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    Archive for category: Tax Free Savings Account

    TFSA versus RRSP – What you need to know to make the most of them in 2023

    February 2, 2023/in 2023, Blog, rrsp, Tax Free Savings Account/by Crossroads Financial Inc.

    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. To assist you in understanding the distinctions, we will compare the following:

    • The differences in deposits between TFSAs and RRSPs

    • The differences in withdrawals between TFSAs and RRSPs

    TFSA versus RRSP – Difference in deposits

    When comparing deposit differences between TFSAs and RRSPs, there are several key considerations:

    • The amount of contribution room available

    • The ability to carry forward unused contributions

    • The tax deductibility of contributions

    • The tax treatment of growth in the account

    How much contribution room do I have?

    If you have never contributed to a TFSA, you can contribute up to $88,000 today. This table outlines the contribution amount you are allowed each year since TFSAs were created, including this year:

       
    Year   
       
    TFSA dollar limit   
       
    2023   
       
    $6,500   
       
    2022   
       
    $6,000   
       
    2021   
       
    $6,000   
       
    2020   
       
    $6,000   
       
    2019   
       
    $6,000   
       
    2018   
       
    $5,500   
       
    2017   
       
    $5,500   
       
    2016   
       
    $5,500   
       
    2015   
       
    $10,000   
       
    2014   
       
    $5,500   
       
    2013   
       
    $5,500   
       
    2012   
       
    $5,000   
       
    2011   
       
    $5,000   
       
    2010   
       
    $5,000   
       
    2009   
       
    $5,000   

    Regarding RRSPs, the limit for tax deductions is 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. To illustrate, if your pre-tax income in 2022 was $60,000, your deduction limit for 2023 would be $10,800 (18% x $60,000). If your pre-tax income was $200,000, the maximum limit of $30,780 would apply.

    How much contribution room can I carry forward?

    Suppose you opt not to contribute to your TFSA each year or do not contribute the maximum amount. In that case, you can carry forward your unused contribution room indefinitely, provided you are a Canadian resident, over 18 years of age, and have a valid social insurance number. If you make a withdrawal, the amount withdrawn will be added to your annual contribution room for the next calendar year.

    In contrast, for an RRSP, you can carry forward your unused contribution room until age 71. Once you reach 71, you are required to convert your RRSP into an RRIF. Withdrawals from an RRSP do not create additional contribution room.

    The tax deductibility of contributions

    Your TFSA contributions are not tax-deductible and are made with after-tax dollars.

    Your RRSP contributions are tax-deductible and made with pre-tax dollars.

    Tax Treatment of Growth

    It is essential to contribute to both RRSP and TFSA because of the different tax treatment of the growth within them.

    A TFSA is 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. When withdrawing from your TFSA, you will not have to pay any income tax on the amount withdrawn. On the other hand, the growth within an RRSP is tax-deferred. This means you will not pay taxes on your RRSP gains until age 71, at which point you convert the RRSP into an RRIF and start withdrawing money.

    RRSPs are more suitable for long-term goals such as retirement because, in retirement, you will have a lower income and be in a lower tax bracket, resulting in less tax on your RRIF income.

    TFSA versus RRSP – Differences in withdrawals

    There are several areas to focus on when comparing differences in withdrawal:

    • Conversion Requirements

    • Tax Treatment

    • Government Benefits

    • Contribution Room

    Conversion Requirements

    For a TFSA, there are never any conversion requirements as there is no maximum age for a TFSA.

    For an RRSP, you must convert it to a Registered Retirement Income Fund (RRIF) if you turn 71 by December 31st, 2023.

    Tax Treatment of Withdrawals

    One of the most attractive things about a TFSA is that all your withdrawals are tax-free! Therefore, they are recommended for short-term goals; you don’t have to worry about taxes when you take money out to pay for a house or a dream vacation.

    With an RRSP, if you make a withdrawal, it will be taxed as income except in two cases:

    • The Home Buyers Plan lets you withdraw up to $35,000 tax-free, but you must pay it back within fifteen years.

    • The Lifelong Learning Plan lets you withdraw up to $20,000 ($10,000 maximum per year) tax-free, but you must pay it back within ten years.

    How will my government benefits be impacted?

    If you are withdrawing from your TFSA or RRSP, it’s essential to know how that will affect any benefits you receive from the government.

