Understanding Your T2C from Golden Opportunities – Saskatchewan Clients
A T2C slip from Golden Opportunities reports the portion of your contributions that are eligible for a tax credit. The T2C is often referred to as the T5006 on tax programs. If the investment was made in a joint non-registered account or a spousal RRSP account, the credit can be allocated to the individual with the higher income or split in the most beneficial way for your situation.
To maximize tax benefits, the credit is capped at $5,000 per individual.
Consider Filing Your Own Return
If your tax situation is straightforward-such as having employment income, RRSP contributions, and basic tax credits, you may want to consider filing your own return this year.
Popular Canadian tax software options like TurboTax and Wealth simple Tax offer affordable solutions, with many starting free or under $50. These programs connect directly with the CRA through Autofill My Return, allowing you to securely import slips like T4s and RRSP receipts. This reduces errors and saves time.
If you’re using this for the first time, we’re happy to support you and, if we can, provide guidance or assist with any data entry questions along the way – just reach out.
New Middle-Class Tax Cut
For 2025, the lowest federal tax rate decreased from 15% to 14% starting July 1. As a result, the blended rate for the 2025 tax year is 14.5%
This change results in tax savings of up to $420 per person, or $840 for couples, once fully implemented. The majority of the benefit applies to individuals earning under approximately $117,000.
If tax was not deducted from your income during the year, you will likely see these savings when you file your return. Please note that savings for 2025 may be lower, as the change came into effect partway through the year.
Trusted Tax Support in Saskatoon
We’re pleased to highlight Davies & Drury, one of Saskatoon’s most trusted local accounting firms conveniently located just steps from our office, right next door!
We will be working more closely with their team moving forward and referring many of our tax clients to them as a reliable and valued resource enhancing the level of service we provide to you, our valued clients.
Your team at Fortress Financial Group
