The Tax Free Savings Account (TFSA) has now entered it eighth year. The contribution limits have been $5,000 each year between 2009 and 2012, $5,500 in 2013 and 2014, $10,000 in 2015 and $5,500 in each of the last two years. Cumulatively, you could have now contributed $52,000. Over the last seven years, we have […]
The best part of a Registered Retirement Savings Plan (RRSP) is the deferral of income and growth, which helps to build up a nest egg for retirement. Apart from emergency needs or infrequent lump sum amounts, withdrawals from an RRSP should be kept to a minimum. When ongoing income is needed from the account, it’s […]
Registered Retirement Savings Plans (RRSPs) were first introduced 60 years ago, created by the federal government to help people who didn’t have a work pension to save for retirement by socking away pre-tax money. In 1957, the threshold for the RRSP was the lesser of 10 per cent of income or $2,500. Over the years […]
The financial service industry has so many different terms for the same thing which makes it sound more confusing than it really is. But it’s not that complicated when you break the types of accounts into two broad types – registered and non-registered. For example, a non-registered account can also be referred to as a […]
With the value in real estate and other holdings, many Canadians have accumulated a significant estate that involves planning. Talking about estate planning need not be uncomfortable. For many, this naturally leads to who you would like to receive your estate – either family, friends, and/or charitable groups. The process involves mapping out a plan that […]
As of September 30, 2016, the price for a single family house has risen 22 percent, from September 30, 2015. This could be discouraging for anyone not in the real estate market or for younger people looking to save for a down payment to buy a house. With prices at historic highs, the temptation may […]
Prior to selling your home, we encourage you to have a clear plan of what the next stage would look like. If that next stage is renting, then meeting with your advisor ahead of time is recommended. Once you sell, the good news is that you no longer have to worry about costs relating to home […]
In our last column we talked about CRA cracking down more on individuals who are non-compliant with respect to the principal residence deduction. Certainly individuals who have frequently bought and sold homes under the principal residence deduction will have to think twice and be prepared to be audited. This article is really about the individuals […]
In our last column we talked about the tax benefits for Canadians owning a principal residence. One of the positve parts about selling a principal residence in the past was that you didn’t even have to let Canada Revenue Agency know you sold it. That is about to change. On October 3, 2016, the […]
Your principal residence is an investment in addition to being a place to live. Success is often associated with that sense of home ownership pride where you have a safe home for your family and where memories are created. Most Canadians have committed more to their home than any other investment during their lifetime. Prior […]
