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
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
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
On behalf of the entire You First team, we wish you a happy holiday season and a prosperous New Year. May this time of year bring you health, relaxation, and beautiful moments with your loved ones. We all had to adapt to a new reality this year. We came together to face these difficult times… Read More
We at You First feel it is beneficial to periodically review the basic tax-advantaged account structures available to Canadian investors. In this segment, we’ll discuss the Tax-Free Savings Account (TFSA): who will benefit from a TFSA, what it is and is not, how it works, and we’ll finish with some frequently asked TFSA questions. You… Read More
“No winter lasts forever; no spring skips its turn” – Hal Borland Merry Christmas from You First Financial! We have arrived at the final weekly update prior to Christmas 2019. This year has truly flown by! From all of us at You First – Anthony, Sandrine, Joanne, and Frank, we wish you all a Merry… Read More