2022 Income Tax Guide for Canadians: Deadlines, tax tips and more + MORE Jan 9th

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2022 Income Tax Guide for Canadians: Deadlines, tax tips and more

– moneysense.ca

It’s been quite a year for numbers, hasn’t it? From rising interest rates to steep stock market drops, finances have been headline news throughout 2022. It’s almost enough to make you forget about tax season. But with the tax deadline approaching, you have a few reminders (see the dates below), as well as this, our MoneySense 2022 Income Tax Guide for Canadians.

You’ll find lots of good info to help you prepare. Here’s a table of contents for the guide’s topics, plus in-depth coverage for many of them.

2022 Income Tax Guide Table of Contents
Tax-related dates to know

Tax claims for Canadians and changes for 2022 income taxes

Prepping your taxes

RRSP contribution room

TFSA contribution room

Tax tips for Canadians

How to get started on your tax return

Maximizing Your Education Savings in 2023: The Advantages and Disadvantages of Group RESPs

– canadiancapitalist.com

A Group Registered Education Savings Plan (Group RESP) is a popular way for parents and guardians in Canada to save for their children’s post-secondary education. But like any financial decision, it’s important to understand the pros and cons before deciding if a Group RESP is right for you.
Group RESP Pros:

Group RESPs offer a number of tax advantages. Contributions to a Group RESP are not tax-deductible, but the growth on the investment is tax-free as long as it is used for education expenses. This can be a significant benefit, as the cost of tuition and other education-related expenses can add up quickly.
Group RESPs often have lower fees than individual RESPs. Because the investment is spread out among a group of people, the administrative costs are often lower, which means more of the money you contribute goes towards the education fund.
Group RESPs offer flexibility in terms of contributions. With an individual RESP, you are required to contribute a set amount on a regular basis…

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