Hey folks! Quick reminder to finalize your financial year:
1️⃣FHSA: If you haven't already, open a FHSA account - even if you don't to contribute to it immediately. The longer your account is open, the more tax-deferred contribution room you will start building. Opening the account this year will add $8,000 to your contribution room, as opposed to waiting till 2025.
2️⃣ TFSA: If you plan to withdraw funds - do it before Jan 1st! Withdrawals made this year will be re-added on Jan 1st to your contribution room.
3️⃣ Medical expenses: if your medical expenses exceed 3% of your net income - you may be eligible to claim them to lower your income tax!
Make That Change
Hey folks! Quick reminder to finalize your financial year:
1️⃣FHSA: If you haven't already, open a FHSA account - even if you don't to contribute to it immediately. The longer your account is open, the more tax-deferred contribution room you will start building. Opening the account this year will add $8,000 to your contribution room, as opposed to waiting till 2025.
2️⃣ TFSA: If you plan to withdraw funds - do it before Jan 1st! Withdrawals made this year will be re-added on Jan 1st to your contribution room.
3️⃣ Medical expenses: if your medical expenses exceed 3% of your net income - you may be eligible to claim them to lower your income tax!
8 months ago | [YT] | 21