Afterall, it doesn’t really matter what the average expenses in a Canadian retirement are, or how much the average Canadian has in their RRSP the day they retire – it’s really about your personal plan and your unique circumstances! In order to guide your planning, I looked around for ...
TFSAs and RRSPs are both savings vehicles with tax advantages, but they serve different purposes. Contributions to an RRSP are tax-deductible, which means they can reduce your taxable income for the year you contribute. Investments within an RRSP grow tax-deferred until withdrawn. Meanwhile, cont...
So, you basically have to add your expected CPP, OAS and RRIF withdrawals for both you and your spouse, and you will see your taxable income. Then, use one of the easy calculators to see how much tax you are going to be paying. Also, don’t forget that maximum RRSP deposit is ...
How much life insurance do I need to protect my savings? Do you have any savings? Whether it’s in your bank account, an investment portfolio, an RRSP you opened at 19, or wads of cash stuffed under your mattress, any assets you’ve stored away can help reduce your life...
Every dollar that you contribute to an RRSP will result in more CCB (providing that you aren’t super high income). However, if you are a high-income family that doesn’t qualify for CBB, a large contribution may bring your income low enough to qualify. How much you get would depend ...
Newer houses will tend to be better insulated for temperature control and be fitted with more energy-efficient lighting and appliances, all of which helps reduce your utility expenses in the long run. Be realistic when budgeting for these new expenses. Property taxes. You’ll have to pay this...
I have my TFSA maxed with pure VXC right now, next year I plan on maxing my RRSP, then funding a non-refundable. Here is the plan I am choosing to follow. Please let me know if this makes sense putting each ETF into what account or if it’s better to just use an all-in-one ...
Hire a financial advisor : A financial advisor can guide you on how much you should save, what investments you should be putting your money into, and even plan your taxes and post-retirement. They can also help you design a savings plan that suits your business and your retirement goals. ...
Come retirement, Mustachians will find themselves in the $30k income range, where taxes are much lower. We’ll still have basic exemptions of (inflation adjusted) $10k or so, which will protect half to a third of your necessary withdrawals from your RRSP (twice that if you’re making su...
Paying a salary from your corporation may reduce your corporate taxes, however it is important to consider the impact on your personal taxes. The salary paid from your corporation may put you into a higher personal tax bracket. We can offer services in analyzing the overall tax impact. ...