    Since TFSA withdrawals are not considered taxable income, they will not impact your eligibility for income-tested government benefits.

    RRSP withdrawals are considered taxable income and can affect the following:

    • Income-tested tax credits such as Canada Child Tax Benefit, the Working Income Tax Benefit, the Goods and Services Tax Credit, and the Age Credit.

    • Government benefits, including Old Age Security, Guaranteed Income Supplement and Employment Insurance.

    How will a withdrawal impact my contribution room?

    If you withdraw from your TFSA, the amount you withdrew will be added on top of your annual contribution room for the following calendar year. If you withdraw from your RRSP, you do not open any additional contribution room.

    The Takeaway

    RRSPs and TFSAs can both be great savings vehicles. However, there are significant differences between them which can affect your finances. If you need help navigating these differences, please do not hesitate to contact us. We’re here to help.

    https://crossroadsfinancial.ca/wp-content/uploads/2023/02/TFSA-or-RRSP-2023-Featured-Image-500px.jpeg 292 500 Crossroads Financial Inc. https://crossroadsfinancial.ca/wp-content/uploads/2020/04/websiteLogo-300x92.png Crossroads Financial Inc.2023-02-02 07:09:072023-02-02 07:33:36TFSA versus RRSP – What you need to know to make the most of them in 2023

    2023 Financial Calendar

    January 1, 2023/in 2023, Blog, Financial Planning, retirement, rrsp, Tax Free Savings Account/by Crossroads Financial Inc.

    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.

    If you need help with your taxes, tax packages will be available starting February 2023. Don’t wait until the last minute to get started on your tax return – make an appointment with your accountant to ensure you’re ready to go when tax season arrives.

    https://crossroadsfinancial.ca/wp-content/uploads/2023/01/2023-Financial-calendar.png 333 500 Crossroads Financial Inc. https://crossroadsfinancial.ca/wp-content/uploads/2020/04/websiteLogo-300x92.png Crossroads Financial Inc.2023-01-01 07:00:002023-01-03 12:28:332023 Financial Calendar

    TFSA versus RRSP – What you need to know to make the most of them in 2022

    January 31, 2022/in 2022, Blog, rrsp, Tax Free Savings Account/by Crossroads Financial Inc.

    TFSA versus RRSP – What you need to know to make the most of them in 2022

    TFSAs and RRSPs can be significant savings vehicles. To help you understand their differences, we have put together this article to compare:

    • TFSA versus RRSP – Differences in deposits

    • TFSA versus RRSP – Differences in withdrawals

    TFSA versus RRSP – Difference in deposits

    There are four main areas to focus on when comparing differences in deposits for 2022:

    1. Contribution Room

    2. Carry Forward

    3. Contributions and Tax Deductibility

    4. Tax Treatment of Growth

    How much contribution room do I have?

    If you have never opened a TFSA before, you can contribute up to $81,500 today. This table outlines the contribution amount you are allowed each year since TFSAs were created, including this year:

    How much contribution room can I carry forward?

    If you choose not to contribute to your TFSA at all one year or do not contribute the maximum amount in a year, you can indefinitely carry forward your unused contribution room. The only restrictions on this are that you must be a Canadian resident, older than 18, and have a valid social insurance number. In addition, if you make a withdrawal, the amount you withdrew is added to your annual contribution room for the following calendar year.

    For an RRSP, you can carry forward your unused contribution room until the age of 71. When you turn 71, you must convert your RRSP into an RRIF. If you make a withdrawal from your RRSP, you do not open up any additional contribution room.

    Contributions and Tax Deductibility

    Your TFSA contributions are not tax-deductible and are made with after-tax dollars. Your RRSP contributions are tax-deductible and are made with pre-tax dollars.

    Tax Treatment of Growth

    One of the reasons it is essential to make both RRSP and TFSA contributions is that investment value growth is treated differently.

    A TFSA is more suitable for short-term objectives like saving for a house down payment or a vacation because the investment value growth is tax-free. In addition, when you make a withdrawal from your TFSA, you will not have to pay income tax on the amount withdrawn.

    The growth in an RRSP is tax-deferred, meaning you will not pay any taxes on your RRSP gains until you withdraw money from your future RRIF account; the account you convert your RRSP into at age 71. As a result, RRSPs are better suited for long-term objectives, like retirement. In addition, since you will have a lower income in retirement than when you are working, you will be in a lower tax bracket and not pay much tax on your RRIF income.

