Financial Library

Five Common RRSP Mistakes

Posted on: January 13, 2020

The following are relatively common mistakes that Canadians make annually when contributing to their Registered Retirement Savings Plans.

1. Reporting RRSP contributions based on a calendar year.

While your taxes are based on a calendar year, the reporting of your RRSP contributions extends 60 days into the New Year. Imagine, for RRSP purposes, that you have your own fiscal year that begins in early March or 60 days after January 1. RRSP receipts for the first 60 days of 2020 should be reported on your 2019 income tax return.

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rrsp

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New year, new TFSA limit.

Posted on: January 10, 2020

This is what you need to know for 2020.

Hi There,

Can you believe its a new year already!? 2020 is a new year and brings a new opportunity to contribute to your TFSA.

Here are a few things you'll need to know for 2020:

Contributing to your TFSA in 2020 after Withdrawing in 2019

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tfsa

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The 2020 RRSP Deadline

Posted on: January 10, 2020

When's the RRSP contribution deadline? Key dates you need to know.

The 2020 RRSP deadline is fast approaching! This is the time of year when Canadians tend to rush and contribute a little extra in order to unlock a bigger tax return.

An RRSP (Registered Retirement Savings Plan) is a tax-advantaged savings plan, that can help you grow your retirement income. Any investment income earned in an RRSP is tax-deferred, until withdrawn.

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rrsp

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The Magic Wealth Ingredient

Posted on: December 9, 2019

There is a legend about a successful financial advisor in Warren Buffett's stomping grounds of Omaha, Nebraska. It is reported that this advisor has learned the art of communicating the basics of wealth building with the local farmers. The advisor, who we will call Fred Smith, greets clients in his office with a window behind his desk that overlooks fields of blowing wheat and corn.

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investment planning

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The Family Meeting

Posted on: November 11, 2019

Phillip and Betty want their estate settled as smoothly and cost effectively as possible when the time comes. They have taken a number of steps to make sure this happens.

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estate planning

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Buy Now, Pay Big Time Later

Posted on: October 7, 2019

Brent and Darlene really enjoy their 'toys' and their lifestyle. In the last few years, they bought themselves a big screen TV, a stereo system, two expensive new vehicles, a ski boat and took a tropical vacation, mostly on credit. They also used their credit cards to pay for numerous restaurant meals, theatre tickets, hockey games and other expensive outside entertainment. It wasn't long before they were carrying a balance from month to month. The credit charges and payments quickly became a burden.

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investment planning

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