The 2025 Federal Budget focuses on stability and long-term growth, with no new broad tax increases. Key updates include GST relief for first-time home buyers, new credits for caregivers, and expanded incentives for clean-tech and manufacturing investment. The budget also clarifies how the 21-year rule applies to trusts and delays the new bare-trust reporting requirements to 2026. Overall, the plan aims to balance fiscal discipline with practical support for Canadians and small businesses.
RRIFs come with required annual withdrawals that increase over time. Learn how much you must take out, how it’s taxed, and how to make the most of your retirement income.
As your parents age, stepping in to help can feel overwhelming. This guide walks you through how to talk about money, gather important documents, secure legal authority, and create a flexible support plan. Learn how to manage caregiving without compromising your own financial well-being.
The OAS recovery tax in 2025 is based on Line 23400 income and can quietly claw back your benefit. Learn how the clawback works, how much you could receive, and what strategies can help reduce or avoid it—like pension splitting, using a TFSA, managing RRIF withdrawals, and tax-efficient investing.
Explore the upcoming 2024 Canadian tax changes affecting investors, business owners, and high-net-worth individuals. From capital gains adjustments to new incentives, stay informed with our comprehensive checklist.
On April 16, 2024, Canada's Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget. While there are no changes to federal personal or corporate tax rates, the budget introduces: • An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate. • The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs. • The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions. • This year's budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants. • Introduces new support measures to aid people buying their first homes. • Costs for specific patents and tech equipment and software can now be written off immediately. • Canada carbon rebate for small business
Manitoba's 2024 budget introduces vital tax changes and credits, including a new Homeowners Affordability Tax Credit and enhanced Fertility Treatment Tax Credit, aiming to support individuals and businesses alike
Stay ahead in 2024 with our comprehensive financial calendar! From tax filing to benefit distributions, we guide you through key dates like the $7,000 TFSA contribution and $8,000 First Home Savings Account. Bookmark now for a financially savvy year!
Don't miss the deadline! Contribute to your Registered Retirement Savings Plan (RRSP) by March 1st, 2023 and enjoy the numerous benefits it offers. With tax-free investment earnings and tax-deductible contributions, your savings can grow at a faster rate. Opening a spousal RRSP can further maximize your tax savings. Start planning for your future today!
What happens when the children grow up and they are no longer dependent on their parents? Estate planning for mature families and retirees can bring up a number of issues including family dynamics and harmony.
