Should I contribute to a TFSA, RRSP, or Both? With the Tax-Free Savings Account(TFSA) available for saving in a tax-free environment, does it still make sense to contribute to a Registered Retirement Savings Plan(RRSP)? RRSPs can work well if you contribute while you are in a high tax bracket and withdraw when in a lower […]
TFSA limits lower in 2016, but past contribution room remains Liberals have rolled back tax-free savings account contribution limits. Don’t panic. Liberals may have rolled back the Conservatives’ increase for tax-free savings account limits — but you aren’t losing any contribution room that has already accumulated. On Jan. 1, the annual contribution limit for tax-free savings accounts […]
As the Holidays, Christmas and New Year’s quickly approaches, it means we are at the end of the 2015 tax year. Here are some year-end strategies for registered plan holders. RRSPs If you turned 71 in 2015, you have until Dec. 31 to make any final contributions to your RRSP before converting it into a […]
TFSA Limits lower in 2016, but past contribution room remains
TFSA limits lower in 2016, but past contribution room remains Liberals have rolled back tax-free savings account contribution limits. Don’t panic. Liberals may have rolled back the Conservatives’ increase for tax-free savings account limits — but you aren’t losing any contribution room that has already accumulated. On Jan. 1, the annual contribution limit for tax-free savings accounts […]