Source: 2025 Tax Toolkit

The 2025 Tax Toolkit provides comprehensive information on various tax-saving opportunities, personal federal tax rates, and selected tax credits and deductions. ​ Key sections include:

1. Jamie Golombek’s Tax Tips: Offers strategies for reducing tax deductions, contributing to savings plans like RESP, RDSP, FHSA, and TFSA, making donations, converting RRSP to RRIF, splitting pension income, deducting investment expenses, and tax-loss selling.
2. More Opportunities for Tax Savings: Discusses the impact of asset allocation on non-registered investments and the benefits of registered investments like RRSPs, TFSAs, and FHSAs. ​
3. Fund Distributions: Explains the tax implications of different types of fund distributions, including income, capital gains, dividends, and return of capital. ​
4. T-Class Funds and ROC: Highlights the benefits of T-Class investments for steady cash flow and tax deferral. ​
5. Personal Federal Tax Rates: Lists federal tax brackets and the value of selected personal federal credits. ​
6. Personal Marginal Tax Rates: Provides combined federal and provincial/territorial tax rates for various types of income. ​
7. Personal Tax Owing: Shows the personal combined federal and provincial/territorial income taxes payable at different income levels. ​
8. Tax-Free Dividends: Details the federal dividend tax credit and the amount of dividends that can be received tax-free. ​
9. Saving with Registered Plans: Covers RRSP contribution limits, TFSA cumulative limits, and the benefits of RRSPs and TFSAs.
10. Life Income Fund (LIF): Lists minimum and maximum payment percentages for LIFs. ​
11. Payroll Taxes: Discusses employer obligations for withholding payroll taxes, including CPP/QPP contributions and Employment Insurance premiums. ​
12. CPP or QPP Benefits: Provides maximum benefits for retirement, disability, and survivor pensions.
13. OAS Benefits: Details OAS pension and GIS amounts and the impact of the OAS recovery tax. ​
14. Estate Administration Fees: Lists probate fees for estates over $50,000 in various provinces and territories. ​
15. Tax for a CCPC: Explains corporate tax rates for different types of income and the integration of corporate and personal tax. ​

A Final Thought: Encourages consulting with tax and legal professionals for personalized advice and highlights the importance of understanding tax implications for investment decisions. ​

The toolkit emphasizes the importance of tax planning and provides detailed information to help individuals and businesses make informed decisions to maximize tax savings and investment returns.