TAX TIPS FOR SOLE PROPRIETORS
Freelancer, self-employed, contractor, independent, temporary or gig worker and entrepreneur are all terms used to describe sole proprietors. While sole…
Read More
TFSA VS RRSP – Which Is Better?
I see so many people use each of these accounts in ways that hurt come tax time – it is…
Watch Video
What is a RRSP?
Here I explain what a Registered Retirement Savings Account (RRSP) is and some tips on how you can best use…
Watch Video
Should I Take My Company Pension?
This is to answer your questions on your company pension. It does depend on your scenario so hopefully I provide…
Watch Video
TAX PLANNING FOR SEVERANCE PACKAGES
Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their…
Read More
THE MANY BENEFITS OF RESPS
As busy parents, just meeting your family’s needs each day can eclipse thoughts of the future. Add to that juggling…
Read More
What is a TFSA?
A Tax Free Savings account offers the flexibility to invest for retirement, or for other shorter term goals – but…
Watch Video
PREPARING FOR RETIREMENT? LEARN HOW RRIFS WORK
If you've been contributing to a pension or Registered Retirement Savings Plan (RRSP) and retirement or your 71st birthday is around the corner, you're required to convert that nest egg into a Registered Retirement Income Fund (RRIF). This benefits you because an RRIF allows you to withdraw savings as income while still letting you grow your investments and minimize taxes.
The primary difference between an RRSP and an RRIF is that RRSPs are designed to accumulate savings throughout your lifetime, while RRIFs provide you with income during your retirement years. Like RRSPs, RRIFs allow you to hold a variety of investments. You're in control of how the funds are allocated, and you can own more than one RRIF to maximize your potential for continued growth through retirement.
Read More