Information To Increase Your Financial Literacy
Can you feel the excitement in the air? Unless you are a tax accountant, expect a nice tax refund, or enjoy paying your share, you may not be that excited about income taxes.
Also available on: We discussed tax efficiency in our last article and will continue here. When looking at tax efficiency, the proper use of registered accounts (RRSPs and TFSAs) to defer, shift, and shelter investments from taxes is a key piece of the puzzle and is often not fully understood or used. If you are a business owner, in a high-income tax
Also available on: In the last two installments of our 5-part series, ‘Turning Tax Pain into Personal Gain’, we discussed a conceptual framework for thinking about taxes and improved our understanding of registered accounts and how they relate to tax planning. In this article, we drill down on Registered Retirement Savings Plans (RRSPs) and how to use them to maximize tax efficiency.
Also available on: In the last installment of our Turning “Tax Pain” into Personal Gain series, we explained how RRSPs work and highlighted situations we find them most useful for tax efficiency. In part 4 of our series, we discuss how to access funds in your RRSP and highlight that due to the limited flexibility in doing so, it may not be
Also available on: In the final installment of our Turning “Tax Pain” into Personal Gain series, we look at Tax Free Savings Accounts (TFSAs). TFSAs are still a relatively new registered account, created in 2009. While offering a unique tax shelter, its recent introduction, or perhaps the absence of tax deductions from TFSA contributions, seem to cause it to be overlooked compared
Saving for retirement and managing your money can be frustrating. Many of us face a similar long-term problem when it comes to managing our wealth: we need to save enough of it in our working years to meet our uncertain retirement needs. Save too much and you sacrifice too much in your working years, save too little (or manage it poorly) and