This is a good time to think about long-term investment savings and planning by taking advantage of the opportunities in the Tax Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP).
TAX-FREE SAVINGS ACCOUNTS (TFSA)
- Neither income earned within a TFSA nor withdrawals from it will affect eligibility for federal tax credits or income-tested benefits, such as Old Age Security.
- Up to $5,500.00 can be invested in your TFSA this year.
- The current lifetime contribution limit is $52,000 per person as of January 2017
- There is no deadline for contributions and savings can grow and be withdrawn any time tax-free.
- Eligible investments include GICs, bonds, exchange traded funds, mutual funds, stocks.
- Can be used as an emergency savings account for big expenditures like a car or home.
REGISTERED RETIREMENT SAVINGS PLANS (RRSP)
- Your contribution limit for the current year is listed on your Notice of Assessment from the Canada Revenue Agency for the previous year.
- The RRSP contribution limit is equal to 18% of earned income in the previous year minus an individual’s pension adjustment, up to an annual limit.
- Eligible investments include GICs, bonds, exchange traded funds, mutual funds and stocks.
- The deadline for the 2017 RRSP contributions is March 1, 2018.
It's our belief that timely and insightful information can increase investor confidence. We have assembled a selection of newsletters, market commentary, financial calculators and related links of interest to help you gain a greater understanding of all
things financial. Bookmark this page and check back for regular updates.
CINDY’S QUARTERLY NEWSLETTERS
CINDY’S IN THE KNOW ARTICLES OF INTEREST
LINKS OF INTEREST