Build Wealth Canada Podcast How to Optimize Your Investments and Taxes for 2025 (for Canadians)
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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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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.
RESP Contributions and Catch-Up
- Contribute $2,500 annually per child to their RESP to maximize the $500 government grant.
- Catch up on missed years, but only one year at a time before December 31st to accelerate catch-up payments.