Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you’re not leaving money on the table this tax season.
https://horizonfinancial.ca/wp-content/uploads/2024/04/Tax-tips-to-know-before-filing-your-2023-income-tax.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-04-02 17:07:172024-04-02 17:07:20Tax tips to know before filing your 2023 income tax
Secure your family’s financial future with effective budgeting. Learn how to gain financial clarity, achieve your goals, and prepare for emergencies in our comprehensive guide.
https://horizonfinancial.ca/wp-content/uploads/2024/04/Add-a-heading.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-04-01 06:19:462024-04-01 06:19:50Empowering Your Family’s Financial Future: A Comprehensive Guide to Budgeting
Ontario’s 2024 Budget keeps personal & corporate tax rates steady, extends gas tax cuts, and revises the OCASE Tax Credit. Discover how these changes affect you!
Custom group benefits are pivotal in shaping a prosperous future for organizations. By celebrating diversity and prioritizing employee well-being, we foster a healthier, more dynamic workforce.
https://horizonfinancial.ca/wp-content/uploads/2024/03/1.jpg350600Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-03-05 12:23:572024-03-05 12:23:59The Value of Tailored Group Benefits
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 $31,560. 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.
Tax tips to know before filing your 2023 income tax
/in 2024, Blog, corporate, Family, financial advice, Financial Planning, tax /by Horizon FinancialUnlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you’re not leaving money on the table this tax season.
Empowering Your Family’s Financial Future: A Comprehensive Guide to Budgeting
/in Blog, Debt, disability, disability insurance, Family, financial advice, Financial Planning, individuals, Insurance, rdsp /by Horizon FinancialSecure your family’s financial future with effective budgeting. Learn how to gain financial clarity, achieve your goals, and prepare for emergencies in our comprehensive guide.
Ontario’s 2024 Budget Highlights
/in 2024, Blog, Ontario Only, tax /by Horizon FinancialOntario’s 2024 Budget keeps personal & corporate tax rates steady, extends gas tax cuts, and revises the OCASE Tax Credit. Discover how these changes affect you!
The Value of Tailored Group Benefits
/in Blog, business owners, Group Benefits, health benefits /by Horizon FinancialCustom group benefits are pivotal in shaping a prosperous future for organizations. By celebrating diversity and prioritizing employee well-being, we foster a healthier, more dynamic workforce.
TFSA vs RRSP – 2024
/in 2024, Blog, business owners, Estate Planning, Family, financial advice, Financial Planning, individuals, Investment, personal finances, Professionals, retirement, 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 $31,560. 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.