Build Wealth Canada Podcast How to Optimize Your Investments and Taxes for 2025 (for Canadians)
31 snips
Dec 29, 2024 As the year wraps up, it’s crucial for Canadians to prioritize strategic financial planning. Discover essential tax deadlines and proactive strategies for managing investments to maximize efficiency. Explore the benefits of portfolio rebalancing and asset allocation tailored for different tax-advantaged accounts. Learn about the complexities of corporate investment and the importance of diversification beyond Canadian equities. Master these tactics to ensure a smooth financial transition into the new year.
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RRSP/FHSA Contributions
- Evaluate income and tax bracket early in the year or in December.
- Contribute to RRSP or FHSA within the first two months to reduce taxable income from the prior year.
Tax Planning vs. Filing
- Differentiate between tax filing (administrative) and tax planning (strategic).
- Conduct tax planning sessions with your accountant well before the April 30th deadline for proactive optimization.
FHSA Benefits
- Open an FHSA account if eligible, even if you've owned a home before.
- It offers tax deductions and tax-free withdrawals for first-time home purchases, or transfer to RRSP.