Here’s an article I thought was worth sharing. There’s a link to an audio file – it’s a quick 5 minute listen but also available to read if you prefer
With February being the busiest month of RRSP season, I am often asked during annual reviews “what is the best way to get the money out of my RRSP?”
Canada Revenue Agency (CRA) allows RRSP holders to defer withdrawals until the end of the year they turn 71. At this point in time, the RRSP must be turned into a pension (either an Annuity or RRIF) or it will be redeemed in full on December 31st of that year.
Annually the Canada Revenue Agency (CRA) adjusts the contribution schedules for three of our most popular retirement and investment vehicles.
Increase in RRSP Contribution Room
The maximum allowable room has now been increased from $27,300 (in 2020) to $27,830 as of January 1st, 2021.
In 1917, during the First World War, the Canadian Government introduced The Income Tax War Act as a temporary measure to fund the war program.
This was the first time both individuals and corporations were taxed, and taxes finally became a permanent source of income for our Government when it was enacted under The Income Tax Act in 1948.
Did you catch this article in the Vancouver Sun this week? Jamie Golombek offers some great insight on how to maximise the tax benefit of your generosity. It’s a quick read, well worth your time.
The pandemic associated with COVID-19 has negatively affected tens of thousands of Canadians physically and mentally, but many more have been affected financially.
Whether due to reduced work hours, a complete loss of job opportunities or one’s small business being permanently closed, the financial devastation is very real for many people.
After a loved one dies, paperwork is the last thing on anyone’s mind.
Estate at Ease, offered through Canada Life makes this easier.
Managing a loved one’s estate can be an additional stress for executors who are already grieving a loss. Estate at Ease™ estate documentation and identity theft protection service can alleviate some of this burden. It’s an opportunity to help your client’s beneficiary in their time of grief.
As financial advisors, we are often asked about the importance of an up to date Will, Power of Attorney and Representation Agreements. Shockingly 56% of adult Canadians do not have a current or valid Will, leading us to recommend updating these documents, along with a discussion on who should be considered as the Executor.