The Money Master Book

With tax season approaching, it’s important to understand the difference between deductions and credits.

🖊️ Deductions (such as RRSP or FHSA contributions, childcare expenses, and certain employment expenses) reduce your taxable income.

🖊️ Credits (such as the Disability Tax Credit, Canada Caregiver Credit, or the Tuition Tax Credit) reduce the tax you owe. Also, refundable tax credits may even provide you with a refund.

Every year, many Canadians miss these opportunities simply because they don’t know what they qualify for.

Before you file your tax return, it’s worth reviewing your:

• RRSP & FHSA contributions
• Childcare expenses
• Student loan interest
• Employment or business expenses
• Available federal and provincial credits

Taking the time to claim these on your tax return can translate into meaningful savings.

What’s one tax deduction or credit you'll be taking advantage of this year?

📰 To find out more details about the most common tax deductions and tax credits, check out the article I wrote for RBC Insurance:

https://www.rbcinsurance.com/en-ca/advice-learning/life-money/common-tax-deductions-credits-for-canadians/

Guide to Common Tax Deductions and Credits for Canadians | RBC Insurance Are you preparing your 2025 income tax return? Here are the most common deductions and tax credits Canadians should know about to maximize their tax refund.

In honour of Financial Literacy Month (FLM), I've shared my top resources for Canadians who want to improve their finances.

I've included books, podcasts, courses, events, websites, handy tools and calculators, and personal finance experts.

As a sneak peak, here's some folks and organizations I've mentioned in the article I that wrote for Consolidated Credit Counseling Services of Canada: Jessica Moorhouse, CFC™, Melissa Leong, Shannon Lee Simmons, CFP, Erica Alini, Kelley Keehn, Preet Banerjee, Erin Allen, CIM, Michelle Allen, PMP, Zayla Saunders, CIM®, Clifton Corbin, RFC®, Tahani Aburaneh, Janine Rogan, CPA, Shaun Chinapen, Azia To, Barry Choi, Jessica Morgan, MBA, Stephanie Gordon, Dennis Mathu, Maya Kuc Corbic, CPA, CA, Reni Odetoyinbo.

To find out the full list of resources, check out the article here:

https://www.consolidatedcreditcanada.ca/financial-news/financial-literacy-month-flm-top-financial-literacy-resources/

Financial Literacy Month (FLM): Top financial literacy resources Give your financial knowledge a boost this Financial Literacy Month with these expert-recommended resources.