The real estate market is buzzing again—homes are selling, open houses are bustling, and buyers are actively searching. But don’t let that momentum fool you into thinking you can name your price and expect a bidding war. With an increasing number of homes hitting the market, pricing your property correctly has never been more important.

📈 More Listings = More Competition

Over the past few months, we’ve seen a noticeable rise in inventory. More homes on the market means buyers have options—and that gives them leverage. While your home might be beautiful, unique, or recently upgraded, it still needs to stand out in value compared to similar properties.

Overpricing, even slightly, can put your home at a disadvantage right from the start. If buyers perceive it as too expensive, they may skip your listing altogether, opting to view homes that are priced more competitively.

⏳ The Longer It Sits, the More It Hurts

One of the biggest risks of overpricing is that your home may sit on the market longer than it should. And the longer it lingers, the more buyers start to wonder: What’s wrong with it? That stigma can lead to price reductions later on—often to levels below where it would have sold if it had been priced right from the beginning.

💰 First Impressions Are Everything

Your listing gets the most attention in its first two weeks on the market. That’s when it’s new, fresh, and has the highest chance of drawing in serious buyers. If the price isn’t in line with what the market is showing, you risk missing out on this golden window of opportunity.

🎯 Price Sharp, Sell Smart

Pricing “sharp” doesn’t mean undervaluing your home—it means being strategic and realistic. A well-priced home can create urgency, drive more showings, and often attract multiple offers. In fact, homes priced correctly often sell faster and for more than those that start too high and have to adjust.

💡 Work With a Local Expert

The best way to price your home right? Work with a real estate professional who knows your neighborhood, studies the comps, and understands current buyer behavior. With the right strategy, you’ll position your home to sell quickly—and for the best possible price.

Hosting an open house when selling your property offers significant benefits, including increased exposure to a wider pool of potential buyers, the chance to gather real-time feedback, and potentially attracting buyers who might not have scheduled individual showings. 

Here's a more detailed look at the advantages:

• Increased Exposure:

  Open houses allow you to showcase your property to a large number of potential buyers in a short period, boosting its visibility and attracting more interest. 

• Attracts a Wider Range of Buyers:

  Open houses can draw in buyers who might not have the time or flexibility for scheduled showings, or who are simply browsing and might stumble upon your property. 

• Gathers Real-Time Feedback:

  Observing how potential buyers react to your property can provide valuable insights into its strengths and weaknesses, helping you refine your marketing and staging strategies. 

• Potentially Leads to Multiple Offers:

  The increased visibility and interest generated by an open house can lead to multiple offers, potentially resulting in a faster sale and a higher price. 

• Can speed up the home selling process

  A well executed open house can generate excitement about the home and potentially lead to an offer. 

• Low-Pressure Environment:

  Open houses offer a relaxed and informal atmosphere, allowing buyers to explore the property at their own pace without feeling pressured. 

• Word of mouth

  Open houses can be an effective way to get the word out about your property to potential buyers. 

If you are curious for more Information reach out to us! 

Buying a new home is an exciting milestone, but it can also be a stressful process—especially if you need to sell your current home first. That’s where the concept of buying a home "subject to selling your current home" comes in. This approach has gained popularity among homeowners looking to transition smoothly from one property to another without the financial burden of owning two homes simultaneously.

What Does It Mean?

When you make an offer on a new home "subject to the sale of your current home," you’re essentially telling the seller that your purchase is contingent upon successfully selling your existing property. If you’re unable to sell your home within a specified period, you typically have the right to back out without penalties.

Why Is It So Popular?

1. Minimizes Financial Risk – Homeowners avoid the stress of carrying two mortgages at once, making the transition more manageable.

2. Gives Buyers More Confidence – Buyers can shop for their next home knowing they won’t be left paying for two properties if their current one doesn’t sell quickly.

3. Appealing to Sellers in Certain Markets – In a balanced or slow market, sellers may be more willing to accept this type of contingency rather than wait indefinitely for another offer.

4. Smooth Transition – This approach ensures a seamless move, reducing the likelihood of needing temporary housing between sales.

Considerations to Keep in Mind

While this strategy is beneficial, it’s important to:

• Ensure your home is competitively priced to sell quickly.

• Work with an experienced real estate agent who can negotiate favorable terms.

• Be aware that in a competitive seller’s market, sellers may prefer offers without contingencies.

