Making the Most of Canadian Registered Accounts: A Quick Reference Guide
February 5, 2025 Download this article as a PDF. Canadians have access to a plethora of tax-preferred vehicles for saving and investing, each of which provides unique planning opportunities and trade-offs, as well as their own rules and conditions that must be followed. With so many options, determining the best use for each type of […]
Federal Government Defers Capital Gains Inclusion Rate Increase to 2026
February 4, 2025 Download this PDF here. The Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, announced that the federal government will postpone the implementation of the proposed increase to the capital gains inclusion rate—from one-half to two-thirds. Originally set to take effect on June 25, 2024, the new proposed implementation date is now January […]
Kluge Wealth Advisory Group – January 2025 Monthly Update Video
Tax-Free First Home Savings Account
January 22, 2025 Download this article as a PDF. The First Home Savings Account (“FHSA”) was introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising real estate values. The FHSA is intended to help Canadians save and fulfill their dreams of home […]
Understanding the RRSP Deduction Limit Statement
January 22, 2025 Click here to download the PDF. Every year clients look at the RRSP Deduction Limit Statement on their Notice of Assessment and ask similar questions: • Is there a difference between a RRSP contribution and a RRSP deduction? • I have RRSP deduction room and unused contributions — what does this mean? […]
Calculating 2025 RRIF Minimum Withdrawals
January 22, 2025 Download this article as a PDF. For clients who have rolled their Registered Retirement Savings Plan (“RRSP”) over to a Registered Retirement Income Fund (“RRIF”) or who have an existing RRIF account in 2024, the following information outlines how their 2025 minimum withdrawal will be calculated. All RRIF withdrawals are reported as […]
RRSP
January 22, 2025 RRSP 101 Understanding the RRSP Deduction Limit Statement
TFSAs 101
January 21, 2025 Download this article as a PDF. The Tax-Free Savings Account (TFSA) allows Canadians to save and invest funds tax free in order to fund a wide variety of short and long-term financial goals. TFSAs were introduced in 2009 to provide Canadians with an additional tax-advantaged account to augment their savings for longer-term […]
Q4 2024 Quarterly Compass Newsletter
Before we start off this quarter’s Compass, I wanted to share a quick personal update. In mid-November, I suffered a bout with a ruptured appendix which left me in the hospital for the better part of 8 days in very serious condition—thankfully recovery has been swift, and I am feeling like my old […]
Deadline Reminder: 2024 Prescribed Rate Loan Interest Payment
January 14, 2025 Download this PDF here. Clients who have implemented a prescribed rate loan should be reminded to pay the appropriate interest relating to the 2024 year on or before January 30, 2025. What is a prescribed rate loan? A prescribed rate loan is one of the few income-splitting opportunities provided to Canadians that does […]