    TFSA versus RRSP – Differences in withdrawals

    There are four main areas to focus on when comparing differences in withdrawal for 2022:

    1. Conversion Requirements

    2. Tax Treatment

    3. Government Benefits

    4. Contribution Room

    Conversion Requirements

    For a TFSA, there are never any conversion requirements as there is no maximum age for a TFSA. However, if you have an RRSP, you must convert it to a Registered Retirement Income Fund (RRIF) if you turn 71 by December 31st of 2022.

    Tax Treatment Of Withdrawals

    One of the most attractive things about a TFSA is that all your withdrawals are tax-free! This ability to withdraw funds tax-free is why TFSAs are advantageous for short-term goals; you don’t have to worry about taxes when you take money out to pay for a house or a dream vacation.

    With an RRSP, if you make a withdrawal before converting it to a RRIF, it will be taxed as income except in two cases:

    1. The Home Buyers Plan lets you withdraw up to $35,000 tax-free, but you must pay it back within fifteen years.

    2. The Lifelong Learning Plan lets you withdraw up to $20,000 ($10,000 maximum per year) tax-free, but you must pay it back within ten years.

    How will my government benefits be impacted?

    If you are withdrawing from your TFSA or RRSP, it is essential to know how your withdrawals can impact any benefits you receive from the government.

    Since TFSA withdrawals are not considered taxable income, they will not impact your eligibility for income-tested government benefits.

    RRSP withdrawals are considered taxable income and can affect the following:

    • Income-tested tax credits such as Canada Child Tax Benefit, the Working Income Tax Benefit, the Goods and Services Tax Credit, and the Age Credit.

    • Government benefits including Old Age Security, Guaranteed Income Supplement and Employment Insurance.

    How will a withdrawal impact my contribution room?

    If you make a withdrawal from your TFSA, then the amount you withdrew will be added on top of your annual contribution room for the following calendar year. However, if you withdraw money from your RRSP, you do not open up additional contribution room.

    The Takeaway

    RRSPs and TFSAs can both be great savings vehicles. With this in mind, understanding the differences between these two types of tax-advantaged accounts can help you better plan for future purchases and your eventual retirement.

    https://crossroadsfinancial.ca/wp-content/uploads/2022/02/TFSA-vs-RRSP-2022.png 281 500 Crossroads Financial Inc. https://crossroadsfinancial.ca/wp-content/uploads/2020/04/websiteLogo-300x92.png Crossroads Financial Inc.2022-01-31 09:45:032022-02-01 09:45:08TFSA versus RRSP – What you need to know to make the most of them in 2022

    Retirement Planning for Business Owners – Checklist

    October 1, 2021/in Blog, Business Owners, corporate, health benefits, life insurance, long term care, pension plan, rrsp, Tax Free Savings Account/by Crossroads Financial Inc.

    As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

    We’ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we’re here to help and provide guidance to help you achieve your retirement dreams.

    Income Needs

    • Determine how much income you will need in retirement.

    • Make sure you account for inflation in your calculations.

    Debts

    • You should try to pay off your debts as soon as you can; preferably before you retire.

    Insurance

    • As you age, your insurance needs change. Review your insurance needs, in particular your medical and dental insurance because a lot of plans do not provide health plans to retirees.

    • Review your life insurance coverage because you may not necessarily need as much life insurance as when you had dependents and a mortgage, but you may still need to review your estate and final expense needs.

    • Prepare for the unexpected such as a critical illness or a need for long-term care.

    Government Benefits

    • Check what benefits are available for you upon retirement.

    • Canada Pension Plan- decide when would be the ideal time to apply and receive CPP payments. Business owners are in a unique position to control how much can be contributed to CPP by deciding to pay salary or dividends. (Dividends don’t trigger CPP contributions.)

    • Old Age Security- check pension amounts and see if there’s a possibility of clawback.

    • Guaranteed Income Supplement- if your income is low enough, you could apply for GIS.

    Income

    • Are you a candidate for an individual pension plan (IPP)? IPPs can provide higher contributions than typically permitted to an RRSP and the ability to create a lifelong pension.

    • Check if your business is a candidate for a group RRSP or company pension plan. This is a great way for you to build retirement savings and provide benefits for your employees and business too.

