Your RRSP contribution limit caps the amount of money you can invest in your registered retirement savings plan; usually the limit is 18% of your reported income from the previous year.
If you have an existing portfolio held elsewhere, it’s often good to get a second opinion. Your advisor will use our Portfolio Analyzer to determine if you currently have a suitable risk profile, sector weighting and regional exposure for your timeline, objective and risk profile. Expand image...
When it comes to investing, a financial advisor can help you determine the right mix of ingredients, or assets, to create your personalized investment portfolio. These assets will be defined based on the conversation you have, and geared entirely towards your financial goals, your timeline, and ...
Introduced in 2023, the FHSA is a tax-advantaged account that enables first time home buyers to save for a down payment. Like the RRSP, contributions and interest/investment earnings are deferred until you withdraw the funds. There are contribution limits and timelines that you should familiarize...
Depending on your goals, you may want to look for accounts offering competitive interest rates and a high APY, as these determine how fast your savings grow. 2. Fees and minimum balance requirements Look out for any fees, such as monthly maintenance fees, which can reduce the amount of inte...
Whether you're saving for retirement, home ownership or education, both RRSPs and TFSAs can be an option. When you're evaluating whether an RRSP or TFSA is the right account to house some of your DIY investments, being able to determine your income needs can help you make that choice. ...
Strategies such as borrowing to max out your RRSP contribution, or perhaps even using a TFSA withdrawal to maximize an RRSP contribution, can make a big difference when you’re looking at effective tax rates of more than 50%!I’ve also advised friends that were looking at the tradeoffs of ...
There is a general rule-of-thumb tax rate that is used to determine the present-day value of the RRSP, but some people will be taxed at a much higher rate. Advertisement 4 Story continues below This advertisement has not loaded yet, but your article continues below.Article...
Transfer the amount to you or your spouse’s RRSP (if the contribution limit hasn’t been reached yet) Transfer the amount to another child under the age of 21. If the child is over 21, you may have to pay taxes as well as return the CESG and CLB contributions to the account. ...
Finally, when we make choices, our brains need time and practice to consider the long-term ramifications of our actions. (“If I buy this, will I be satisfied?” versus “If I buy this, what will this mean for my RRSP contribution goal?) I try to stick to a 24-hour wa...