Overall, buying a home subject to selling your current home is a practical solution for homeowners looking to move without unnecessary financial stress. If you're considering this route, work closely with us (your trusted real estate professional) to navigate the process smoothly! If you have any questions about these topics please send us a message! 

Water damage is one of the most common issues in condo buildings, and the vast majority of strata properties have experienced leaks at some point. While a history of water-related issues doesn’t necessarily mean a building is a bad investment, buyers should carefully evaluate not just the number of leaks but also their causes and how well the strata has handled them.

Potential Risks to Be Aware Of

• Property Damage: Ongoing leaks can lead to structural deterioration, mold growth, and long-term building issues.

• Financial Costs: Frequent repairs and remediation efforts can result in increased strata fees or special assessments.

• Impact on Property Value: A building with a history of leaks may be harder to sell and could see lower resale prices.

• Living Disruptions: Leak repairs and renovations can cause inconvenience, and in severe cases, may require temporary relocation.

• Insurance Concerns: Properties with recurring leaks may face higher insurance premiums, increased deductibles, or difficulties in obtaining coverage.

How to Assess the Strata’s Response

To gauge whether a building is well-managed despite past leaks, consider:

• Timeliness of Repairs: Does the strata act quickly and bring in professionals, or do issues remain unresolved?

• Preventative Maintenance: Are regular plumbing inspections, drainage cleaning, and building envelope assessments conducted?

• Future Planning: Does the strata have a strategy for addressing aging infrastructure? Reviewing meeting minutes, depreciation reports, and financial records can provide valuable insight.

Making a Smart Decision

Before committing to a purchase, buyers should carefully review the building’s history, understand the causes of past leaks, and seek expert advice if concerns persist.

By doing thorough research, buyers can minimize risks and determine whether the strata’s management of water-related issues makes the purchase a sound investment.

Certain details courtesy of Condo Clear Services

Living in a strata community in British Columbia offers convenience and shared amenities, but it also comes with unique insurance requirements. Many condo owners and investors don’t fully grasp the difference between strata insurance and personal condo insurance, which can lead to gaps in coverage and unexpected financial risks.

Whether you own, rent, or manage a condo, understanding the roles of these two insurance policies is essential. This guide will help clarify their differences, explain how they work together, and ensure you’re adequately protected.

What is Strata Insurance?

Strata insurance is a master policy held by the strata corporation that protects the overall building and common areas. It ensures that the property’s structural components and shared spaces are covered under one collective plan.

What Does Strata Insurance Cover?

• Common Areas: Hallways, lobbies, elevators, gyms, and parking lots.

• Building Structure: The roof, walls, windows, and other core elements.

• Liability in Shared Spaces: If someone gets injured in a communal area, the policy provides coverage.

What Strata Insurance Doesn’t Cover

• Your individual unit’s interior improvements or personal belongings.

• Items such as furniture, clothing, electronics, or appliances.

• Personal liability for incidents that occur inside your unit.

This is why condo insurance is a must-have for individual owners.

What is Condo Insurance?

Condo insurance, also known as a "unit owner’s policy," is designed to protect your specific living space and personal possessions.

What Does Condo Insurance Cover?

• Personal Property: Furniture, electronics, and clothing against risks like theft, fire, and water damage.

• Personal Liability: Protection if someone gets injured inside your unit or if you cause damage to someone else’s property.

• Water Damage: If an issue in your unit, such as a pipe leak, causes damage to another unit, your condo insurance can help cover the costs.

• Temporary Living Expenses: Covers accommodation costs if your condo becomes uninhabitable due to an insured event.

Comparing Strata Insurance and Condo Insurance

Both policies work together to provide complete protection for condo owners. Neither one can fully safeguard you on its own.

Why Condo Owners Need Both Policies

Strata and condo insurance serve different purposes, and having both is crucial for full protection.

Real-Life Examples:

• Water Damage: A burst pipe in your unit affects neighboring condos. Strata insurance covers common areas, but condo insurance covers your personal losses and liability.

• Liability Protection: If a visitor trips in the building’s lobby, strata insurance covers it. If they fall inside your unit, your condo policy handles it.

• Upgrades and Renovations: If you’ve installed new flooring or countertops, these may not be covered by strata insurance. Condo insurance ensures your upgrades are protected.

Understanding Strata and Condo Insurance Deductibles

Strata insurance policies often come with high deductibles, which may be charged to individual owners in cases of major damage. Having condo insurance that includes deductible coverage can help prevent unexpected financial burdens.

