Taking advantage of pension income splitting Many Canadian couples, by the time they reach retirement, have achieved most of life’s major financial goals, and the recurring costs of reaching those goals are no longer a consideration. Retirement savings are in place, most homeowners are mortgage-free, and the cost of raising (and providing a post-secondary education […]
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Understanding the rules on payment of tax instalments Every resident of Canada is required to pay income tax on their worldwide income. And while the vast majority of Canadians do so when and as required (with varying degrees of reluctance), very few understand how the amount of tax they must pay is calculated, or the
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Making the annual RRSP decision In some ways, the annual March 1 deadline for making a contribution to a registered retirement savings plan (RRSP) couldn’t come at a worse time with respect to the tax and non-tax financial obligations of most Canadians. During February, credit card bills for holiday spending will be coming due, taxpayers
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Federal individual tax rates and brackets for 2026 The indexing factor for federal tax credits and brackets for 2026 is 2.0%. The following federal tax rates and brackets will be in effect for individuals for the 2026 tax year. Income level Federal tax rate $16,452 – $58,523
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Tax Deadlines And Limits For The 2026 Tax Year Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2026 are listed below. Registered retirement
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Getting help when debt becomes unmanageable Both interest rates and the overall rate of inflation have come down from the highs recorded during 2022, but most Canadians and their families are still living with a significant degree of financial stress. While the overall rate of inflation may be down, the cost of food – the
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Planning for retirement in 2026 The approaching end of one calendar year and the start of another often causes individuals to reflect on their current life circumstances and on whether the new year might be the time to consider making a change – even a major change – in those circumstances. One the biggest life
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Tax rules for holiday gifts and celebrations As the holiday season approaches, and plans are made for seasonal celebrations and gift-giving, the idea that such activities could have tax consequences isn’t one that occurs to most Canadians. And, in most situations, there is no need to consider that unwelcome possibility, as our tax system has
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Year-end tax planning strategies to consider before December 31 Year-end tax planning strategies to consider before December 31 December 31, 2025 marks not just the end of the calendar year, but the end of the 2025 tax year for every individual Canadian taxpayer. Most Canadians are thinking about anything but income taxes during the holiday
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Buying a first home – the current rules on qualifying for a mortgage In recent months, the housing market pendulum has swung more toward affordability for first-time home buyers than it has in several years, for two reasons. First, after years of price increases, the average cost of a home in Canada has (according to
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