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2024 Has Finally Arrived!
Each New Year brings opportunity for growth, change, good health and happiness. Best wishes for a safe and prosperous New Year to you and your loved ones!
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Penny Wrightly & Staff
Handy Tools To Help You Understand How To Save Income Tax
One of the ways we help our clients save tax is to first of all estimate how much income tax you might owe for 2023 in various Provinces. Let me know if you want to have some help with this.
Thank you Ernst and Young for creating great online Tax and RSP Calculators.
Here is a Calculator to help you understand how much income tax you would likely need to pay in 2023.
Click Here
If you are wanting to see how much RSP Contributions can save you on Income Tax in 2023, here is a calculator that lets you see how much tax savings a specific amount would help reduce your taxes by in each Province.
Click Here
Bank of Canada Could Be Finished With Rate Hikes
A “relatively dovish” statement by the Bank of Canada on December 6th suggested that the central bank’s rate-hiking path is at an end, according to CIBC deputy chief economist Benjamin Tal (pictured above).
The Bank left its policy rate unchanged for a third consecutive decision, with few surprised by a statement that arrived amid cooling inflation, rising unemployment and an expected economic contraction.
Once again, the Bank reiterated its willingness to raise its benchmark rate if required to continue bringing inflation lower – but that’s mainly an effort to dampen consumer expectations and keep the prospect of a rapid economic rebound in check, according to Tal.
"They have to keep mentioning that they will toy with the idea of raising again,” he told Canadian Mortgage Professional. “Otherwise, the market will react too aggressively, and they don’t want that. But overall, [the announcement was] not a big surprise whatsoever, and a relatively dovish statement – basically suggesting that the Bank is done.”
The central bank said it was “still concerned” about risks to the inflation outlook, a comment Tal said was designed to dispel the notion that its work on bringing down the consumer price index (CPI) was already done.
This article courtesy of Canadian Mortgage Professional Magazine.
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