An RRSP is a retirement savings account available to any Canadian individual taxpayer under the age of 72 and to which they or their spouse/common-law partner can contribute — subject to their respective deduction limits.
It’s never too early to start planning the retirement you desire. But do you have a clear idea of how you want to spend your time, and if you have the means to support the lifestyle you envision? This list of questions is designed to help you imagine the realities of your retirement years, and the financial considerations that accompany your choices.
Canadians have historically relied upon employer-sponsored pension plans, government benefits and their own assets—including rising real estate prices—to cover their financial needs in retirement. But as the economic and retirement landscape changes,
Is your name on legal title for any assets that you don’t have a beneficial interest in (i.e., a Bare Trust)? Perhaps your name is legally on your parents’ home, or maybe your child’s banking or investment accounts? If this is the case, you may have a new reporting obligation with the Canada Revenue Agency (“CRA”).
Clients who have implemented a prescribed rate loan should be reminded to pay the appropriate interest relating to the 2022 year on or before January 30, 2023. What is a prescribed rate loan? A prescribed rate loan is one of the few income-splitting opportunities provided to Canadians that does not contravene the various “attribution rules” found in Canada’s Income Tax Act.
When it comes to philanthropy, Canadians today are more intentional, want to see the impact of their gift, and are giving more. With intentional philanthropy, clients should address the following questions: When do they wish to give? Today, next year, or in their Will? How do they wish to give? Through a one-time donation, a regular monthly/ annual donation, or by naming the charity as a beneficiary on a particular account or life insurance policy?
The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Wealth Inc. (WAPW) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPW assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor. Insurance products are provided through Wellington-Altus Insurance Inc.
