Tax season is almost here, and there are significant changes on the horizon for Canadian taxpayers. In this episode of The Clear Money Mindset, Ben sits down with Josie Hope, CPA, CMA and owner of JH Business Solutions, to break down exactly what you need to know before you file.
From the new "Middle Class Tax Cut" reducing the lowest marginal rate to 14%, to the often-overlooked tax implications of buying and selling precious metals like gold and silver, we cover it all. Josie also shares critical advice for pension holders who might be over-contributing to their RRSPs and explains the latest updates to the Canada Disability Benefit.
In this episode, we cover:
The Middle Class Tax Cut: How the rate reduction from 15% to 14% impacts your take-home pay starting July 2025.
Disability Tax Credit: Updates to the benefit amount (now over $10,000) and how to transfer credits to a supporting family member.
Precious Metals: Why the CRA treats gold and silver as capital assets and the importance of keeping your receipts.
The RRSP Trap: Why having a good pension might mean you should think twice before maxing out your RRSP.
Filing Tips: How to organize your T4s and receipts.
