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 You First Blog
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
Over the past two years, investors have navigated through both the peaks and the troughs of financial markets. The notable double-digit decline in equities during 2022 was swiftly succeeded by a robust recovery in the concluding months of 2023. The final two months of 2023 saw a positive shift across asset classes, signaling broad market… Read More