2025 Tax Changes What You need to Know
HTML-код
- Опубликовано: 4 янв 2025
- 2025 Tax Changes What You need to Know
𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗮 𝗰𝗮𝗹𝗹 𝘄𝗶𝘁𝗵 𝗗𝗮𝘃𝗶𝗱 📅 meetings.hubsp...
In this video, we break down the key updates you need to know-from retirement savings plans to federal tax rates-so you can make informed decisions and optimize your taxes. Whether you’re a seasoned investor, a first-time homebuyer, or looking toward retirement, these insights will help you navigate the evolving tax landscape in Canada.
1) Canada Pension Plan (CPP)
In 2025, expect gradual contribution rate adjustments aimed at strengthening the fund’s long-term sustainability. These changes could affect your take-home pay and retirement income, so be sure to factor them into your financial planning.
2) Registered Retirement Savings Plan (RRSP)
Your RRSP remains one of the most powerful tools for tax-sheltered growth. While these annual changes can seem small, they add up over time and can significantly impact the size of your retirement nest egg.
3) Tax-Free Savings Account (TFSA)
The TFSA is a flexible way to save and invest, with all gains sheltered from tax. Your TFSA is vitally important in your retirement planning.
4) First Home Savings Account (FHSA)
Launched to help first-time homebuyers, the FHSA is making homeownership more attainable in Canada’s competitive housing market.
5) CRA Prescribed Rate Loans (4%)
The prescribed rate, set by the Canada Revenue Agency, influences how you can lend or borrow money among family members for tax-saving strategies. In 2025, the prescribed rate sits at 4%, impacting income-splitting opportunities. Make sure to review loan arrangements and discuss strategies with a tax professional to maximize benefits.
6) Lifetime Capital Gains Exemption (LCGE)
The LCGE can shield a significant portion of your capital gains from taxes when you sell a qualifying small business or farm. Any increase or adjustment to this exemption in 2025 can have a substantial impact on your after-tax proceeds, making it crucial to stay informed if you’re planning to sell your business.
7) Medical Exemption Threshold
Medical expenses can be costly, and changes to the threshold for claiming them can affect your overall tax bill. Keeping detailed records of eligible medical costs ensures you can fully benefit from any new rules.
8) Age Amount Tax Credit
If you’re 65 or older, the Age Amount Tax Credit can reduce your tax liability. In 2025, this credit might increase to align with inflation or changing demographics. Taking advantage of this credit can substantially reduce your taxable income, providing added financial relief in retirement.
9) Old Age Security Recovery Tax (OAS)
For higher-income seniors, the OAS Recovery Tax can claw back a portion of OAS benefits. With potential adjustments on the horizon, knowing the income thresholds for 2025 will help you plan withdrawals from RRSPs, TFSAs, and other investments more strategically.
10) Federal Tax Rates
Finally, watch for slight revisions to federal tax brackets and rates in 2025. Even minor changes to these brackets can affect your overall tax liability. Stay proactive by reviewing your income levels and adjusting your tax planning strategies to reduce any unexpected tax burdens.
𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗪𝗮𝘁𝗰𝗵:
This video is not just for economists or financial experts; it’s for anyone concerned about their financial well-being in the coming years. If you're looking for ways to safeguard your investments, plan for retirement, or understand the economic indicators that could impact your future, this video is your go-to resource.
Disclaimer: This video is for informational purposes only and should not be considered as financial advice.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to schedule your confidential meeting with me. You can schedule your meeting here: meetings.hubsp...
➤ 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄 to our Channel here: bit.ly/2lPUJjA
➤ 𝐇𝐨𝐰 𝐈 𝐡𝐞𝐥𝐩 𝐌𝐲 𝐂𝐥𝐢𝐞𝐧𝐭𝐬 𝐀𝐜𝐡𝐢𝐞𝐯𝐞 𝐓𝐡𝐞𝐢𝐫 𝐆𝐨𝐚𝐥𝐬:
• Welcome to Aaron Wealt...
➤ Business Inquiries:
☎️ 1-866-623-8368
📥 aaronwealthmanagement@gmail.com
🌐 aaronwealthman...
📅 meetings.hubsp...
⚡ 𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝘄𝗶𝘁𝗵 𝗗𝗮𝘃𝗶𝗱 𝗔𝗮𝗿𝗼𝗻 𝗼𝗻 𝗦𝗼𝗰𝗶𝗮𝗹 𝗠𝗲𝗱𝗶𝗮
Facebook: / aaronwealthmanagement
LinkedIn: / aaronwealthmanagement
Instagram: / aaronwealthmanagement
Toronto Mississauga Oakville Burlington Brampton Woodbridge Vaughan Richmond Hill Newmarket Thornhill NorthYork GTA Etobicoke Markham Aurora King City Ontario Manitoba British Columbia Alberta New Brunswick
#taxchanges #retirementplanning
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
I don’t quite have a million in my Tfsa,but I have invested every year in growth index funds inside my Tfsa and since the account was introduced,I’m well over 300k. And I know of people who have much larger TFSA accounts. I have no problem believing that a TFSA can grow to a million dollars. The TFSA is the single most powerful savings vehicle available to Canadians.
Great thanks
Correction is needed. The RRSP deadline is March 3, 2025.
Your correct
Gave you like. Consider a scenario where you have a short life expectancy, young children, and looking to buy a home. You might be deciding whether to pass the house to your children, even though someone else has custody of them, or if it would be more advantageous to leave them cash or stock investments instead to minimize tax liabilities?
Great video. Im confused though, if i have $50k room in my rrsp, can contribute $50k to my rrsp? Or can i only contribute 18% of my income?
18% refers to your annual limit based on the previous years income. Your contribution limit is your annual limit + your unused room such as your $50K
@AaronWealthManagement ohhh. Ok thank you!
On your Income Tax Notice of Assessment it will always show your maximum allowable RRSP contribution. I have yet to have enough leftover cash to max it out. 😢
@@wrongwayconway 🙂
@4:31 Isn't Pension Adjustment for a defined Contribution pension rather than a defined Benefit pension?
Amounts contributed by your employer to your pension represents your Pension Adjustment
Can you please give some clarity over medical expense that is 3% of the income. Let’s say if I have $500 of medical expense last year for $50,000 annual income. How much I am saving?
Checkout this post. It has an example of the calculations: www.taxtips.ca/filing/medical-expense-tax-credit.htm#:~:text=Medical%20Expense%20Tax%20Credit%20Amount%20%2F%20Calculation,-Medical%20expenses%20for&text=Only%20expenses%20in%20excess%20of,amount%20of%20the%20tax%20credit.
Annual income: $50,000 Multiply that by .03 and you will get the dollar amount you can claim. 50000 x .03 = 1,500. .03 is the decimal way of writing 3%.
Iam on a disability pension would it be better for me if I was divorced or being a single person
Dental Services! Ha Ha Ha! Dental is FREE thanks to the NDP!