Selecting the Right Condo Insurance Policy

To ensure full protection, follow these steps:

• Assess Your Belongings: Take inventory and estimate their value.

• Review Strata Coverage: Understand what’s included in your strata’s insurance policy to identify coverage gaps.

• Customize Your Policy: Work with an insurance professional to tailor coverage that includes personal liability, water damage, and deductible protection.

Keep Your Coverage Up to Date

As your lifestyle changes, so do your insurance needs. Review your policies annually to ensure they align with any renovations, new purchases, or strata bylaw updates.

Secure Your Home with the Right Coverage

Understanding strata and condo insurance in BC is essential for protecting your property, personal belongings, and financial security. While strata insurance takes care of common areas and the building structure, condo insurance fills in the personal protection gaps.

Don’t leave your coverage to chance. Speak with an experienced insurance advisor today to ensure you and your home are fully protected.

Certain details courtesy of : https://www.insurebc.ca/articles/strata-and-condo-insurance-whats-the-difference

Buying your first home is a major financial milestone, and the First Home Savings Account (FHSA) is designed to make it easier. This new account type provides valuable tax benefits and investment opportunities to help first-time homebuyers save efficiently.

Who Can Open a First Home Savings Account?

To open an FHSA, you must meet the following criteria:

• Be between the ages of 18 and 71.

• Be a current tax resident of Canada.

• Have not lived in a home that you or your partner owned in the current calendar year or any of the previous four calendar years.

• Be opening the account with the intention of buying a qualifying home in Canada.

Contributions and Deductions

The FHSA offers flexible contribution limits and tax advantages:

• Annual contribution limit: $8,000 (unused contributions can carry forward, up to a maximum of $8,000).

• Lifetime contribution limit: $40,000.

• Contributions made to an FHSA can be deducted from your taxable income (similar to an RRSP), helping you save on taxes.

How Can I Use an FHSA?

One of the biggest benefits of an FHSA is that it functions much like a TFSA or RRSP, allowing you to invest in stocks, ETFs, options, and more. Your investments can grow tax-free within the account, meaning you won’t pay capital gains or income tax on your earnings as you save for your home.

You can continue to contribute to the FHSA until:

• You’ve reached the lifetime contribution limit of $40,000.

• It has been 15 years since the account was opened.

• You purchase your first home and withdraw the funds.

Withdrawing From an FHSA

When you're ready to buy or build your first home, the money in your FHSA can be withdrawn tax-free, provided it is used toward a qualifying home purchase. This makes the FHSA a powerful tool for tax-efficient home savings.

FHSA vs RRSP vs TFSA

While an FHSA is not a replacement for an RRSP or TFSA, it acts as a complementary savings tool for first-time homebuyers. Here’s how it compares:

An FHSA combines the best features of RRSPs and TFSAs, offering more contribution room, tax savings, and opportunities for investment growth.

Final Thoughts

If you’re an aspiring first-time homebuyer in Canada, the First Home Savings Account (FHSA) is an incredible financial tool to help you save efficiently and reduce tax burdens. By taking advantage of its benefits, you can make your dream of homeownership a reality sooner.

Ready to learn more? Explore the FHSA and start planning for your first home today!

Certain details courtesy of : https://www.questrade.com/learning/investment-concepts/fhsa-101/first-home-savings-account-sign-up?s_cid=QFGPERFORMANCEMEDIA217_alwayson_sem&gad_source=1&gclid=CjwKCAiArKW-BhAzEiwAZhWsIAD5K-ZO8vx2JAA7XfMEt4b3nj08vM3G_PUTfo_JT22U-MmNt_XKZhoCwMsQAvD_BwE&gclsrc=aw.ds

When purchasing or renting a property, it’s crucial to understand the types of defects that may be present. Two primary categories of defects in real estate are patent defects and material latent defects. Understanding these differences can help buyers, tenants, and real estate professionals navigate their responsibilities and disclosure requirements.

What is a Patent Defect?

A patent defect is any issue in a property that can be discovered through a reasonable inspection. These defects are visible and can be identified by a buyer or a property inspector during a standard walkthrough. Examples include:

• Broken windows

• Damaged flooring

• Cracks in walls

Since these defects are visible, they are typically the responsibility of the buyer to identify during their due diligence process.

What is a Material Latent Defect?

