● Contributions are deductible against your income for Canadian income tax purposes, subject to your contribution limit, and are not taxed until you withdraw them as needed during retirement (ideally at a lower tax rate).
● Taxable withdrawals can be made at anytime, not just during retirement.
● The annual contribution room is 18% of previous year’s earned income up to a maximum contribution limit, subject to pension adjustments.
● Your contribution limit for 2021 can be found on your Canada Revenue Agency Notice of Assessment for 2020.
● The deadline for 2021 contributions is 11:59 p.m., March 1, 2022.
● Contributions made in the first 60 days of a year can be used for the current year’s or the previous year’s tax filing.
Maximum Annual RRSP Contribution Limits
Facts about TFSA:
TFSAs were introduced in 2009; unused contribution room carries forward to future years.
If you have never contributed to a TFSA, you could be eligible to contribute up to $81,500 this year.
Contributions are not income tax-deductible, but investment income earned and withdrawals are tax-free.
Funds can be withdrawn at any time, subject to the terms of the investments in the plan, and can be recontributed in subsequent years.
Like an RRSP, a TFSA account can hold cash, mutual funds, stocks, GIC, bonds,and more.
TFSA withdrawals do not impact certain federal government benefit and assistance programs, such as child tax benefits, Old Age Security or other guaranteed income supplements.
Accumulated TFSA Contribution Room
You will accumulate TFSA contribution room for each year in which, at any time in that year, you were over 18 and a resident of Canada, even if you do not file an income tax and benefit return or open a TFSA.
Effective banking and credit management helps to organize your day-to-day financial needs in a way that may save you time and money.
Retirement Planning
Retirement planning is an ongoing process that helps you prepare for the years leading up to retirement and throughout what can be one of the most rewarding phases of your life.
Tax management involves arranging your financial affairs in a way that may reduce your overall tax burden by identifying opportunities to utilize available tax incentives.
An Estate plan, along with an up-to-date Will, helps you to provide for the family members, friends and charitable organizations that you want to benefit from your estate and sees to it that your wishes are carried out as you intended.
Planning for the cost of education is a process that can help provide your children and grandchildren with the opportunity to pursue the education and training they need to start their own careers and businesses.
Business succession planning is the process of understanding your personal and business goals and preparing your business for the future transfer of ownership and management to your chosen successor.
Planning for Major Purchases
Planning for major purchases may help you accumulate those items you want now and in the future with the least potential cost of borrowing.
A charitable giving plan identifies the most effective way to share your wealth with your chosen charities. By selecting the right method of contribution you may maximize the amount of money the charity will receive from you.
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