Category Archives: Tax Free Savings Account

TFSA vs RRSP – What you need to know to make the most of them in 2021

    Both TFSAs and RRSPs can be significant savings vehicles for your clients. We’ve put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals.

    The deposit section focuses on:
    • How much contribution room is available each year
    • How carry forward works for TFSAs and RRSPs
    • Tax deductibility of contributions
    • Tax treatment of growth

    The withdrawal section focusses on:
    • Conversion requirements
    • Tax treatment of withdrawals
    • Impact of withdrawals on government benefits
    • Impact of withdrawals on contribution room

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    2021 Financial Calendar

      We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!

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      Personal Tax Planning Tips – End of 2020 Tax Year

        To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:

        • Details about the different COVID-19 benefits programs and the tax ramifications of them

        • Information about family tax issues including the Canada Child Benefits and tips on how to split income.

        • Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.

        • Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.

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        Retirement Planning for Business Owners – Checklist

          As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

          We’ve put together an infographic checklist that can help you get started on this.

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          2019 Tax Tips for Employees

            Now that we are nearing year end, it’s a good time to review your finances. With the federal election over and no major tax personal tax changes for this year, 2019 is a good year to make sure you are effectively tax planning.

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            6 Steps to Retirement Success

              Retirement planning can be challenging, we’ve outlined what we feel are 6 steps to retirement success. Talk to us about a complimentary comprehensive review of your retirement plan.

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              Investing as a Business Owner

                Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.

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                Comparing TFSAs and RRSPs – 2019

                  If you are seeking ways to save in the most tax-efficient manner available, TFSAs and RRSPs can both be effective options for you to achieve your savings goals more quickly. However, each plan does have distinct differences and advantages / disadvantages. Let’s take a look at their key features

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