Question. I’m planning to open an RRSP, but I don’t really know who to indicate as the beneficiary of the plan. Is this important? Answer. Yes, very important! And not just for RRSPs, but for registered plans in general, as well as life insurance policies, too. In Canada, life insurance policies and registered plans such as RRSPs allow for a […]
We all know how challenging it can be to stay on top of ever-changing facts and figures in the field of personal finance. With that in mind, we have compiled a short list of key items to keep in mind for 2020. 2020 TFSA Limit The 2020 TFSA limit remains at $6,000, unchanged from the 2019 limit. Keep in mind […]
Question. Hi, I read recently that the TFSA limit has been increased this year, and I want to make sure I’m maximizing my contributions. I find it’s often quite stressful to come up with the money for contribution. This year, with the higher limit, I just know I’m going to have a hard time again, and I’d like to be […]
Question. Hi, I’ve heard that the TFSA limit has been increased. Does this mean I can put in $6,000 this year? And is the deadline the same as the RRSP deadline? Do you have any advice or suggestions to help me better understand how this works? Answer. You are correct – the Tax Free Savings Account (TFSA) limit for 2019 […]
Question: Hi, I have my non-registered investments at ModernAdvisor and really enjoy the platform and the service. However, I haven’t opened an RRSP or TFSA yet. The reason is that I’m not sure if I will stay in Canada for the remainder of my career. My question is, what would happen to my RRSP and TFSA if I were to […]
As we head into the holidays and the home stretch of 2016, now’s the perfect time to make sure you’ve covered your financial bases for year end. Here are our top tips for getting your financial house in order before the new year. Look at your capital losses. If you sold investments earlier in the year at a profit and don’t […]
This infographic includes information about Tax-free Savings Accounts, eligibility criteria, acceptable investments, contribution limits as well as interesting TFSA statistics.
Most people know the biggest advantage of using an RRSP is the tax savings. But do you know how to maximize that refund? Or choose when a TFSA might be better? We break it down so you can make those decisions in minutes. Below is a table of the income tax brackets (applicable to BC). Since ModernAdvisor is based in […]