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Ontario 2023 Budget Highlights
On March 23, 2023, the Ontario Minister of Finance delivered the province’s 2023 budget. Our article covers the highlights as follows:
• Corporate tax credits.
• Indirect tax changes.
• Increased healthcare options.
• Supporting communities.
• Supporting the economy and infrastructure.

Alberta 2023 Budget Highlights
On February 28, 2023, the Alberta Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know, with an emphasis on the following:
• Tax credits.
• Decreased education property tax.
• Investing in education, tourism and infrastructure.

TFSA versus RRSP – What you need to know to make the most of them in 2023
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
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Keyens Financial Services Inc.
Narendra Sukheja
Certified Financial Planner
Tel: (647) 526-6054
info@taxandfinancialplanner.com
2420 Meadowpine Blvd, Unit 101,
Mississauga, ON
L5N 6S2
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Narendra is Canadian Chartered Investment Manager, Certified Financial Planner, Retirement Planning Specialist & Licenced Insurance adviser, he is also qualified Indian Chartered Accountant & Cost & Management Accountant with more than 25 years of progressive experience and strong knowledge in Insurance, retirement planning, financial planning, risk management, cash flow management, investment and portfolio management, accounting, bookkeeping, personal & small business taxes.