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RRSP Fast Facts and Our Game Plan

Ok, I’m sure you already know the basics about the Registered Retirement Savings Plan (RRSP) – so let’s play a game of True or False. RRSPs are an investment product themselves so go out and buy some RRSPs now! You can only contribute in February and March when the banks start advertising for them. RRSPs are great because withdrawals will eventually be 100% tax-free like the TFSA. The RRSP contribution limit is $23,820 for the 2013 tax year with no exceptions. The RRSP contribution deadline this year is March 1, 2014, like it is every March ...

RRSPs make great “cents” if you manage the refund

I’ve been a big fan of the Tax Free Savings Account (TFSA) or what I’d like to rename the account as the Tax Free Retirement Account (TFRA) ever since the account was launched a few years ago. It’s easy to explain why: To date, individuals could contribute up to $31,000 into this account, Contributions into the account are not tax deductible but account withdrawals are tax-free, Investments held inside the account grow tax-free, There is no upper age limit for TFSAs. This doesn’t mean Registered Retirement Savings Plans (RRSPs) should ...

My Tax Season Considerations

In an odd way, perhaps to some readers, I enjoy doing our taxes.  I enjoy the computations and permutations that come with optimizing our tax return and deciphering our convoluted tax laws.  I also find it a humbling experience, messing up sometimes and figuring out what I don’t know every year – making improvements for the following year.   As with most things in life experience is the best teacher and you don’t learn a few things until you fall flat on your face a few times – doing your own taxes are no exception. Today’s post ...

2013 Tax Tips and TurboTax Canada giveaway

Thanks to the great folks at TurboTax, I have six (6) codes to use with their TurboTax online system this year.  I don’t need all of these codes, so maybe you want one? In a few days I’ll be giving away all these codes to a few lucky readers so make sure you enter here. I’ll draw the winners at random and if you’re a lucky winner I will email you.  Make sure you enter a valid email address.   You’ll have 48 hours to respond to my email and if you don’t, I’ll draw another name. While this giveaway is on I thought I’d ...

Cheer up for tax time, tax tips and my TurboTax giveaway

The great folks at TurboTax have given me six (6) codes to use with their TurboTax online software system.  I don’t need all of these this year, maybe you want a code to use? To win one of these online codes you just need to enter my giveaway using the options below.  When commenting or tweeting I encourage you to finish this sentence:   I save on taxes by __________.   Sharing your favourite tax filing tips with me and with others in a comment or tweet will increase your chances to win. I’ll draw the winners at random and if you’re ...
Year End Planning

Year End Financial Planning

The decorations are up.  The marketing campaigns are in full swing.  People are becoming more edgy by the day.  Yup, Christmas is coming folks. Kidding aside, it’s a great time of year and I’m looking forward to the holidays with family and friends.  Christmas signals the end of some old and the dawn of things new.  Christmas-time (or at least beforehand) is also a good time to address some year-end tax, insurance and financial planning issues before it’s too late.  Here is what I’ve been thinking about lately.  Hopefully these suggestions ...

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