Growing Families
Growing Families
Who's this for?
- Age 30 to 44
- Starting to be established in career
- Recently married/common-law relationship
- May have children
- Recently purchased first home
Benefits
- Paying off mortgages
- Establish an emergency fund
- Staying on Budget (Download our app!)
- Make a spending plan-short, medium and long term
- Saving for children’s education
- Saving for retirement
- Taking care of the “What-ifs?”
- Disability
- Critical Illness
- Premature Death
- Make a will
Latest News
Federal Budget 2023 Highlights
On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures:
• New transfer options associated with Bill C-208 for intergenerational transfer.
• New rules for employee ownership trusts.
• Changes to how the Alternative Minimum Tax is calculated.
• Improvements to Registered Education Savings Plans.
• Expanding access to Registered Disability Savings Plans.
• Grocery rebate.
• Deduction for tradespeople tool expenses.
• Automatic tax filing.
• New Canadian Dental Care Plan.
British Columbia 2023 Budget Highlights
On February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know:
• Tax credit changes.
• Increases to the B.C Family Benefit.
• Carbon tax changes.
• Other important tax changes.
• Healthcare and housing spending.
TFSA versus RRSP – What you need to know to make the most of them in 2023
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.