Excess contributions to RRSPs and TFSAs can lead to penalty taxes, so advisors and investors should be mindful of the rules. For this article, we’ll focus on excess contributions to TFSAs and discuss options for dealing with excess TFSA amounts. Read more…
CRA has posted changes to services for the 2017 tax-filing season. The following are new:
- Express NOA, ReFILE for Efilers, Pre-authorized debit for EFILE, Represent a Client…
- Also read about Important Year End Tax Deadlines… Read more
Who could have ever imagined, even a few years ago, that money would become virtual? Not so long ago, we could have thought that credit cards represented the end of currency evolution, but that was before the emergence of bitcoin.
For those who haven’t been paying attention, bitcoin is a digital currency…read more
Canada Life’s new Estate Protection segregated fund product offers a 100% death benefit to clients who are between the ages of 80 and 90.
In promotional materials released earlier this week, the insurer says the new product is meant for clients who want to “leave a meaningful legacy for those who matter the most to them” and will provide older investors with a “sense of control, certainty and relief”. Read more »
In April 2016, Kathleen Wynne’s Liberal government introduced the Ontario Retirement Pension Plan Act. If the legislation is passed, it will require workers to join a new Ontario Retirement Pension Plan, if they are not already members of a comparable workplace pension plan. The legislation claims that its new pension plan will offer a lifelong, inflation-indexed stream of income with up to 15% of an individual’s pre-retirement earnings. All employees between 18-70 will be required to join the ORPP if they are not already covered by a comparable plan. Enrolment is scheduled to begin in January 2017 and the collection of contributions will be phased in starting in January 2018.
Ontario notes that current federal income tax and pension rules prevent the self-employed and non-crown federally regulated workers (i.e. those who work in banks, telecommunications, railways, or air transportation) from joining, although the province says it is in discussions with the Federal government about making changes that would make their participation possible. The Ontario Ministry of Finance is still working on the plan design and more details will be revealed when the accompanying regulations are published this summer.
Guarantee Advantage is an excellent alternative to GICs. The product is a ‘market linked term investment’ that offers a guaranteed minimum return over a 3 or 5 year term with risk free access to securities, of well established companies.
The current campaign is offering up to 10% over a 3 year term and up to 25% over a 5 year term. (Current Campaign – Deadline for deposits: March 27, 2015). Campaigns run four or five times a year and rate offerings will vary.
– higher return potential than fixed interest term investments
– no portfolio management or management fees
– can be surrendered anytime
– minimum investment of $500
– deposits accepted up to age 95
– eligible for registered plans including TFSAs
– protected by Assuris
What the Banks Can’t Give you When you choose Desjardins: click here
Contact me to request more information on the current campaign.
- 93 percent of high school students who took a class on personal finance or money management said they were more likely to save.
- 59 percent of young people, ages 18 to 21, pay their bills on time every month.
- 1/3 of high school seniors say they’re “very confident” in their ability to manage their own personal finances.
Whether you’re a young person who recently graduated, just getting your career started or finally moving out on your own, it can be hard to keep track of your personal finances. Some of the biggest mistakes are also the most common and can seriously cost you in the long term. Here are the top ten, along with some tips on how to avoid them.
The Financial Post‘s Melissa Leong explains why RRSPs are much like your beloved social media and as deserving of your attention.