PLAN FOR THE FUTURE
Looking for understanding and advice when it comes to financial planning for your future? Will I be able to retire comfortably? How much should I invest into RRSPs? Should I take out a loan or use a credit card for an emergency? What are the best ways to get the most out of my savings? Below are soma free resources to get you started.
If you are looking for a professional accountant to help you further your financial understanding, please contact Kevin and his team today. He has many years of experience in the financial services industry and will provide you with a professional service that is tailored to your needs.
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Contribute up to $5000 annually into your Tax Free savings accounts. All income earned is tax free and all withdrawals from these accounts are tax free.
If you have extra cash or can afford to save a little, contributions to this account should be maxed out annually and invested.
Any amounts earned there-after are tax free and when the balance becomes sizable this will result in significant savings in the golden years.
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Generally used to smooth an individuals income and reduce tax paid over the course of his or her life.
In years of high income, after maxing contributions to the TFSA, contribute to an RRSP to reduce current tax. Pay less tax on withdrawals in later years when your total annual income is lower.
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Everyone’s finance and tax situation is unique and failure to get advice can be extremely costly in the end. Making assumptions can result in large tax overpayments due to misunderstandings of tax rules and their correct application. We are here to help with your financial needs. If you would like to get in touch with us, please don’t hesitate to call or email!
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