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Canadians Gain More Room to Save with 2025 TFSA Limit

  The Tax-Free Savings Account (TFSA) contribution limit for 2025 has been set at $7,000 , giving Canadians another opportunity to grow their investments tax-free. Since its launch in 2009, the TFSA has become one of the most popular savings tools in the country, offering flexibility and tax advantages that appeal to both short-term savers and long-term investors. For those who have never contributed to a TFSA and were eligible since the beginning, the total cumulative contribution room now stands at $102,000 . This allows Canadians to deposit a significant amount into their accounts without worrying about taxes on investment gains, dividends, or withdrawals. One of the TFSA’s biggest advantages is that withdrawals are tax-free and the amount withdrawn is added back to your contribution room the following year . This makes it ideal for saving toward major purchases, retirement, or even emergency funds. Unlike RRSPs, contributions are not tax-deductible, but the growth inside the...
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Springing Forward: Daylight Saving Time 2024 in Canada

     
  
                            

As winter’s grip loosens and the days grow longer, Canadians eagerly anticipate the annual ritual of Daylight Saving Time. This year, on Sunday, March 10, 2024, clocks across the country will leap forward by one hour at 2:00 AM, ushering in more daylight in the evenings. Here’s what you need to know about this time-honored tradition:

1. The Clocks Move Ahead

As dawn breaks on March 10, Canadians will set their clocks forward to 3:00 AM local daylight time. Sunrise and sunset will occur approximately an hour later than the previous day, allowing for extended evening activities. This shift, often referred to as “Spring Forward,” marks the beginning of brighter evenings and a sense of renewal.

2. A Controversial Tradition

While Daylight Saving Time has been a fixture in Canada since 1908, it remains a topic of debate. Some argue that the time change disrupts sleep patterns and circadian rhythms, leading to health issues. Others appreciate the longer evenings and the chance to enjoy outdoor pursuits after work. Despite the controversy, the majority of Canada continues to observe this biannual adjustment.

3. Provinces and Territories: Who Springs Forward?

Not all regions in Canada participate in Daylight Saving Time. Here’s a breakdown:

  • Alberta, Northwest Territories, Nova Scotia, Quebec, Manitoba, Ontario, New Brunswick, Newfoundland and Labrador, and Prince Edward Island will all move their clocks forward on March 10, 2024.
  • Yukon, most of Saskatchewan, some locations in Québec east of 63° westerly longitude (such as Blanc-Sablon), Southampton Island, and certain areas in British Columbia will remain on standard time throughout the year.

4. Fall Back in November

Remember that Daylight Saving Time isn’t a permanent shift. Come Sunday, November 3, 2024, we’ll “Fall Back” by turning our clocks backward one hour at 2:00 AM, gaining an extra hour of sleep. Sunrise and sunset will occur earlier, signaling the arrival of cozy winter evenings.

As we prepare to spring forward, let’s embrace the changing seasons and make the most of the additional daylight. Whether you’re adjusting your watch or resetting your digital devices, Daylight Saving Time reminds us that time is a precious gift, no matter how we measure it. 


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