Trusted Tax Consulting Services

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This guide includes every registered account and CRA-approved strategy that helps you reduce tax, increase your refund, qualify for more benefits, or build tax-free wealth. Whether you're a student, PR, business owner, or Canadian citizen — this is your full financial playbook.

• Purpose: Reduce taxable income now, pay taxes later (in retirement)
   
• Contribution Limit: 18% of previous year’s income (max ~$31,560 in 2024)
   
• Tax Impact: Contributions lower income → less tax → bigger refund
   
• Invest: Stocks, ETFs, mutual funds, GICs
   
• Withdrawals: Fully taxed unless used under HBP (Home) or LLP (School)
   

🔥 Pro Tip:
Contribute in February → get refund in April → reinvest or use to pay debt

• Purpose: Grow investments without paying any tax — ever
   
• Limit: $7,000 in 2024; lifetime up to $95,000 (if 18+ since 2009)
   
• Invest: Stocks, crypto, ETFs, mutual funds, savings
   
• Tax Impact: No tax on profit or withdrawals
   
• Doesn’t affect CRA benefits (GST, OTB, CCB, etc.)
   

🔥 Pro Tip:
Perfect for side-hustlers and students — earn tax-free interest/dividends.

• Purpose: Save for your first home with CRA refunds + tax-free growth
   
• Limit: $8,000/year | $40,000 lifetime
   
• Tax Impact: Contributions = refund; Withdrawals = tax-free (if used for home)
   
• Must be first-time homebuyer in last 4 years
   

🔥 Strategy:
Use FHSA + RRSP Home Buyer’s Plan together = $75,000+ tax-free home down payment

• Purpose: Save for child’s college/university
   
• Grants: 20%–40% from government (up to $7,200/child)
   
• Growth: Tax-free; withdrawals taxed in child’s name (low or zero)
   
• Limit: $50,000 total per child
   

🔥 Pro Tip:
Even if you contribute $2,500/year → you get $500 free annually from the government

• Purpose: Long-term savings for Canadians with disabilities
   
• Eligibility: Must be approved for Disability Tax Credit (DTC)
   
• Grants: CRA gives up to $70,000 in matching grants
   
• Limit: $200,000 lifetime
   

• Purpose: Lower your tax rate & increase flexibility
   
• Who it’s for: Anyone earning $30K+ from business or freelance
   
• Tax Benefits:
   
  • File corporate T2 (12–15% tax)
     
  • Write off meals, car, phone, rent, laptop, internet
     
  • Split income with spouse/kids
     
  • Defer personal taxes
     

🔥 BTOWN Trick:
Don’t wait till you’re rich — incorporate as soon as you're consistent.

• Withdraw up to $35,000 from RRSP tax-free to buy your first home
   
• Must repay over 15 years
   
• Combine with FHSA for best results
   
• Funds must sit in RRSP for 90+ days before use
   

• Purpose: Your dashboard for everything CRA-related
   
• Check:
   
  • RRSP/TFSA/FHSA room
     
  • Refund status
     
  • GST/HST, CCB, OTB payment dates
     
  • Tuition carry-forwards
     
  • Previous year income
     

🔥 BTOWN Rule:
If you don’t have CRA MyAccount, you’re missing refunds and credits. Open it ASAP.

• Refundable credit up to ~$1,400 for low earners
   
• Income between ~$3,000 to ~$33,000
   
• Paid quarterly + at tax time
   
• Not for full-time students unless they have kids
   

• Reduces family tax bill, unlocks RDSP, and allows big retroactive refunds
   
• Apply with CRA Form T2201 signed by doctor
   
• Can be backdated 10 years if approved
   

• If you're 65+ with pension income, you can shift 50% to your spouse
   
• Reduces taxes + increases benefits
   

• Withdraw $20,000 from RRSP to go back to school
   
• No tax if repaid over 10 years
   

📞 Need help setting these up or filing smart?
Message BTOWN Financials on WhatsApp → 437-249-7919
We'll show you the smartest way to get refunds, avoid tax, and grow money fast.