When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $32,490. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
The US–Canada trade war is hitting home, raising prices on everyday goods and shaking the economy. With tariffs on both sides, what does this mean for your wallet? Learn how trade policies impact your cost of living, investments, and financial future.
https://horizonfinancial.ca/wp-content/uploads/2025/02/canadaUS.png6671000Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2025-02-04 15:54:442025-02-04 15:54:55How Tariffs Affect Your Wallet: A Canadian Perspective on the US–Canada Trade War
Managing your finances effectively begins with staying informed about important dates and deadlines throughout the year. This comprehensive guide outlines key financial milestones, including tax deadlines, benefit payment schedules, and contribution opportunities, to help you stay organized and on track. Whether you’re planning for tax season, reviewing your investments, or ensuring timely payments, this calendar provides everything you need to navigate the year with confidence. Take a moment to familiarize yourself with these essential details and set yourself up for a smooth and successful 2025.
Discover essential 2024 tax strategies tailored for business owners! From optimizing compensation and preserving the Small Business Deduction to maximizing the Lifetime Capital Gains Exemption, these tips can help save on taxes while planning for your business’s future.
https://horizonfinancial.ca/wp-content/uploads/2024/12/2024-business-ownersYear-End-Tax-Tips.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-12-05 14:55:052024-12-05 14:55:112024 Year-End Tax Tips and Strategies for Business Owners
Get ready for tax season with our 2024 guide! Discover actionable tips for families, retirees, students, and investors, including insights on TFSAs, RRSPs, capital gains changes, and much more. Don’t miss these strategies to make the most of your tax year.
https://horizonfinancial.ca/wp-content/uploads/2024/12/2024-Personal-Year-End-Tax-Tips.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-12-03 12:20:462024-12-03 12:20:492024 Personal Year End Tax Tips
TFSA vs RRSP 2025
/in Blog, Investment, rrsp, Tax Free Savings Account /by Horizon FinancialWhen looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $32,490. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
How Tariffs Affect Your Wallet: A Canadian Perspective on the US–Canada Trade War
/in 2025, Blog, Government Budget, tax /by Horizon FinancialThe US–Canada trade war is hitting home, raising prices on everyday goods and shaking the economy. With tariffs on both sides, what does this mean for your wallet? Learn how trade policies impact your cost of living, investments, and financial future.
2025 Financial Calendar
/in Blog, Family, Financial Planning, personal finances, rrsp, tax, Tax Free Savings Account /by Horizon FinancialManaging your finances effectively begins with staying informed about important dates and deadlines throughout the year. This comprehensive guide outlines key financial milestones, including tax deadlines, benefit payment schedules, and contribution opportunities, to help you stay organized and on track. Whether you’re planning for tax season, reviewing your investments, or ensuring timely payments, this calendar provides everything you need to navigate the year with confidence. Take a moment to familiarize yourself with these essential details and set yourself up for a smooth and successful 2025.
2024 Year-End Tax Tips and Strategies for Business Owners
/in 2024, Blog, business owners, Financial Planning, tax /by Horizon FinancialDiscover essential 2024 tax strategies tailored for business owners! From optimizing compensation and preserving the Small Business Deduction to maximizing the Lifetime Capital Gains Exemption, these tips can help save on taxes while planning for your business’s future.
2024 Personal Year End Tax Tips
/in 2024, Blog, Financial Planning, individuals, tax /by Horizon FinancialGet ready for tax season with our 2024 guide! Discover actionable tips for families, retirees, students, and investors, including insights on TFSAs, RRSPs, capital gains changes, and much more. Don’t miss these strategies to make the most of your tax year.