Skip to main content

Featured

Three Smart Levers to Cut Your 2025 Tax Bill

Taxes are inevitable, but overpaying them isn’t. With new rules and opportunities in 2025, smart planning can help you keep more of your hard-earned money. Here are three effective levers to reduce your tax liability this year: 1. Maximize Retirement Contributions Contributing to retirement accounts such as RRSPs (Canada) or 401(k)/IRAs (U.S.) remains one of the most effective ways to lower taxable income. Contributions qualify for tax relief at your highest marginal rate, meaning every dollar you save reduces your tax bill significantly. Employer-matching programs make this even more attractive, and withdrawals in retirement can be structured for lower tax exposure. 2. Leverage Tax Credits and Deductions Common deductions include childcare expenses, education costs, and home office claims. Tax credits, unlike deductions, directly reduce the amount you owe, making them especially valuable. Temporary tax breaks introduced in 2025 can be maximized before they expire. 3. Use...
Post a Comment
Read more

article

Labels

Ontarians to Receive $200 Rebate Cheques in January and February


Millions of Ontarians can look forward to a little extra cash in their pockets as the provincial government plans to mail out $200 rebate cheques by late January or early February. Premier Doug Ford and Finance Minister Peter Bethlenfalvy announced the tax-free rebates in October, citing higher-than-expected revenues and the impact of inflation on provincial sales tax as the reasons behind the initiative.

Eligible recipients include Ontarians aged 18 and over who filed their 2023 tax returns, with an additional $200 per child. However, those who were bankrupt or incarcerated in 2024 will not receive a payment. The rebates are expected to cost the provincial treasury about $3 billion.

While the government has denied any connection between the rebates and a potential early election, opposition leaders have criticized the move, calling it a distraction from pressing issues like health care and housing.



Labels:

Comments

Post a Comment