Hi there,

It's never too early to start thinking about retirement. Most of us think about RRSPs and TFSAs first, but they aren't the only tools for a better retirement.

Let's talk about something a bit different: using Permanent Life Insurance as part of your retirement plan. Our newest article, "Life Insurance for Retirement: Discovering the Insured Retirement Program (IRP)," breaks down how this strategy can offer you a steady income during retirement and still provide for your loved ones after you're gone.

It's a safe way to plan ahead, giving you peace of mind and financial security. Got questions or want to dive deeper? We're here to help you figure it out.

Talk soon,

David Pipe

Trust tax reporting:

• Starting from tax years ending after December 30, 2023, all trusts, including bare trusts and joint accounts, must file a T3 Tax Return annually. Missing the filing, due 90 days after the trust's year-end (March 30, 2024, for most), will result in penalties.

Underused House Tax (UHT)

• The UHT is a yearly tax for vacant homes owned by non-residents or non-citizens. It can also apply to some Canadian companies, partnerships, and trusts. Changes proposed on November 21, 2023, aim to exempt specific groups from filing requirements. The first filing deadline is April 30, 2024.

First Home Savings Account (FHSA):

• Contributions made in 2023 can be deducted from your 2023 tax return, or choose to claim them later, which could be beneficial if you expect a higher income soon.

Working from home:

• The flat-rate method for home office deductions, used during 2020-2022, won't be available from 2023. You'll need to revert to the detailed method for claims.

Residential property flipping:

• A rule introduced on January 1, 2023, taxes profits from flipping residential properties as business income, not as capital gains, if the property was held for less than a year. Exceptions apply, so check if this affects any sale you made in 2023.

Canada Child Benefit (CCB) Payments:

• February 20, 2024
• March 20, 2024
• April 19, 2024

Personal income tax deadlines in 2024:

• The last day to make RRSP contributions for the 2023 tax year is February 29, 2024
• Quarterly installments for 2024 income tax (if applicable, i.e., tax not deducted at source): March 15

Want to learn more? Lets talk

David Pipe is a Mortgage Agent of TMG - The Mortgage Group, FSRA  #10315

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