RRSP

HOW TO MAKE MORE TAX DEDUCTIBLE CONTRIBUTIONS

How to Make More Tax Deductible Contributions to Your Retirement Savings than the Maximum Allowable RRSP Contribution Room”

Comments Off | Posted in Financial Planning for Business Owners,Latest News,Retirement Planning August 20, 2018

RRSP FACTS AND DEADLINE FOR MAKING YOUR 2017 CONTRIBUTION

The RRSP contribution limit for 2017 is 18% of your 2016 income or $26,010, whichever is less. The contribution limit for 2018 is $26,230. If you are a member of a registered pension plan, then you need to deduct your pension adjustment (the amount on ...

Comments Off | Posted in Latest News,Retirement Planning,RRSP January 24, 2018

UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS

Naming your spouse as a beneficiary of your RRSPs, RRIFs, LIFs and LIRAs is usually a good idea as these assets can rollover on a tax deferred basis only to your spouse or common law partner. However, in cases where you may not be married, ...

Comments Off | Posted in Estate Planning,Latest News,Retirement Planning,RRIF,RRSP,Tax Free Savings Accounts April 16, 2015

The Importance of Wills as an Estate Planning Tool

By Jag Gandhi, Hon. B.A., M.A., LL.B A Will allows us to express our final wishes and let our loved ones know that we took the time to think about and provide for them after we have gone. Everyone’s situation is unique to their personal circumstances, ...

Comments Off | Posted in Estate Planning,Financial Planning for Business Owners,Life Insurance,Tax Planning October 02, 2011

RRSP Contributions – Facts & Figures

With the March 1st deadline for RRSP contributions for 2010 looming, here are some facts and figures to help you organize and ensure that you reap the maximum benefits from your RRSP contributions: The maximum RRSP contribution limit for 2010 is the lower of 18% of ...

Comments Off | Posted in Retirement Planning,RRSP,Tax Planning February 25, 2011

Top Ten Reasons You Should Own a Tax Free Savings Account

- If you have maximized your RRSP contributions, the TFSA gives you another way to shelter $5000 per year of your investments from taxes. - TFSAs can be a great place to hold emergency funds as you can hold short-term interest bearing instruments in a tax-sheltered environment ...

Comments Off | Posted in Financial Planning for Business Owners,Savings and Investments,Tax Planning August 04, 2010

End Pension Discrimination for Business Owners with an RCA

If you are an executive working for a large Canadian company, most likely you have a generous pension plan that funds your retirement based on a formula that allows you to have an income equivalent to 70% of your final average earnings. If you are a ...

Comments Off | Posted in Financial Planning for Business Owners,IPP,Retirement Planning,RRSP,Tax Planning March 07, 2010

Quick RRSP Facts

The RRSP season is upon us once again and it is time to take stock of your income in 2009, your RRSP contribution room and the optimal amount that you need to contribute to your RRSP before the March 1st, 2010 deadline, in order to ...

Comments Off | Posted in Financial Planning for Business Owners,Retirement Planning,RRSP,Savings and Investments,Tax Planning January 17, 2010

Creditor Protection for RRSPs and RRIFs

Prior to July 2008, only RRSPs and RRIFs issued by life insurance companies were creditor proof. On July 17, 2008, the regulations under the Wage Earner Protection Act came into force and so has the legislation providing protection to RRSPs. Briefly, the provisions applicable to RRSPs and ...

Comments Off | Posted in Credit and Debt Management,Financial Planning for Business Owners,RRIF,RRSP August 24, 2009

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