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
The You First Blog
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
By now, you’ve probably read about the new FHSA program, introduced by the Federal government to help save for a first home purchase. Many people have thought of the immediate benefits; that is, utilizing the FHSA to help fund their own down payment. This makes sense of course. The FHSA, if used to fund a… 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
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
Today, the U.S. October inflation data report was released, with unexpectedly positive results. Canadian and U.S. Markets responded resoundingly – staging the largest single day rally since April 2020 – on the hopes the U.S. Federal Reserve may ease off its prior strong rate increase signaling. We would like to share some commentary from Myles… Read More