    • Make sure you are saving on a regular basis towards retirement- in an RRSP, TFSA, or non-registered. Since you can control how you get paid, salary or dividends, dividends are not considered eligible income to create RRSP room, therefore you should make sure you have the optimal mix of both to achieve your financial goals.

    • Ensure your investment mix makes sense for your situation.

    • Don’t forget to check if there are any other income sources.  (ex. rental income, side hustle income, etc.)

    Assets

    • The sale of your business can be part of your retirement nest egg. Therefore, you should make sure you know the valuation of your business and your plan to sell the business to your family, employees, partners or a third party. You should also know when you decide to sell your business too.

    • Are you planning to use the sale of your home or other assets to fund your retirement?

    • Will you be receiving an inheritance?

    One other consideration that’s not included in the checklist is divorce. This can be an uncomfortable question, however divorce amongst adults ages 50 and over is on the rise and this can be financially devastating for both parties.

    Next steps…

    • Contact Us about helping you get your retirement planning in order so your retirement dreams can be achieved.

    https://crossroadsfinancial.ca/wp-content/uploads/2021/10/retirementPlanningBO.jpeg 810 1440 Crossroads Financial Inc. https://crossroadsfinancial.ca/wp-content/uploads/2020/04/websiteLogo-300x92.png Crossroads Financial Inc.2021-10-01 06:00:002021-10-01 06:06:07Retirement Planning for Business Owners – Checklist

    TFSA vs RRSP – What you need to know to make the most of them in 2021

    January 21, 2021/in 2021, Blog, rrsp, Tax Free Savings Account/by Crossroads Financial Inc.

    If you are seeking ways to save in the most tax-efficient manner available, TFSAs and RRSPs can provide significant tax savings. To help you understand the differences, we compare:

    1. TFSA versus RRSP – Differences in deposits

    2. TFSA versus RRSP – Differences in withdrawals

    1) TFSA versus RRSP – Difference in deposits

    There are several areas to focus on when comparing differences in deposits for 2021:

    ● Contribution Room

    ● Carry Forward

    ● Contribution and Tax Deductibility

    ● Tax Treatment of Growth

    How much contribution room do I have?

    If you have never contributed to a TFSA before, you can contribute up to $75,500 today. This table outlines the contribution amount you are allowed each year since TFSAs were created, including this year:

    For RRSPs, the deduction limit is always 18% of your previous year’s pre-tax earnings to a maximum of $27,830. For example, if you earned $60,000 in 2020 then your deduction limit for 2021 would be $10,800 (18% x $60,000). If you earned $200,000, your deduction limit would be capped at the maximum of $27,830.

    How much contribution room can I carry forward?

    If you choose not to contribute to your TFSA at all one year or do not contribute the maximum amount in a year, you can indefinitely carry forward your unused contribution room. The only restrictions on this are that you must be a Canadian resident, older than 18, and have a valid social insurance number. If you make a withdrawal, then the amount you withdrew is added on top of your annual contribution room for the next calendar year.

    For an RRSP, you can carry forward your unused contribution room until the age of 71. When you turn 71, you must convert your RRSP into an RRIF. If you make a withdrawal from your RRSP, you do not open up any additional contribution room.

    Contributions and Tax Deductibility

    Your TFSA contributions are not tax-deductible and are made with after-tax dollars.

    Your RRSP contributions are tax-deductible and made with pre-tax dollars.

    Tax Treatment of Growth

    One of the reasons it’s essential to make both RRSP and TFSA contributions is that any growth in them is treated differently.

    A TFSA is more suitable for short-term objectives like saving for a house down payment or a vacation – because all of the growth in it is tax-free. When you make a withdrawal from your TFSA, you won’t have to pay income tax on the amount withdrawn.

    The growth in an RRSP is tax-deferred. This means you won’t pay any taxes on your RRSP gains until age 71, at which time, you convert RRSP into a RRIF and begin withdrawing money. RRSPs are better suited for long-term objectives, like retirement. Since you will have a lower income in retirement than when you are working, you will be in a lower tax bracket and, thus, not pay as much tax on your RRIF income.

    TFSA versus RRSP – Differences in withdrawals

    There are several areas to focus on when comparing differences in withdrawal for 2021:

    • Conversion Requirements

    • Tax Treatment

    • Government Benefits

    • Contribution Room

    Conversion Requirements

    For a TFSA, there are never any conversion requirements as there is no maximum age for a TFSA.

