Saving for a Financial Emergency
It is next to impossible to know when you might be impacted by a financial emergency; therefore, it is important to be prepared for something unforeseen in the future. Most people have heard the saying about saving money for a “rainy day”. With the right forward planning, there is a great chance of being able […]
TFSA Designations Matter
The method that you use to name a successor, owner or beneficiary of a TFSA makes a big difference to your estate, not only for a TFSA to maintain its tax-exempt status but also to ensure that the assets are distributed to the intended recipients. You can name your spouse or common-law partner as […]
The Either / Or Financial Decision
When it comes to making financial decisions most people focus on eitheror scenarios; that is making a tactical decision that may or may not reflect a larger financial strategy or wealth accumulation context. We often see these types of isolated, one-off decision choices in media articles that pose dilemmas such as: Is it better […]
TFSA Time Bomb!
The Tax-Free Savings Account (TFSA) was introduced in 2009 as a new way for Canadians to build assets and wealth on a tax-advantaged basis. Any capital gains, dividends or interest income are tax-free upon redemption from the account. The initial contribution amount was $5,000 with annual increases of $5,000. This has been increased to $5,500 […]
RRSPs & TFSAs – What’s the Difference?
Tax Free Savings Accounts (TFSAs) were introduced in 2009 and they seem to be struggling to catch on. Registered Retirement Savings Plans (RRSPs), however, have been around for over fifty years and attract billions of dollars of deposits each year. If you are serious about saving for your future, it is important to know the […]
TFSAs: Flexible Wealth Building Strategy
The Tax-Free Savings Account (TFSA) was introduced in the February 2008 Federal Budget and became available January 1, 2009. It is touted by the Government of Canada as ‘the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP).’ The Canada Revenue Agency (CRA) draws a distinction between […]
Tax-Free Savings Plans
When Sophia first heard the term Tax-Free Savings Account (TFSA), the first thing that came to her mind was a low- or no-interest account at a bank. She soon learned that just about every investment option available to her in an RRSP is also available to her in a TFSA plan. Glenn, 58, is […]