If you made RRSP contributions before March 1, 2025, you can use them to lower your taxable income for the 2024 tax year—potentially reducing the amount you owe or increasing your refund! Not ready to claim the full amount? You can carry forward unused contributions to future years when you’re in a higher tax bracket for even bigger savings. 😊
Have questions? Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!
If you or your partner paid interest on a government-issued student loan (such as OSAP in Ontario), you can claim it as a non-refundable tax credit on your federal and provincial tax return. This reduces the amount of tax you owe, but it won’t generate a refund if you don’t owe taxes.
A few key details:
✅ The loan must be from a government program (private loans don’t qualify).
✅ You can carry forward unclaimed interest for up to five years.
✅ You can’t claim interest if you refinanced your student loan with a private lender.
Have questions? Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!
