Calculate Your RRSP Tax Savings

With day to day expenses and the cost of living in general, it can be difficult to save money for your retirement. The underlying difficulty here is finding cash flow to support your savings. After you add up the expenses and taxes, there may not be any money left at the end of the month. […]

Understand Your Net Worth

Whether it be a number to track financial progress, being able to call yourself a millionaire, multimillionaire, etc., your net worth is an important number to know. After all, net worth is a great measure of all your hard work to date. Net worth is a “snapshot” of what you own vs. what you owe. […]

Deciding Whether to Invest Into TFSA or RRSP

So you have a bunch of money that you are planning to invest. The problem is that you don’t know if you should put it in your TFSA, RRSP, or an investment account. This is leading you to not do anything with this money. Delaying any further could be costing you money! (click here to […]

Taxes and Investment Income

We should all strive to maximize our investment income in the most tax-effective way. The problem is that in a non-registered account, each type of investment income is taxed differently. Capital gains, interest, dividends and rental income all have different tax treatments. This especially leads to frustration when you could have made a different investment […]

Calculate Your Income Tax

Ideally, we would like to pay no tax while receiving as many benefits as possible. Since that is impossible, let’s use every legal means possible to try and reduce our taxes! Canada’s Federal income tax act is over 3000 pages long. Only a team of tax accountants and lawyers can come close to understanding this […]

TFSA or Taxable Investment?

In a perfect world, we all want a great investment return without paying any taxes! Because it is so rare to get a perfect tax break, people are often suspicious of the Tax Free Investment Savings Account, or TFSA for short. We run the danger of neglecting a very valuable tool that could save us […]

Understanding Your RRIF

You have saved diligently for your retirement through your Registered Retirement Savings Plan (RRSP). You have retired or are anticipating retirement and may be planning on or have already opened up a Registered Retirement Income Fund (RRIF). You want to know how much money you can take out each year and how long your RRIF […]