    For an RRSP, you must convert it to a Registered Retirement Income Fund (RRIF) if you turn 71 by December 31st of 2021.

    Tax Treatment of withdrawals

    One of the most attractive things about a TFSA is that all your withdrawals are tax-free! This is why they are recommended for short-term goals; you don’t have to worry about taxes when you take money out to pay for a house or a dream vacation.

    With an RRSP, if you make a withdrawal, it will be taxed as income except in two cases:

    • The Home Buyers Plan lets you withdraw up to $35,000 tax-free, but you must pay it back within fifteen years.

    • The Lifelong Learning Plan lets you withdraw up to $20,000 ($10,000 maximum per year) tax-free, but you must pay it back within ten years.

    How will my government benefits be impacted?

    If you are making a withdrawal from your TFSA or RRSP, it’s essential to know how that will affect any benefits you receive from the government.

    Since TFSA withdrawals are not considered taxable income, they will not impact your eligibility for income-tested government benefits.

    RRSP withdrawals are considered taxable income and can affect the following:

    • Income-tested tax credits such as Canada Child Tax Benefit, the Working Income Tax Benefit, the Goods and Services Tax Credit, and the Age Credit.

    • Government benefits including Old Age Security, Guaranteed Income Supplement and Employment Insurance.

    How will a withdrawal impact my contribution room?

    If you make a withdrawal from your TFSA, then the amount you withdrew will be added on top of your annual contribution room for the next calendar year. If you make a withdrawal from your RRSP, you do not open up any additional contribution room.

    The Takeaway

    RRSPs and TFSAs can both be great savings vehicles. However, there are significant differences between them which can affect your finances. If you need help navigating these differences, please do not hesitate to contact us. We’re here to help.

    https://crossroadsfinancial.ca/wp-content/uploads/2021/01/TFSA_vs_RRSP_2021_Featured_Image.png 281 500 Crossroads Financial Inc. https://crossroadsfinancial.ca/wp-content/uploads/2020/04/websiteLogo-300x92.png Crossroads Financial Inc.2021-01-21 14:01:102021-01-21 14:21:10TFSA vs RRSP – What you need to know to make the most of them in 2021

    2021 Financial Calendar

    January 4, 2021/in 2021, Blog, personal finances, rdsp, Registered Education Savings Plan, retirement, rrsp, tax, Tax Free Savings Account/by Crossroads Financial Inc.

    We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!

    We’ve provided information on:

    • The dates when the government distributes payments for the Canada Child Benefit, the Canada Pension Plan (CPP) and Old Age Security (OAS).

    • When GST/HST credit payments are issued – usually on the fifth day of January, April, July and October.

    • All the dates the Bank of Canada makes an interest rate announcement. A change in this interest rate (up or down) can impact a bank’s prime interest rates. This can then affect anything from the interest rate charged on your mortgage and line of credit to how much the Canadian dollar is worth against other currencies.

    • When you can start contributing to your Tax Free Savings Account (TFSA) for 2021, the contribution limit for 2021 is $6,000.

    • March 1st is the last day for your 2020 Registered Retirement Savings Plan (RRSP).

    • December 31st , 2021 is the last day for 2021 charitable contributions.

    • December 31st is the deadlines for various investment savings vehicle contributions, including your Registered Disability Savings Plan (RDSP) and Registered Education Savings Plan (RESP), as well as your RRSP if you turned 71 in 2021.

    • Tax filing deadlines for personal income tax, terminal tax returns for someone who died in 2020, self-employed individuals

    Knowing all of this information here can help you keep on top of your finances if you’re expecting any government benefits. It can also make sure you don’t miss any critical tax or investment deadlines!

    Tax packages will be available starting February 2021 – reach out to your accountant to get started on your taxes!

    If you have any questions on how we can help with your 2021 finances, please contact us.

    https://crossroadsfinancial.ca/wp-content/uploads/2021/01/2021-FInancial-calendar-1.png 563 1000 Crossroads Financial Inc. https://crossroadsfinancial.ca/wp-content/uploads/2020/04/websiteLogo-300x92.png Crossroads Financial Inc.2021-01-04 06:30:002021-01-04 06:42:172021 Financial Calendar

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