Tax Tips

Contributing to a spousal RRSP can be beneficial for tax planning, particularly if you and your spouse have unequal incomes. This is helpful for retirement planning, allowing the lower-income spouse to withdraw funds at a potentially lower tax rate after retirement.

If you’re considering selling an investment property, keep in mind that capital gains on secondary properties are subject to tax. Planning ahead can help you offset this gain by using capital losses from other investments or timing the sale strategically to minimize the tax impact.

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If you are a first-time homebuyer or planning to purchase a home, consider using the Home Buyers’ Plan (HBP). This federal program allows you to withdraw up to $35,000 from your RRSP tax-free to help with your down payment, as long as you repay it over 15 years.