A material latent defect, as defined in the Real Estate Services Act, is a defect that cannot be discovered upon a reasonable inspection. These defects can pose significant risks, such as making the property unsafe for occupants or requiring extensive and costly repairs. Examples of material latent defects include:

• Structural damage that is hidden within walls or foundations

• A history of flooding or mold issues that are not visible

• Unsafe electrical or plumbing systems

Because these defects are not easily identifiable, they must be disclosed by the seller or landlord.

Disclosure Requirements for Sellers and Landlords

Sellers and landlords have a legal obligation to disclose any known material latent defects before entering into a contract for sale or lease. The Real Estate Services Act outlines the requirements for disclosure:

• The disclosure must be in writing.

• The disclosure cannot be made within the purchase contract or lease agreement but must be provided in a separate document.

Most sellers use a Property Disclosure Statement for this purpose, while landlords typically draft a separate disclosure document. Consulting with us  (your real estate professionals) can help ensure that all necessary disclosures are properly documented.

What If a Seller or Landlord Does Not Want to Disclose a Defect?

Real estate legislation is clear: all known material latent defects must be disclosed to potential buyers or tenants. If a seller or landlord refuses to disclose a known defect, a real estate professional will be unable to represent them in the transaction.

If there are concerns about whether a specific defect requires disclosure, it is advisable to consult with a real estate professional or seek independent legal advice in writing.

Final Thoughts

Understanding the difference between patent and material latent defects is crucial in any real estate transaction. Buyers and tenants should conduct thorough inspections, while sellers and landlords must fulfill their legal obligations regarding disclosure. If you are unsure about your responsibilities, you can reach out to us at anytime!

By staying informed, you can ensure a smooth and legally compliant real estate transaction.

Details provided by : https://www.bcfsa.ca/public-resources/real-estate/consumer-resources/consumer-guide-material-latent-defects

Owning a pet can add an extra layer of complexity when searching for the perfect condo. Space, lifestyle, and specific building rules all come into play when making this important decision. Purchasing a condo means becoming part of a community with its own set of regulations that you must adhere to. If you're considering buying a condo while having a pet, here are some essential factors to keep in mind.

1. Research Condo By-Laws on Pets

Not all condos have the same pet policies. Some buildings welcome pets with open arms, while others enforce strict restrictions. When house-hunting, communicate your pet ownership to us, (your amazing real estate agents) so  we can narrow down suitable options. While small pets like fish and birds are generally permitted, certain buildings may limit the size and breed of dogs allowed. Exotic pets, such as snakes, are often prohibited. Reviewing the condo’s rules in advance will save you from potential issues down the road.

2. Consider an Indoor Pet-Friendly Environment

Living in a condo requires proper pet management. Cats, birds, and fish tend to adapt well to indoor living due to their limited space needs. However, active dogs need regular outdoor exercise, so it’s important to consider if the condo lifestyle aligns with your pet’s needs. Assess the available space and nearby green areas to ensure your pet’s well-being and happiness. Many modern condo buildings are now including pet-friendly amenities such as dog runs, pet wash stations, and fenced-in play areas to cater to pet owners.

3. Keeping Your Pet Happy in a Condo

Some pets adjust effortlessly to condo living. Cats enjoy perching by windows, watching the world go by, while birds and fish thrive in their designated enclosures. Dog owners should look for condos with pet-friendly amenities, such as dog parks or nearby walking trails, to provide their furry companions with daily exercise and socialization.

4. Pet-Proofing Your Condo

Most condos are not initially designed with pets in mind. Before moving in, take steps to make your home pet-friendly. Consider adding catwalks, perches, and scratching posts for feline friends. Safety measures like balcony fences, pet gates, and designated pet zones can help ensure a comfortable and secure environment. Taking these extra steps will help keep your pet happy and prevent any damage to your unit.

5. Being a Considerate Neighbor

Living in a shared space means being mindful of others. Keep noise levels in check and manage any pet-related odors to avoid disturbing neighbors. Always use a leash or carrier when taking pets through common areas. If you have a dog, consider choosing a lower-floor unit to make trips outside more convenient—especially after messy adventures at the park.

By understanding and preparing for the challenges of condo living with a pet, you can find a home that suits both you and your furry friend. Happy house-hunting!

