In our September 2023 newsletter, one of our articles talked about the new FHSA account, which was created to help people save for their first home. By now, most of the major details are well-known: You can contribute $8,000 a year to the FHSA You can contribute $40,000 lifetime to the FHSA Contributions are tax-deductible… Read More
The You First Blog
On Wednesday June 5th, Bank of Canada Governor Tiff Macklem announced a policy rate reduction of 25 basis points to 4.75%, down from 5.00%. In the announcement, Macklem cited easing inflation (April 2024 CPI at 2.7% y/y), core inflation measures slowing, and lower-than-expected first quarter GDP growth. BoC’s three-month measures suggest continued downward momentum. Macklem… Read More
Are you on title on a parent’s or child’s home for estate or gifting purposes? Do you have an in-trust-for (ITF) investment account for a minor-aged child? Do you have a jointly-held bank account with a child or parent? As of the 2023 tax filing year, such arrangements may now require filing a T3 Trust… Read More
The 2023 RRSP deadline is Thursday February 29, 2024. Contributions made up to this date are included on your 2023 tax return and can be deducted against your 2023 income. 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… Read More
Here is the updated set of essential tax numbers for 2024. Working-Aged Individuals RRSP Maximum Contribution: The maximum new RRSP space generated is $31,560; for 2025 it will be $32,490 TFSA Space: $7,000 of new space. Unused space from prior years carries over FHSA Space: $8,000 of new space. Unused space from prior years carries… Read More
With September comes the annual school year kickoff for many families. This is also the perfect time to reiterate the powerful benefits provided by the Registered Education Savings Plan (RESP). For most households, the RESP is the top investment vehicle available for children’s education savings. Here are the key facts: Annual maximum contribution: $2,500 (or… Read More