Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you're not leaving money on the table this tax season.
Discover how B.C.'s 2024 Budget introduces a home flipping tax, raises property transfer tax exemptions, and enhances the climate action tax credit. A pivotal shift for homeowners, buyers, and the environment.
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $31,560. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
Stay ahead in 2024 with our comprehensive financial calendar! From tax filing to benefit distributions, we guide you through key dates like the $7,000 TFSA contribution and $8,000 First Home Savings Account. Bookmark now for a financially savvy year!
Maximize your tax savings! Discover expert tips on investments, family deductions, retirement, and more in our latest article.
Maximize your tax benefits as a business owner in 2023! Learn key strategies for salary vs. dividends, passive investments, and more.
When putting together your financial plan, there is no question about the benefits of consolidation. The importance of having a financial plan is the ability to coordinate, consolidate and be able to implement your plan to achieve your goals.
A Tax-Free Savings Account is a powerful tool to help you achieve your financial goals. Whether you're saving for a new home, planning for retirement, or investing in your children's education, a TFSA can be a valuable part of your financial strategy. The flexibility and tax advantages it offers make it a great choice for many Canadians.
Are you looking to buy your first home in Canada? The First Home Savings Account (FHSA) could help make it happen. This savings plan allows first-time home buyers to save up to $40,000 tax-free, with contributions being tax-deductible. In this article and infographic, we cover everything you need to know about FHSA, including eligibility requirements, contributions and deductions, qualifying investments, withdrawals, and transfers.
It’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following: • Canada Workers Benefit. • Claiming home office expenses. • The tax deduction for zero-emissions vehicles. • Return Of Fuel Charge Proceeds To Farmers Tax Credit. • Eligible Educator School Supply Tax Credit.
On February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know:
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.