How can Canadian households get ahead of their tax bill before year-end? In this episode of Money Questions, Matthew McGowan and Nathan England discuss how to understand your household’s tax picture, plan around multiple income sources, and choose financial strategies that fit your goals.
They cover why year-end pay stubs and CRA account records are useful starting points; how multiple jobs, retirement income, and other sources of money can affect tax withholding; and why some people may need to plan for tax instalments. They also discuss how goals such as building an emergency fund or saving for a home can shape decisions about TFSAs, RRSPs, and FHSAs.
The conversation touches on tax deductions, credits, and income-tested benefits; Nova Scotia’s MOST program; retirement income, spousal RRSPs, and income splitting; and strategies such as tax-loss harvesting and charitable giving. A practical discussion about Canadian tax planning, household finances, and making time for decisions before December 31.
Chapters:00:00 Money Questions
00:43 Year-end tax planning for households
02:07 Start by understanding where you are
03:27 Pay stubs, income, and tax withholding
06:27 Multiple jobs and potential tax bills
07:45 Tax instalments and additional income sources
09:04 Match tax planning to your financial goals
09:10 Emergency savings, TFSAs, and RRSP contributions
10:57 Planning for near- and long-term goals
11:28 Saving for a home with an FHSA
12:30 Deductions, credits, and CRA records
15:16 Nova Scotia’s MOST program
17:57 Life events and the Canada Child Benefit
19:12 Retirement income and tax withholding
22:02 Planning for a spouse’s death and final tax returns
23:09 Savings goals and taxable interest
25:01 Spousal RRSPs and income splitting
27:44 Tax-loss harvesting
28:53 Charitable giving and gifting
30:41 The year-end planning recap
To learn more, visit: https://www.evangelinewealth.com/DISCLAIMER:
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice in the context of your particular circumstances. This presentation was prepared by Matthew McGowan and Nathan England, CFP, for the benefit of Matthew McGowan and Nathan England, CFP, Mutual Fund Representatives with Evangeline Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this presentation comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the Fund Fact Sheet or prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.