TFSA
By Nizam Shajani, CPA, CA, MBA Tax free savings accounts were introduced in 2009 and allowed contributions for each individual over the age of 18 of: $5,000 annually for years 2009 through 2012; $5,500 for years 2013 and 2014; $10,000…
Retirement Income Planning
A transition into retirement should be accompanied by an income plan for this phase of life. A good understanding of taxes in retirement will facilitate tax saving strategies. A retirement income plan should be planned to pay less tax, maximize…
TFSA – Tax Free Savings Accounts
Tax free savings accounts were introduced in 2009 and allowed contributions for each individual over the age of 18 of $5,000 annually for years 2009 through 2012; $5,500 for years 2013 and 2014; $10,000 for year 2015; $5,500 for year…
When to invest in RRSPs verses when to invest in TFSAs
An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years. Otherwise a TFSA may provide the better investment vehicle from a tax perspective. RRSP Registered Retirement Savings Plans (RRSPs)…