In 2019, the Canada Pension Plan (CPP) annual contributions have been gradually increasing. You may have noticed that your first paycheque of 2023 was a little lighter than usual, as CPP premiums have increased. This is the 5th year of a 7-year CPP enhancement schedule. In exchange for paying enhanced contributions, CPP recipients can expect… Read More
The new First Home Savings Account (FHSA) was proposed in the 2022 Federal Budget as the first truly tax-free investing account in Canada. The FHSA rules will come into force on April 1, 2023. Once in force, every prospective first-time homebuyer meeting the program’s criteria will want to open one. A truly revolutionary new account… Read More
The deadline to contribute for the 2022 tax year is soon approaching. Depending on your marginal tax bracket, you could see a tax savings as high as 53.5% on your contribution. Roughly speaking, if you earn more than $50K a year, a $1,000 contribution will generate a $300 tax savings. If you earn more than… Read More
As we approach the end of 2022, here is a “state of the market” which shows where we are and provides a potential glimpse into the next year. Firstly, some high-level commentary from Myles Zyblock, Chief Investment Strategist at Dynamic Funds: The next year’s outlook represents a fine balance between further monetary policy tightening and… Read More
This week, the CRA confirmed the 2023 TFSA contribution limit to be $6,500. The annual contribution limit has been $6,000 since 2019. As of January 1, 2023, the lifetime TFSA contribution limit for individuals who have been at least 18 years of age and lived in Canada since 2009 is now $88,000. The annual TFSA… Read More