Sightline Wealth Management

Explore the intricacies of the 2024 Canadian Federal Budget with our comprehensive analysis. Finance Minister Chrystia Freeland has unveiled proposals that could reshape your financial landscape. From capital gains to home buying incentives, we break down the key measures and their potential impacts. Read our detailed breakdown here: https://lnkd.in/gASYmnzB #CanadianBudget #FinanceInsights #StayInformed

Dive into the latest insights on building efficient income-producing portfolios in our newest interview. Join Tanios Sadaka, CFA, MBA Sadaka from Sightline Wealth Management as he sits down with Warren Gerow, Senior Investment Consultant, to discuss key strategies for maximizing your investments. LISTEN > https://lnkd.in/gCxXPhXh

This week we dive into the latest on US retail sales, housing starts, industrial production, and capacity utilization. Plus, reflections on last week's economic indicators, including CPI, PPI, consumer sentiment, and the Bank of Canada's rate announcement. Read > https://lnkd.in/gzJvM_9n

Dive into the latest financial insights in our newest article where we discuss the Bank of Canada's decision to maintain its target for the overnight rate at 5%. As global economic landscapes shift and inflation rates adjust, understanding these changes is more crucial than ever. https://lnkd.in/gz2asien

Unlock key insights into the latest economic trends: Discover the impact of factory orders, job openings, and consumer credit on the market. Dive into our article for an in-depth analysis of what's shaping the financial landscape this week. #MarketUpdate #EconomicTrends READ: https://lnkd.in/gmKXJKnk

Discover how the US Federal Reserve's latest decision to hold its key interest rate steady aims to combat inflation while adjusting economic growth and inflation projections for 2024. READ >https://lnkd.in/dJCGFSxn

Bank of Canada holds firm: Interest rates steady at 5% amid global slowdown, yet optimistic growth and inflation trends offer a mixed economic outlook. Dive into the full analysis and what it means for Canadians. #BankOfCanada #EconomicInsight" https://lnkd.in/gn7mjaQh

Discover how the First Home Savings Account (FHSA) can help you pave the way to homeownership while enjoying tax benefits similar to RRSPs and TFSAs. READ: https://lnkd.in/gnubvcWp

Discover what's driving the markets this week, from U.S. Leading Market Indicators to S&P Flash US Services and Manufacturing PMI, and the state of U.S. Existing Home Sales. https://lnkd.in/gVUZgYtJ

RRSP Deadline Fast Approaching (February 29, 2024). Here's What You Need to Know... Investing in either or both of a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) have become even more attractive for the 2024 taxation year. Increases to the contribution levels for both are linked to the Canadian inflation rate, which has been rising to higher levels than has been seen in many previous years.   Canada Revenue Agency recently released the contribution limits for the RRSP and TFSA for 2024.   For RRSPs: The RRSP maximum contribution limit for Canadian taxpayers is limited to 18% of earned income in the previous tax year or to a maximum of $31,560 for 2024, plus any unused contribution room from previous years. Your Notice of Assessment from Canada Revenue Agency can validate your contribution room. Contributions to an RRSP are deductible from earned income before tax is calculated and withdrawals from the RRSP are taxed as income in the year withdrawn.   For TFSAs: The TFSA contribution room has been increased for 2024 to a maximum of $7,000, up from $6,500 for 2023. This marks the second consecutive year of increases to the TFSA contribution limit based on inflation in Canada and rounded to the next $500. Contribution limits also include any withdrawals made from your TFSA in previous years. Unused TFSA contribution room, like the RRSP, can be carried forward and used in any future year. Contributions cannot be deducted from income; however, contributions and income earned in the TFSA can be withdrawn tax-free. The TFSA is not tied to earned income – anyone who is a Canadian resident and age 18 years and over in a full or partial taxation year can contribute to their TFSA. The total contribution room available in 2024 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $95,000. For eligible individuals, the TFSA contribution room accumulates beginning in the year they reach age 18 or become a Canadian resident. To see the contribution room available, here are the contribution limits by year. 2009 – 2012 2013 – 2014 2015 only 2016 – 2018 2019 – 2022 2023 only 2024 $5,000 per year $5,500 per year $10,000 $5,500 per year $6,000 per year $6,500 $7,000To verify your TFSA contribution limit, check your Service Canada account at the Canada Revenue Agency. For First Home Savings Accounts (FHSA): The FHSA is a savings/investment account introduced in 2023 to assist first-time homebuyers with saving for a home. The contribution limit is $8,000 per taxation year, to a lifetime maximum of $40,000 per taxpayer. Contributions, similar to RRSP contributions, are deductible from income before tax. The FHSA contribution limit is not tied to inflation so remains at $8,000 per year, although unused contributions can be carried forward for use in future years.   To make the most of these accounts, speak to your financial advisor.