Investors eager to put 2022 behind them can turn their attention to a new year of opportunity. From a tax perspective, opportunity knocks four times in 2023, giving average Canadians the chance to keep more of their tax dollars in their pockets.
All four can be used as part of a broader tax strategy that can save thousands of dollars over the long run. It can get complicated depending on your individual circumstances, so it might be best to discuss them with a qualified advisor or tax professional.Canadians who have contributed the maximum amount to their Tax-Free Savings Accounts will be permitted to contribute another $6,500.
The TFSA is an ideal investment vehicle because those contributions can be invested in just about anything, gains are never taxed, and you can withdraw funds at any time.Registered Retirement Savings Plan contributions can also be invested and grow tax-free in just about anything, but if you want to deduct them from your 2022 taxable income you must contribute by March 1.
Starting April 1, first-time homebuyers under 40 years old will be allowed to invest up to $40,000 total or up to $8,000 each year toward the purchase of a home with no tax on contributions or withdrawals.
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