Tax Planning

TFSA or RRSP? Take your pick 2021 Update

Whether you should invest in a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) is a question that affects almost every investor. For most, the answer is “a bit of both.”
If you have a looming short or medium-term need (under five years), the untaxed TFSA withdrawals are likely the right choice. For longer term retirement needs, you’ll want to invest in an RRSP.

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What You Need to Know About Guaranteed Minimum Withdrawal Benefit Annuities

Guaranteed Withdrawal Benefits, or GMWB, are options in some segregated fund contracts that allow the policy holder to receive a guaranteed income for life. These types of contracts can be appealing for retirees looking for a guaranteed income stream and who are nervous about market fluctuations.

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Essential Tax Numbers for 2019, 2020 and 2021

With a new year comes new tax numbers! Below is a quick reference of important tax numbers for three years, including 2021. CRA has utilized a 1% indexing (inflation) for those numbers subject to that condition.

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The Value of Participating Life Insurance

Participating insurance can serve a variety of purposes for both individuals and businesses. For business owners, it may work well as a tax planning vehicle. For individuals, it may serves as a way to provide a modest inheritance to their loved ones after they are gone. Whatever the purpose of the policy, Participating insurance comes with a set of characteristics that offer great value to the policy owner.

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Creating and Maintaining an Estate Plan

While uncomfortable to think about, effectively planning ahead for when you are no longer here can save your loved ones a great deal of time, money, and emotional hardship. Estate planning can be complicated, but there are some basic “must-do’s” that should be regularly updated and reviewed. Below is a simple checklist for making sure your estate plan is up to date.

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Income Brackets and Updated Tax Rates

Both income planning and retirement income planning have become increasingly important to investors. With an aging population, we will see the latter take center stage in many discussions of wealth management. Importantly, a key element of retirement income planning is tax avoidance and reduction.

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RRSP vs TFSA

Whether you should invest in a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) is a question that affects almost every investor, regardless of age or amount of savings. For most, the answer is a bit of both. If you have a looming short or medium-term need (under five years) that will require funds, the untaxed TFSA withdrawals is likely the right choice. For longer term, retirement needs, you’ll want to invest in an RRSP.

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4 Tips for Preparing for The Upcoming Tax Year

Its a new year… and that means a new tax year.   Here are 4 tips for staying organized for the upcoming tax year. What You …

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Understanding RRIF’s

Registered Retirement Income Funds (RRIFs) are an investment vehicle that are designed to payout the assets you’ve accumulated in your saving years. RRIFs are essentially a continuation of your RRSP except instead of being used to accumulate funds they are used to start paying out funds.

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Essential Tax Numbers For 2020

With a new year comes new tax numbers! Below is a quick reference of important tax numbers for 2020.

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