TFSAs and RRSPs can be significant savings vehicles. To help you understand their differences, we have put together this article to compare:
– TFSA versus RRSP – Differences in deposits
– TFSA versus RRSP – Differences in withdrawals
Understanding the differences between these two types of tax-advantaged accounts can help you better plan for future purchases and your eventual retirement.
Looking for an “at a glance” document covering all the important dates you need to know to stay on track with your financial planning in 2022?
Our 2022 financial calendar (which you can easily bookmark or print out) makes sure you’re always in the loop! It lists important dates, including:
• Payments dates for the Canada Child Benefit, CPP, OAS, and the GST/HST credit.
• When TFSA contribution room starts again.
• Tax filing deadlines.
• Charitable contribution deadlines and the last day to contribute to registered investment accounts.
• When the Bank of Canada interest rate announcements are.
The end of 2021 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.
We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:
• Individuals, including details on COVID-19 benefits and important tax credits.
• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.
We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner.
We’ve focused on:
• How to determine the right salary and dividend mix.
• The best ways to handle compensation.
• How to make sure you can take advantage of the small business deduction.
• What you need to know about depreciable assets and charitable donations.
• How to make the most of Covid-19 relief programs.
Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.
On Thursday, October 22nd, Deputy Prime Minister and Finance Minister Chrystia Freeland announced the “final pivot in delivering the support needed to deliver a robust recovery.” This “Final Pivot” means several existing pandemic support programs for individuals and businesses will expire on October 23rd, 2021:
– Canada Recovery Benefit (CRB)
– Canada Emergency Rent Subsidy (CERS)
– Canada Emergency Wage Subsidy (CEWS)
For business owners, making sure your business is financially protected can be overwhelming. Business owners face a unique set of challenges when it comes to managing risk. Insurance can play an important role.
You may be thinking about offering your employees a pension plan. You have two main choices for pension plans. One is a defined benefit pension plan – this gives your employees a set amount of money when they retire. The other option is a defined contribution pension plan, which offers more flexibility, but no set amount of money during retirement.
There are four key areas you must know about for pension plans:
• Investment Management
• Employee Retention
We will walk you through each of these to help give you a better understanding of the differences between the two types of pension plans.
For Business Owners seeking permanent life insurance coverage, an Immediate Finance Arrangement may be a good way to own life insurance while still maintaining access to funds in case you need it.
An Immediate Financing Arrangement (commonly known as an IFA) is a financial planning vehicle which combines life insurance coverage with tax advantaged wealth accumulation.
Managing your finances raises a number of topics but none as tricky and potentially unpleasant as planning for your family and finances in the event that you pass away or become incapacitated. Understandably, these questions are often ignored by many—but don’t fall into the trap of avoiding these difficult matters. Good estate planning will help to make sure that your wishes are carried out, and your family and assets are well protected.