What you need to know to optimize your finances.
Each new tax year brings adjustments that can affect your income, retirement contributions, and overall financial security. At Veracity LD, we help you stay prepared so you can make powerful, informed decisions.
1. Increase in the Basic Personal Amount
- More of your income is now non-taxable, which means less federal tax to pay.
- The federal Basic Personal Amount continues to rise with inflation.
2. Updated Federal Tax Brackets
- Tax brackets have been adjusted upward
- You may stay longer in a lower tax bracket even if your income rises
This means more income at lower tax rates — great for your wallet!
3. Increased RRSP and TFSA Limits
- RRSP Contribution Limit: Up to $30,780
- TFSA Annual Limit: Increased to $7,000
These accounts allow you to grow wealth either tax-deferred (RRSP) or tax-free (TFSA).
4. Canada Training Credit (CTC)
- Accumulate up to $1,000 to use on eligible training or skills development.
- It’s refundable and designed to boost employability.
5. Increased Scrutiny on Estate Transfers
- CRA is placing greater attention on intergenerational transfers and gifting
- Now is the time to review your estate plan with a licensed advisor
How Veracity LD Can Help
Veracity LD helps Canadian individuals and families make sense of tax law changes, optimize their contributions, and build strong estate plans. Whether you’re saving for retirement or preparing for the next generation, our team is ready to guide you toward financial clarity and confidence.
These tax changes are tools. Used wisely, they help you build stability, protection, and legacy.
Schedule your 2025 tax review with Veracity LD today.
