As with any advice you should consult an advisor and see how these tips will fit into your overall financial plan! As usual, if you have any questions, please feel free to contact me at [email protected] or 905.333.4755 ext. 204. I would love to hear your feedback!
Jason A. DeJean,
CFP, PFP, EPC, CPCA
Investment Advisor I Financial Planner
101-5230 South Service Road, Burlington Ontario L7L 5K2
Office 905.333.4755 ext. 204
171
RRSP
Deadline is March 1st, 2018
Limit is 18% of your previous years income to max of $26,010, minus any pension plan contributions.
Tax deduction when you contribute, taxable when you withdraw.
Investments grow tax free.
Canadian residence with earned income are eligible.
TFSA
No deadline.
Limit is $57,500 lifetime, with the limit being increase by $5,500 for 2018.
No tax deduction when you contribute and no tax payable when you withdraw.
Investments grow tax free.
Canada residence 18 years of age or older start to accumulate room.
** Ontario residents - if you’re interested in being on the list for private placements please email me at [email protected]. Some of them are eligible for all investors and some with no fee’s.
Registered Plans are not the only things that have named beneficiary. Segregated funds can also have a named beneficiary. Segregated funds are a hybrid financial product that combines investment management with insurance features. They offer similar benefits to mutual funds such as professional money management, diversification and flexibility. Because they are an insurance product you can name a beneficiary thereby eliminating the need to probate and saving you. Typically, these funds have additional management fees to provide these additional features.
Next month well review your estate and how to avoid leaving a tax bill.