When it comes to investing your money, there are so many options that your head might start spinning. What is the best option for you? How can you make your money work for you? Do you even have enough money to save? It’s important to put away money for a rainy day, and tax-free savings accounts (TFSAs) may be a good investment choice for you. What’s a TSFA? A TFSA isn’t a specific savings account. Instead, it’s a general term for investments such as stocks and bonds. TSFAs can be opened by … [Read more...] about A Quick Guide To The TFSA
Ah, tax time. For some it’s a burden, paying the government sucks. But at one point in our lives, we will be pulling a fast one and getting money back from the government. For some, this can come in the form of tax free investment option like a TFSA. You can learn how to buy stocks, start contributing to it and earn investment capital tax free. Your write-offs for having children, going to school, or starting a business can also be tax deductible. But for most, the money we receive every March … [Read more...] about The Benefits Of RRSPs And How To Go About Using Them
Most if not all view the government and more precisely the tax authorities as a malignant money sucking spirit that cares about one thing and one thing only – filling its own coffers.Such a viewpoint comes under scrutiny when certain elements of the tax system are discussed. This article covers one of those, known as the Tax-Free Savings Account or the TFSA.As an incentive for the public to save and invest, the TFSA came into effect on January 1st of 2009. This was following the global … [Read more...] about TFSA Limit And Other Key TFSA Information For 2018
A joke on Twitter sometime around March last year read as follows: “I am happy that I learned about parallelograms at school, it has really come in handy this parallelograms season!”Of course, this disgruntled Twitterati, with this perfectly prosed-opus of a joke, was promulgating his frustrations of dealing with the tax season.We as average citizens are indeed not well versed with the intricacies of our tax system. Insult to injury, most tax laws are written in an esoteric language. … [Read more...] about RRSP Deadline – Deadline and RRSP Info For 2018
One of the questions we get asked the most is around the differences between RRSPs (“Registered Retirement Savings Plan”) and TFSAs (“Tax-Free Savings Account”). And it’s nearly always followed with “which one should I invest in first?” There is a lot of debate on which is better, the TFSA vs RRSP. We are going to highlight the pros and cons of each in this article.Before we get started, two things: first off, always consult a qualified tax professional in your jurisdiction on any tax … [Read more...] about TFSA vs RRSP – Which Account Is Better?
“I advise you to go on living solely to enrage those who are paying your annuities. It is the only pleasure I have left.” - VoltaireRRSP income splitting is a highly effective income tax and retirement saving strategy that you can employ to better maximize you and your partner’s RRSP contributions and withdrawals. Sometimes a spousal RRSP is set up to better split income during retirement,meaning improved tax treatment for each at retirement with the added bonus of improved current tax rates … [Read more...] about Income Splitting – An Effective Tax Saving Strategy