How to go about securing the best savings strategy in Canada.
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Retirement taxes explained: Withholding, clawbacks, and other surprises + MORE Sep 17th
Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition.
Taxation in Canada
When you are.... More »
Can you make RRSP contributions after age 71? + MORE Apr 23rd
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My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit?
—Bob
Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My A.... More »
In Your Corner: My house is my retirement plan. Am I doomed? + MORE Aug 29th
Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert..... More »
The best five-year variable mortgage rates in Canada + MORE Dec 12th
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Students protest cuts to amount of OSAP grants they can receive + MORE Mar 4th
The current proportion of OSAP funding is about 85 per cent grants to 15 per cent loans, but starting this fall students will receive a maximum of 25 per cent of their OSAP funding as grants..... More »
The best RRSP investments 2021
– moneysense.ca
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. However, you will have to pay income tax when you withdraw money during your retirement. The advantage is built on the assumption that your income is higher now than it will be in retirement. If you plan things right, you will be in a lower tax bracket in retirement, meaning that you pay less tax on your withdrawals than you saved initially by stashing your money inside an RRSP.
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
Best RRSP savings account: EQ Bank RSP Savings Account* (2.30%)
Best robo-advisors: Questwealth Portfolio and Wealthsimple Invest
Best brokerage account for passive investing: Wealthsimple Trade
Best brokerage account for active traders: Questrade
Best brokerage account for mutual funds: Qtrade
Best RRSP savings account
EQ Bank RSP Savings Account*
At 2…
You may be able to claim these commonly overlooked medical expenses on your tax return
– moneysense.ca
Whether you do your own taxes or enlist professional help, you want to avoid leaving money on the proverbial table. Yet, a number of medical expenses are commonly overlooked by taxpayers when filing their tax returns.
Medical expenses may be eligible for a federal non-refundable tax credit on your tax return. To be eligible, expenses must exceed a limit of 3% of your net income, subject to a maximum threshold of $2,397 for 2020 (applies to income of $79,900 and above). Provincial and territorial non-refundable tax credits have maximum thresholds ranging from $1,637 to $2,503.
Here are some common medical expenses you may be able to claim on your 2020 income tax return:
Health plans
Premiums you pay for medical and dental plans, as well as the out-of-pocket (co-pay) portion of medical expenses submitted to the plan are eligible. Premiums paid by payroll deduction may be reported on your T4 slip in the “other information” section in box 85 or on your final pay stub for the year.
Gluten-free products
For those with celiac disease, the incremental cost of gluten-free products for that person (not their whole family) is a medical expense…
Medical expenses may be eligible for a federal non-refundable tax credit on your tax return. To be eligible, expenses must exceed a limit of 3% of your net income, subject to a maximum threshold of $2,397 for 2020 (applies to income of $79,900 and above). Provincial and territorial non-refundable tax credits have maximum thresholds ranging from $1,637 to $2,503.
Here are some common medical expenses you may be able to claim on your 2020 income tax return:
Health plans
Premiums you pay for medical and dental plans, as well as the out-of-pocket (co-pay) portion of medical expenses submitted to the plan are eligible. Premiums paid by payroll deduction may be reported on your T4 slip in the “other information” section in box 85 or on your final pay stub for the year.
Gluten-free products
For those with celiac disease, the incremental cost of gluten-free products for that person (not their whole family) is a medical expense…
