Note that opening a spousal RRSP does not give you additional contribution room. If you add funds to a spousal RRSP in your partner’s name, those contributions count toward the contributor’s overall limit — not the spouse’s limit. How to calculate the RRSP contribution limit You can find...
Maximize your RRSP contribution with a BMO Retro-Activator RRSP Loan. Ideal if you have unused RRSP contribution room. Catch up for a better retirement.
After you’ve sold an investment, you’re required to calculate your capital gain andreport it as incometo the CRA on your tax return (via form 5000-S3 Schedule 3) for the tax year in which you sold the asset.If your investment was in a mutual fund trust orexchange-traded fund (ETF)...
Working with a financial advisor will help you know your RRSP from your TFSA, and your PAC from your HISA. We’ll talk you through the often-confusing world of finance so you feel confident in the choices you make. And we’ll stick with you over the years so you always have a financi...
Retirement planning.A TFSA can complement your personal RRSP by providing additional tax-advantaged savings when you have no more RRSP contribution room or you are over age 71 and not allowed to hold an RRSP anymore. By contributing to a TFSA, any income earned in the account is tax-free,...
In the world of early retirees, we have a concept that goes by names like “The 4% rule”, or “The 4% Safe Withdrawal Rate”, or simply “The SWR.” As with all things financial, it’s the subject of plenty of controversy, and we’ll get to that (and then punch it flat) ...
To calculate the foreign exchange gain or loss on accounts receivable for tax purposes, follow these steps: 1. Enter the invoice into your accounting software as of the date the service was completed. Use the exchange rate in effect as of the invoice date to report the invoice amount in Can...
And the capital gains themselves factor in to figuring taxable income, to calculate the tax bracket. Which is why planning is very important… It’s not exactly fair, but the capital gains tax is all or nothing. (15% or 0%). I do think spending $100-$200 to talk for a couple ...
How to Get a Free Credit Report in Canada Your credit report is a record of your credit history that’s used to calculate your credit score. Get your free credit report by contacting a credit bureau. Sandra MacGregorJanine DeVault Rent Reporting Could Help Canadians Build Credit, but at ...
This amount makes up for your overall TFSA contribution room to date. As of 2024, the TFSA total contribution limit is $95,000. However, if you’ve deposited money in previous years or made withdrawals, you’ll need to factor in those amounts to calculate how much you can deposit into...