Is it better to contribute to a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA)? As one does not replace the other, the best solution is to contribute to both. However, each option has its pros and cons, depending on...
The Tax-Free Savings Account, or TFSA, has been part of the financial landscape of Canadians for almost 10 years, specifically since January 1, 2009. Besides the increase in the contribution limit in 2015, there have been few changes to this tax...
Created in 1957, the Registered Retirement Savings Plan (RRSP) is the best known and most widely used of all tax-sheltered savings methods. RRSPs allow taxpayers to invest for their retirement by deferring income taxes on both the invested capital...
It used to be that if an individual didn’t travel, didn’t drive, or lost their license due to age, you didn’t worry about maintaining their identification. That is no longer the case. Maintaining valid provincial or federal photo id is...
Each year many Canadians rush to complete their taxes in an effort to gain back hard earned dollars that CRA has been holding onto - interest free.
However, in this rush many Canadians forget to include many important tax slips, and this can cause...
CBC News Posted Dec 31, 2016
There were plenty of changes in 2016 as the Trudeau government put its priorities in motion. When Canadians file their taxes this spring, they'll calculate how new tax rates and child benefits...
At the November 2016 Canadian Tax Foundation Conference, CRA told attendees that paying registered plan fees from non-registered, or open, accounts, will incur a tax penalty equivalent to the fee. Over the next year we will be sure to...
Part of our wealth management practice involves understand how best to shelter, protect and transfer wealth. Not only do we rely on market instruments to help us with this, we also look to the insurance world to help do so.
Over the last year...
