25 timeless personal finance tips from MoneySense + MORE Jan 30th

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25 timeless personal finance tips from MoneySense

– moneysense.ca

To help celebrate MoneySense’s 25th anniversary, we are republishing (and updating) an article from the June 2014. The editors collected some timeless financial advice and money tips from the archives. Editor- and expert-approved, and fit for 2023 and beyond.

1. Pay yourself first

One of the most effective ways to build your savings is to set up pre-authorized biweekly or monthly contributions that automatically move money from your paycheque to an investment account. Get that money into registered retirement savings plan (RRSP) or tax-free savings account (TFSA) before you have a chance to spend it and you’ll barely miss it. You’ll also get the benefit of dollar-cost averaging, buying more shares when security prices are low and fewer when prices are high. This can help reduce timing risk and the impacts of volatility.

2. Trim your tax bill

Tax-sheltering your money is an easy way to boost savings. RRSPs let you defer tax on a portion of your income until retirement, when your tax rate will likely be lower…

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2023 tax credits, due dates and when you can file: Your 2023 income tax return guide

– moneysense.ca

You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns. But, first, let’s look at the upcoming deadlines.

What’s new for taxes?
New alternative minimum tax changes: As of January 1, 2024, the AMT rate is 20.5% (previously 15%). Essentially, the AMT is a minimum level of tax for Canadians who claim certain deductions, exemptions and/or credits to reduce how much personal income tax they pay. The change doesn’t apply to 2023 income tax returns, though, and thankfully it doesn’t apply to most Canadians.

Deadline extended for underused housing tax (UHT): For residential property owners with vacant or underused real estate who owed the UHT from their 2022 income tax return and have yet to pay it, know that the Canada Revenue Agency (CRA) extended the due date to April 30, 2024, with penalties waived…

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