Association of Western India (HRAWI). advertisementLast week, the Maharashtra government decided to impose a 60% hike in excise duty, a 15% increase in annual FL3 license fees for FY26, and a 10% VAT on Indian-Made Foreign Liquor (IMFL) sold at FL3 outlets. These measures, aimed at addressing financial strain from the Ladki Bahin scheme, have sparked outrage among bar owners, who warn of an existential threat to their tax hikes have significantly increased liquor prices, hitting consumers hard. A 180-ml bottle of country liquor, previously priced at Rs 60– Rs 70, now costs Rs 80. Maharashtra-made liquor is now priced at Rs 148. Indian-made foreign liquor has risen from Rs 130 to Rs 205, and premium foreign liquor now costs Rs 360, up from Rs 210.'This triple blow will force many establishments to shut permanently. Our members are fighting for survival,' said Jimmy Shaw, President of Shaw added that the hospitality sector, which supports over 20 lakh jobs and attracts 15 crore tourists annually, is a vital pillar of Maharashtra's economy. HRAWI warns that the current tax regime could lead to widespread bar closures, over 4 lakh job losses, a shift of tourists to more affordable neighbouring states, and a rise in unregulated alcohol to the controversy, the state's plan to issue 328 new liquor sale licenses, primarily to companies rather than individual shopkeepers, has raised allegations of favouritism. Each liquor manufacturing company will reportedly receive eight licenses, and the committee overseeing foreign liquor production licenses is chaired by Deputy Chief Minister Ajit Pawar, whose son, Jay Pawar, is also a director at Capovitez, a liquor manufacturing has fueled accusations of a conflict of interest, with critics like UBT Sena MP Sanjay Raut stating, 'Maharashtra is turning into a land of drunkards,' and social activist Anjali Damania arguing, 'Ajit Pawar should not head this committee.' However, Ajit Pawar has avoided commenting on the has urged the government to rationalise the excessive tax hikes, reconsider the mandatory yearly revision of license fees, and engage in dialogue with industry bodies to create a sustainable policy framework. Both the public and industry stakeholders are now left questioning whose interests the government's liquor policies truly serve.- Ends
Daily Express
11-07-2025
- Automotive
- Daily Express
JPJ orders recall of 8,000 vehicles over safety concerns
Published on: Friday, July 11, 2025 Published on: Fri, Jul 11, 2025 By: FMT Reporters Text Size: The road transport department said the recall involving Mercedes-Benz, Kia and Yamaha was crucial to prevent accidents. PETALING JAYA: The road transport department (JPJ) has issued a recall for over 8,000 vehicles, including cars from Mercedes-Benz and Kia. Its director-general Aedy Fadly Ramli said the recall was crucial to prevent accidents caused by structural, equipment or system defects in these vehicles. The recall involved 5,123 units of the Kia Rio UB, 3,167 Yamaha motorcycles of the models Tenere 700, Tracer 9 GT, and MT09, as well as 32 units of Mercedes-Benz cars of the S-Class, GLC, AMG SL, EQS, and EQR models. The Kia cars, manufactured between 2010 and 2017, are at risk of an electrical short circuit, which may result in a fire originating from the hydraulic electronic control unit circuit board. The Yamaha MT-09 and Tracer 9 GT units, produced between November 2021 and February 2025, have been identified with throttle position sensor malfunctions. The Yamaha Tenere 700, made in 2023 and 2024, have reported clutch operation irregularities and gear-shifting difficulties. The Mercedes-Benz cars, manufactured from 2023 to 2025, have been found to exhibit defects in their prefuse box assemblies. Aedy said affected vehicle owners would be contacted by the manufacturers to schedule an inspection. 'All owners of the affected models are urged to plan accordingly to ensure that the recall and inspection process can be completed as soon as possible,' he said in a statement. He also said that any defective components identified would be replaced at no cost, with expenses fully covered by the respective vehicle manufacturers.
The Hindu
09-07-2025
- Business
- The Hindu
Thousands of workers protest, production in industries affected in Bengaluru
The nationwide strike called by the central trade unions on Wednesday affected production in industries across sectors as workers sat on protest at various centres across the city. However, daily life was almost unaffected by the strike, as transport services operated as usual in Bengaluru, despite some transport unions supporting the strike call. According to the Joint Committee of Trade Unions (JCTU), about 8,000 workers arrived at Freedom Park, where a protest meeting was organised. The workers from engineering, pharmaceuticals, automobiles, electronics, and aerospace industries, among others, participated. 'Production came to a complete halt in several industries in the city as workers held a gate meeting before leaving to the protest site,' a source in JCTU said. A memorandum detailing the workers' demand was also submitted to the government. The JCTU urged immediate implementation of the draft minimum wages already notified by vacating the stay ordered by the court. Urging scrapping of the four industrial codes, the JCTU said that maximum working hours daily should be capped at eight hours and proposed an amendment to Section 24 of the Factories Act and Shops and Establishment Act that involves safety measures for working class, should be withdrawn.
