147. Income tax is changing in 2025. Here's what's new and what isn't...
Income tax is changing in 2025. Here's what's new and what isn't...
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Credit for the idea for this video goes to Aaron Hector from CWB Wealth. You can find more of his insights on X and LinkedIn:
https://x.com/AaronHectorCFP
https://www.linkedin.com/in/aaronhector/
In this video, we discuss the recent changes announced by the Canadian government to income tax brackets and various benefits for 2025. These changes include a 2.7% increase to match inflation. While many benefits will see an increase, some elements such as the CPP death benefits and withholding tax system for RRIFs have remained unchanged for decades. Additionally, we examine other benefits like non-refundable tax credits, pension income amounts, and the Canada Education Savings Grant that have not kept up with inflation. Learn how these adjustments and untouched areas could affect your finances in the coming year.
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