As a thumb rule, you may require up to 70% of your preretirement income to maintain your
lifestyle.
R.R.S.P. is one such instrument that can help you save for your retirement. An R.R.S.P.
is not a type of investment, but rather an investment vehicle. It is a trust that holds
eligible investments.
The flexibility of withdrawing savings for certain unplanned expenses can be buying a
car or travelling to a preferred destination; the TFSA is an investment of choice. Are
you aware that investments are tax-free and that there is no tax on TFSA withdrawals?
Every year the cost of education is on the rise, so affording it may become a difficult
task in the future. In the absence of a plan, the parents may be left with few options
such as borrowing money, raising a mortgage, exhausting their retirement savings, or
burdening their children with education loans.
A first home savings account (FHSA) is a new type of registered plan that allows
Canadians to save tax-free for their first home purchase. Your FHSA contributions are
tax-deductible, meaning you can lower your taxable income equal to the amount you
contribute.
A declared earned income and must have filed income tax return in the previous year.
A valid S.I.N
Employment or Business income in Canada
Unused contribution room.
Does your age matter?
No minimum age to open RRSP Account
The last day that you can contribute in RRSP is December 31 of the year you turn 71 years
old.
How much you can contribute?
For year 2021- lesser of $27,830 to 31,560 or 18% of your earned income from the previous tax year
minus pensionable adjustments plus unused contribution room from the previous years.
Interesting Facts
You can have more than one TFSA There is no limit on the number of TFSA that you can
open, but there is a limit to the total amount you can contribute to your TFSA
You can contribute as long as you can You have to be 18 years old or above to
open a TFSA. However, there is no upper age to open TFSA.
TFSA an Emergency fund A perfect choice Unexpected
events may require easy and quick access to your savings. Money in a TFSA is available
whenever you need it.
Use it as a Retirement Planning tool Periodic withdrawal from a TFSA will not
impact or clawback your OAS payments - what a GREAT advantage!
Interesting Facts
The Right time to Save is Now : It is never too late to start for the higher
education of your Child. You can save in an RESP for up to 31 years of age. But the Govt.
will stop the grant at age 17.
Free Money from Government is an icing on a cake The Government will match
20% of your contribution up to a limit of $7,200 per child. By saving up to the limit, get
the maximum Government Money.
Reviewing your contributions keeps your investments up to date: Adding a few more
dollars and monitoring the performance of your investments can help you meet the target.
Interesting Facts
You can open an FHSA starting April 1, 2023, and contribute up to $8,000 annually, up to a
lifetime limit of $40,000
You can deduct your FHSA contributions from your income tax and withdraw them tax-free when
you buy a qualifying home
You can also use the FHSA and the Home Buyers' Plan (HBP) together to make a qualifying home
purchase
You can choose from various investment options for your FHSA, such as stocks, bonds, mutual
funds, ETFs, etc., depending on the financial institution that offers the account
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