Tuesday, February 10th, 2009
One of the most frequent questions I am asked is whether one should pay down their mortgage or invest in their RRSP’s. Although I am a big believer that financial freedom is achieved first and foremost by being mortgage free, there are a few factors that play into the equation such as, the return on your investments, your marginal personal tax rate and your current mortgage rate. (more…)
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Category Savings & Assets | Tags: Tags: baby boomers, CRA, debt, Mortgage, RRSP, tax,
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Sunday, November 30th, 2008
Things to know about the new Tax Free Savings
- Starting January 1, 2009, the Tax Free Savings Accounts are available for Canadian residents who are at least 18 years of age.
- You can contribute up to a maximum of $5000 a year. Any unused contribution room gets carried over to the following year.
- Withdrawals from your Tax Free Savings Account will not affect your ability to qualify for Federal income tested benefits like the Child Tax Benefit or the Guaranteed Income Supplement.
- You can open a Tax Free Savings Account and invests in GICs, mutual funds and other investments and not be taxed on any of the growth or earnings.
- You can have more than one Tax-Free Savings Account with different institutions but you cannot exceed your allowable contribution limit. (more…)
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Category Tax Advice | Tags: Tags: CRA, retirement, RRSP, tax, TFSA,
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Friday, February 15th, 2008
When thinking about your retirement, it is important to look beyond just the financial aspects and take some time to think about the kind of life you envisioned having. What makes you happy and brings enjoyment to your life? What would you like to spend more time doing and less time fretting about? How will you replace the benefits you currently get from your work environment- friendships, validation, purpose and structure? Retirement lifestyle planning looks at all the facets of the life you wish to have including your finances, health, relationships, career and personal growth needs. Ask yourself: (more…)
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Category Lifestyle & Retirement | Tags: Tags: baby boomers, planning, retirement, RRSP,
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