Happy New Year! As we welcome 2025, this is an opportune time to reflect and explore strategies to enhance your wealth. At Barometer Capital, we help individuals and families navigate the complexities of wealth with a disciplined, integrated approach. We focus on what matters most to you—your values and aspirations—crafting purpose-driven strategies that go beyond financials. Our holistic approach is designed to address your immediate and long-term priorities, creating a long-lasting impact across generations.
Family Income Splitting Loan Payments (Deadline: January 30th, 2025):
The deadline is to pay interest on income-splitting prescribed rate loans to avoid income attribution.
Maximize RRSP Contributions (Deadline: March 3rd, 2025):
Reduce taxable income while enhancing retirement savings. The RRSP limit for 2025 is 18% of your earned income for the previous year, up to a maximum of $32,490 (whichever is lower).
Top Up Your Tax Free Savings Account (TFSA):
A TFSA offers tax-free growth and is ideal for wealth preservation. The TFSA limit for 2025 is $7,000, and the lifetime cumulative limit is $102,000.
Open a First Home Savings Account (FHSA):
Support homeownership aspirations with tax-efficient savings for yourself and the next generation.
Support Education Goals:
Contribute to a Registered Education Savings Plan (RESP) for tax-deferred growth and government grants for your children and/or grandchildren.
Registered Disability Savings Plan (RDSP):
Contribute to an RDSP to ensure long-term financial security for loved ones with disabilities.
