Tax-Free Savings Accounts (TFSA) are a flexible vehicle for accumulating savings on a tax-free basis. Contributions must be made from after-tax sources, however, all growth achieved within the account including any eventual withdrawals are considered tax-free. The annual TFSA limit for 2019 has now been increased to $6,000. However, the annual limit is only applicable…
Retirement Planning
The Common Sense Path to Long Term Wealth
October was a bumpy ride for equity investors. However, this return to more normalized volatility in the markets provides an ideal time to review some common sense principles to live by that will not only help your portfolio survive, but thrive through difficult periods. Below are 12 common sense principles that I’ve adopted from one…
Contributory Professional Retirement Savings Plan (CPRSP)
Physicians understand the need to save for retirement. With patient demand for family doctors outpacing the number of available physicians, there is little opportunity to sell ones practice in the way that a dentist could to fund retirement. Fortunately, the Contributory Professional Retirement Savings Plan (CPRSP) benefit is available to assist eligible physicians practising in…
Insured Retirement
When most think about saving for retirement, RRSPs (Registered Retirement Savings Plans), RRIFs (Registered Retirement Income Funds) and TFSAs (Tax-Free Savings Accounts) are the usual methods that come to mind. These tax-assisted plans provide an excellent way to accumulate assets on a tax-favourable basis, but what if you have fully maximized your available contributions to…
Individual Pension Plan – Budget 2018
For many, the recent 2018 budget provided welcomed relief to what could have been much worse for business owners and professionals. The severe backlash experienced after the July tax proposals gave the government good reason to fine tune their final proposals and scrap some other rules all together. Income Splitting As clarified in December, paying…