Articles
Retirement Saving Guide
There is no question about it, saving for retirement should be one of your primary financial planning objectives. After all, with increased life expectancies you could be spending a third of your lifetime in retirement. While that period of your life may still be a few years away, it is crucial that you accumulate significant retirement savings during your prime working years. More and more Canadians are quickly coming to realize that they should be taking steps now to ensure their own personal financial independence in retirement. Learn More
Earned Income after 71
In general, you can make contributions to your own Registered Retirement Savings Plan (RRSP) up until the end of the year in which you turn 71 based on your RRSP contribution room. You are required to transfer your RRSP to a maturity vehicle, such as a Registered Retirement Income Fund (RRIF), by December 31st of the year you turn 71. Learn More
Tax Planning with TFSAs
Tax-Free Savings Accounts (TFSAs) were introduced in the 2008 federal budget and available to Canadians, beginning in 2009. According to the government, the TFSA is a "flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs." Learn More
Pension Splitting
While there's not a lot of retroactive tax planning that can be done once you have filed your return, there is at least one potential tax savings opportunity for Canadians who have pension income, including RRIF withdrawals, who also have a spouse or partner. Learn More