Certain details courtesy of : https://www.condominiums.ca/blog/pet-policies-to-know-before-buying-a-condo

Once your offer on a home is accepted, costs do start to add up. Skipping the $200 to $600 home inspection might seem like an easy way to save, but doing so could cost you much more in the long run. Here’s why a home inspection is an investment you can’t afford to miss:

1. An Exit Strategy

An inspection can reveal hidden issues with the property’s structure and systems. If the report uncovers significant problems, you still have time to renegotiate or walk away.

2. Prioritize Safety

Inspections check for dangerous conditions like mold, radon, and carbon monoxide. Make sure your contract includes a clause allowing you to back out if hazards are found.

3. Spot Unpermitted Work

Illegal additions—like basement conversions or garage remodels done without permits—can affect insurance, taxes, and the home’s resale value. Don’t get stuck with costly code violations.

4. Critical for "As-Is" Purchases

Buying a foreclosure or short sale? These properties often harbor hidden issues like mold or missing plumbing. An inspection helps you understand what repairs you’re signing up for.

5. Gain Negotiating Power

Use the inspection report to negotiate repairs, price adjustments, or seller credits. It’s a valuable tool for getting the best deal.

6. Plan for Future Expenses

Learn the age and condition of major systems—like heating, cooling, and roofing—to anticipate future costs and plan accordingly.

7. Identify Deal-Breakers

Not ready to tackle extensive repairs? Inspections can reveal issues that help you decide if you should keep searching.

8. Get Maintenance Tips

A good inspector doesn’t just find problems—they offer guidance on maintaining your new home, helping you save money over time.

9. See Beyond the Surface

Don’t be fooled by a fresh coat of paint or stylish decor. An inspection uncovers the realities behind the walls.

10. Satisfy Insurance Requirements

Many insurers require inspections and certifications, like wind mitigation or four-point inspections. Getting these done early streamlines the process.

Final Thoughts 

A home inspection is a small upfront cost that can save you thousands—and countless headaches—down the road. Protect yourself by knowing exactly what you’re buying.

Some details courtesy of : https://www.investopedia.com/financial-edge/0511/10-reasons-you-shouldnt-skip-a-home-inspection.aspx

What is a Subject to Sale Offer?

A subject to sale offer allows a buyer to purchase a property on the condition that they first sell their existing home. This prevents them from being financially overextended or left without a place to live.

Example of a Subject to Sale Offer

Consider a homeowner looking to upgrade to a larger home. They are concerned about selling first and not finding a new home in time. To mitigate this risk, they include a subject to sale clause in their offer, making their purchase conditional on selling their current home.

Pros and Cons

Pros

• Provides security, ensuring you don’t sell without securing a new home.

Cons

1. Higher Purchase Price & Lower Selling Price: Sellers may be less flexible on price, and buyers under pressure to sell may accept lower offers.

2. Bump Clause Risk: If another buyer submits an offer without this condition, you may have 24-72 hours to waive your conditions, potentially losing the home.

3. Financial Costs: Home inspections and appraisals are most likely non-refundable if the deal falls through.

Key Considerations

• Your home must be ready to list immediately after your offer is accepted, time is very much of the essence.

• Many sellers require a tight deadline for your sale.

• Have a backup plan (temporary housing rental, staying with family or friends) in case your home sells first.

A Better Approach?

Many buyers list their home first and wait for an accepted offer before making an offer on a new home. This strengthens their position, improves negotiations, and reduces financial risks.

Final Thoughts

Preparation is key to making the buying and selling process smooth. Understand the pros and cons, plan ahead, and consult  with us to make the best decision for your situation.

Looking for more details? Check out our podcast https://www.youtube.com/watch?v=vkm_oN2isTI&t=2s

Buying a first home is a major financial step, and government programs are available to help ease the burden for new buyers in Canada. Understanding these programs can make homeownership more affordable and accessible.

Property Transfer Tax Exemptions for First-Time Buyers

The First-Time Home Buyers' Program in British Columbia helps reduce or eliminate the property transfer tax when purchasing a first home. Eligible buyers may qualify for a full or partial exemption, potentially saving thousands of dollars.

To qualify, a buyer must:

• Be a Canadian citizen or permanent resident

• Have lived in B.C. for at least one year before registering the property or have filed two B.C. income tax returns in the last six years

• Have never owned a property used as a principal residence anywhere in the world

• Have never received a first-time home buyer exemption or refund

The property must also:

• Be used only as a principal residence

• Have a fair market value of $835,000 or less (effective April 1, 2024)

• Be 0.5 hectares (1.24 acres) or smaller

• Contain only residential improvements

How Much Can a First-Time Buyer Save?

