Seven things to do begore the end of the year to save on your 2023 taxes
My wife is a member of the “DIN-DIN” club, as she calls it. “DIN” stands for “do it now.” The truth is, she gets more done before noon than most people do in a week. She always gives her to-do list 100-per-cent effort. As for me, I’m more of a procrastinator. Don’t get me wrong, I do think that giving 100 per cent is a good idea – unless you’re donating blood.
I know, I know – procrastination is the thief of dreams. It’s also the thief of big tax savings because certain things should be done before year-end to save taxes for 2023. Today, I want to get a head start and focus on a fewOpen a first home savings account . Residents of Canada 18 or older who qualify as first-time homebuyers have been able to open an FHSA since April 1. It’s a type of registered plan – similar to an RRSP – that allows you to save money to help purchase a home. You can contribute as much as $8,000 each year, to a lifetime maximum of $40,000, and can deduct your contributions. But, unlike an RRSP, you don’t have the option of waiting until early in 2024 to contribute for 2023 if you want a deduction this year.
Tim Cestnick, FCPA, FCA, CPA, CFP, TEP, is an author, and co-founder and CEO of Our Family Office Inc. He can be reached at
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Duke vs Clemson 2023 Live Stream@ Free ON TV NCAA College Football 2023Clemson will play against Duke for the 2023 NCAA Football season. Here, you can find out when, where, at what time, and how to watch or live stream this game in the US.
Read more »
TIFF 2023: Atom Egoyan says ‘Seven Veils’ explores themes that have haunted him for years“This film is very related to my personal experiences and my hope is that everyone can take in this finished version.”
Read more »
Chile's economy stagnant in most optimistic scenario for 2023, says cenbankSANTIAGO (Reuters) - Chile's central bank on Wednesday lowered the top end of its estimate for the country's economic performance in 2023, saying it ...
Read more »
Postmedia to publish new wildfire book this fallPostmedia will publish a new book document the story of Canada\u0027s 2023 wildfires
Read more »
Postmedia to publish new wildfire book this fallPostmedia will publish a new book documenting the story of Canada\u0027s 2023 wildfires
Read more »
Saudi Arabia's 2023 GDP growth to slow due to longer oil cutsDUBAI (Reuters) - Saudi Arabia's overall gross domestic product growth is likely to be lower than the currently forecast 1.9% by the International ...
Read more »