Northern Asset Management

Canada Budget 2025 is out!

Here are the big tax updates:

• New top-up tax credit
• No more double claiming HATC + Medical Expense credit starting 2026
• Canadian Entrepreneurs’ Incentive cancelled
• Underused Housing Tax gone (starting 2025)
• Luxury tax on boats + airplanes removed

No changes for RRIF withdrawals yet.

What’s your take on these changes? 👇

Canada budget 2025: Five tax changes that you need to know about The federal government cancelled some measures including the underused home tax and a luxury tax on boats and airplanes.

At Northern Asset Management, we often see clients assume that meaningful charitable giving is only for the ultra-wealthy. Michael’s story is a great reminder that this simply isn’t true.

When Michael became a new dad and updated his Will, he wanted to make a lasting impact while still protecting his family’s future. After a conversation with a friend, he explored a simple idea:
💡 Leave a small percentage of his estate to charity—without affecting what his family would receive.

When he ran the numbers, he discovered that just 3% of his estate could create a five-figure legacy gift. As Michael shared, “Not bad for someone who doesn’t consider himself wealthy.”

This is what thoughtful financial and estate planning can do. It’s not about the size of your wealth—it’s about how intentionally you structure it.

At Northern Asset Management, we help Canadian families and business owners explore strategies like this through philanthropic financial planning, ensuring they can support the people and causes they care about without compromising their own financial goals.

If you’ve ever wondered how to create more impact with what you already have, it starts with a conversation.



Read Michael’s story in full at

LinkedIn This link will take you to a page that’s not on LinkedIn