If all requirements are met, the buyer is exempt from property transfer tax on the first $500,000 of the home’s value. A partial exemption applies to homes valued between $835,000 and $860,000, as well as properties that exceed size limits or have additional buildings.

New 30-Year Amortization for First-Time Buyers of New Builds

To further support first-time homebuyers, the federal government has announced a 30-year amortization period for insured mortgages on newly built homes, effective August 1, 2024.

This change is designed to:

• Lower monthly mortgage payments

• Improve affordability for younger buyers

• Encourage new housing construction

This initiative is part of the Canadian Mortgage Charter, which aims to make homeownership more accessible while also protecting mortgage holders facing financial difficulties. It builds on other programs, such as the Tax-Free First Home Savings Account, which has already helped more than 750,000 Canadians save for a down payment.

Conclusion

With rising housing costs, these programs provide first-time buyers with critical financial relief. Understanding available tax exemptions and mortgage options can make homeownership a more achievable goal. Those considering purchasing a first home should consult with a real estate or financial expert to determine their eligibility and explore the best path forward.

Some details provided by : https://www.canada.ca/en/department-finance/news/2024/07/government-announces-30-year-amortizations-for-insured-mortgages-to-put-homeownership-in-reach-for-millennials-and-gen-z.html 

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

As we move through 2024, it’s important to stay on top of key tax deadlines to avoid penalties and maximize tax planning opportunities. Here are the crucial dates you should keep in mind for the year.

Key Deadlines for Q1 2024

February 28

• Proposed extended deadline to make charitable donations for the 2024 tax year (pending approval).

• Deadline for corporations with a December 31 year-end to pay the balance of income tax due (for Canadian-Controlled Private Corporations meeting specific criteria, the balance is due three months after year-end).

• Deadline to issue T4, T4A, T5, RL-1, RL-2, and RL-3 income tax slips.

March 1

• Deadline to contribute to your RRSP to claim a deduction for the 2024 tax year, including Home Buyers’ Plan/Lifelong Learning Plan repayments.

• The 2024 RRSP limit is $31,560.

March 15

• First quarterly personal income tax installment is due.

March 31

• Deadline to file most trust income tax returns.

• Deadline to issue most T3, RL-16, NR4, and T5013/RL-15 income tax slips.

• Deadline to file most partnership income tax returns.

Key Deadlines for Q2 2024

April 15

• Deadline to file 2024 U.S. individual income tax returns or request a six-month extension and pay any tax due.

• Deadline to file 2024 U.S. Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114) for U.S. persons (automatic six-month extension applies).

April 30

• Deadline to file personal income tax returns for most individuals and pay any balance due for 2024.

• Deadline for residential property owners affected by the Underused Housing Tax (UHT) to file returns and pay any tax owing.

June 15

• Second quarterly personal income tax installment is due.

• Deadline to file personal income tax returns for self-employed individuals and their spouses/common-law partners.

• Deadline to file GST/HST returns for self-employed individuals with a December 31 year-end.

• Deadline to file U.S. individual income tax returns for U.S. citizens or resident aliens residing abroad and U.S. non-residents with no withholding tax.

June 30

• Deadline to file corporate income tax returns for corporations with a December 31 year-end.

Key Deadlines for Q3 & Q4 2024

September 15

• Third quarterly personal income tax installment is due.

December 15

• Fourth quarterly personal income tax installment is due.

December 30

• Last trading day for tax-loss selling planning in 2024.

December 31

• Deadline to contribute to a First Home Savings Account (FHSA) to claim a deduction for the 2025 tax year.

• Deadline to make charitable donations for the 2025 tax year.

• Deadline for RESP and RDSP contributions to receive government grants.

• Deadline to contribute to your RRSP if you turn 71 in 2024.

• Deadline to convert your RRSP to a RRIF if you turn 71 in 2024.

• Deadline to close your FHSA if you turn 71 in 2024.

Final Thoughts

While these deadlines serve as general reminders, each taxpayer's situation is unique. It is always advisable to consult a tax professional to discuss your specific needs and ensure compliance with the latest tax regulations.

Stay organized and ahead of your tax obligations to maximize your financial opportunities in 2025!

Details provided by - https://www.scotiawealthmanagement.com/ca/en/resource-centre/scotiawealth-important-tax-dates.html