Preparing for Retirement
Preparing for Retirement
Who's this for?
- Age 55 to 64
- Preparing for retirement
- May have adult children
- Increased Net Worth
Benefits
- Almost done paying mortgage
- Little to no debt
- Retirement savings is top priority (Download our app to see if you’re on track)
- Staying on budget (Download our app!)
- Reducing income tax
- Taking care of the “What-ifs?”
- Critical Illness
- Premature Death
- Make a will
- Consider powers of attorneys
- Making sure health insurance is adequate
Latest News
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.
2023 Financial Calendar
Welcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don’t miss any important financial obligations.
2022 Year End Tax Tips and Strategies for Business Owners
The end of 2022 is quickly approaching – which means for business owners, it’s time to review tax tips and strategies to maximize your benefits.