Important 2025 Tax Changes Every Canadian Should Know (CPP, RRSP, TFSA, FHSA & More)

Hmmm…all those tax credits and benefits. Zero for me.

I am retired and drawing down my RRSP my wife is still working, I have come into a little cash. Can I contribute to a spousal RRSP to get the tax break and also get her a little closer to retirement

So much government bullshit here.. There should be no caps on RRSP or TFSA contributions. And the CPP/CPP2 nonsense. Just more obfuscation through complexity.

Thank you for the 2025 updates Adam - appreciated as always! J.

Merry Christmas!

4055 for CPP

OAS clawback is a tax on the taxes you paid over 40 years if you were a high income earner. The top 20% of income earners pay 60% of all taxes. Then at 65 you get hit with a 15% tax for paying so much over your life.

Frohe Weinachten, Adam. Sending joy to you and yours. Christmas 🎄

My wife and I have historically been low income earners. I became disabled and started to draw a CPP pension of $370 at 65, much lower than the 80% figure typically assumed in most SNAP modelling videos I've come across. My wife is 9 years younger and still working at a part-time job she loves. I've seen differing age scenarios modelled but none for low income earners. Would you consider modelling a no RRSP, maxed out TFSA's, differing aged couple, with a $500,000 paid off condo and $1,000,000 - $1,500,000 in non registered assets. Something a little different from the standard format of same aged couple, 80% CPP, large RRSP, TFSA, decent non registered account and paid off home? Something that might appeal to those of us who are the beneficiaries of this intergenerational transfer of wealth that is happening. I know several couples who fall into this scenario.

Merry Christmas 🌲Adam and your family and colleagues, a great year of information and videos in 2024, see you in 2025!

Great summary, thanks!

CPP, OAS should be tax exempt for all incomes under 150k

Merry Christmas!!

The CPP increases 2.7 percent January 1st 2025. The goods and services threshold is 2024 tax year $44,324 and for the 2025 tax year $45,521. Anything above these amounts and you get reduced benefits.

O, what a time it must have been pre-1972, when there was no capital gains tax in Canada. Goodbye to that in the socialist miasma we find ourselves in present day Canada. Thanks, Justin.

CPP and OAS should be exempted from tax. I worked 38 years and so did my wife. Why should we be taxed for CPP and OAS? It' s bad enough that our RRSPs are taxed on withdrawals!

Thanks Adam. I understand that there’s also a clawback of sorts on the age amount. Is that true?

Great video, Adam. I hope it’s ok I ask a question…
Retiring at end of year at 53 with a 50k retirement incentive from my employer. The entire 50k will be put in my RRSP (no tax withheld) what should I expect at tax time? Obviously I won’t get a deduction but is there anything else I need to know?
PS I have a modest DB pension and will collect a bridge benefit until 65. Not sure if that matters

Thank you! Very informative…

Thank you. My question is that when we reach $100'000 in TFSA and TFS GIC, what will happen with the CDIC, as we are not covered by them ?? Example in 2025 I would reach 107'000. the 7000 $ would not be covered by the insurance !!

I have a WealthSimple trading account.
Trading fee's are $0.00

Did the capital gains inclusion rate legislation pass or is it still 50%?

Video Suggestion: I want to retire next year. How do I choose what month to retire? Is it better to retire in January, April, July, October, or December? e.g. Is waiting (till August) to get a final max CPP year, to replace a non-max (25%) year, worth it?

Always

There is one benefit overlooked. The Ontario Trillium Benefit... This is the combined payment of the Ontario energy and property tax credit, the northern Ontario energy credit and the Ontario sales tax credit. The government recently decreased the the payout without telling anyone. Even the customer service rep at CRA benefits didn't know . I got an email last week saying my benefit payment decreased 81% even though there were no changes to income etc. Just an FYI. they changed the rules 1/2 way though the OTB year.

How safe is Moomoo? I never heard of this platform.

For RRSP contribution, so if one has $100k of room available the MAX he/she can contribute remains $32 490 - correct? TFSA, good to know you get the contribution room back the following year. Is selling your primary home fall into Capital Gains exemption?

I signed up for MooMoo how do I get access to the Masterclass . Thanks !

Claimable medical expenses also include the mileage to get to and from appointments and hospital visits.

Can a video be done on RDSPs ... How to plan this into retirement with CPP, OAS, etc. and a fed-gvt defined pension i can't find anyone who explains this. Thank you!

Very helpful - thank you!

what if I'm not qualify as First time home buyer? should i still open FHSA and use it as tax register account as non used will be move to RRSP anyway?

Is the age exception deduction: 1 time or every year after 65 ? Thank you

Nice, quick video with all the info provided perfectly. One question I have is if someone hasn't contributed the full lifetime amount to their TFSA, how does one find out what that amount is?

Hi Adam. How do I get the course after creating an account with Moomoo? Thanks

Nice video coverage keeping up with current trends and strategies can help traders stay ahead of the curve and make informed decisions, It is important for beginners in trading and investing to understand that success in these fields requires technical analysis, emotional maturity, and self-discipline. Thanks to steve michael steele insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings. Kudos to the journey ahead