Tax planning is a continuous process, but the start of the year presents a prime opportunity to review your finances and maximize any available tax-saving strategies. As we enter 2025, here are some key tax tips to consider. Create a CRA My Account Do you have a CRA My Account yet? Here are… Read More
The You First Blog
As we head into a new year, it’s hard not to see echoes of the past. In 2025, the United States will have a new president, though he’s a familiar face. Markets have rallied in anticipation of the incoming administration and its proposed economic policies, much like they did following the 2016 election. The U.S…. Read More
There are a lot of tax-related contribution limits, credits, thresholds to remember in our industry, so we’ve compiled this handy reference list. Maximum RRSP contribution: The maximum contribution for 2022 is $29,210; for 2021, it’s $27,830. The 2023 limit is $30,780. TFSA limit: In 2022, the annual limit is $6,000, for a total of $81,500… Read More
Canada’s 44th federal election has come and gone, and little has changed. The Liberal party won 158 seats (170 seats were needed for a majority), and another minority mandate. In order to pass any legislation, a majority vote in the House of Commons is required; thus, the Liberals require buy-in from one of the Bloc,… Read More
The CRA will be applying automatic interest relief on 2020 tax return balances until April 30th, 2022 if you meet the following criteria: Your total taxable income was $75,000 or less You received at least one of the pandemic relief benefits (CERB, CESB, CRB, EI, CRCB, CRSB) You filed your 2020 income tax If you… Read More
Equity markets continue rising The Toronto S&P TSX Composite index has had a strong run over the last 2 weeks. It has posted daily gains in nine of the last 10 trading sessions and has risen 6.5% over that time and is up 5.89% year-to-date. The TSX closed Friday at an all-time high of 18,460.21…. Read More