Income Tax Planning

It’s not what you make, it’s what you keep

“The question is not, ‘Can I grow money outside of an insurance policy?’; Or, ‘Will there be short-term volatility in the equity markets?’’; Or even, ‘Do I need more earned income in the current tax year?’ The real question is: ‘Am I doing what I need to in order to meet my objectives?’ It’s not what…

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The battle of the heavyweights

“The bottom line is that RRSPs and TFSAs are both great planning tools, but neither is intrinsically superior to the other. Which one is right for you will be determined by your objectives and your personal circumstances, including; what do you want to use the money for, when do you want to use the money,…

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Also posted in All Columns, Money Management |

Using the right tool for the job

“Sometimes people say to me, “I hate RRSPs.” Honestly, that statement does not make a lot of sense. A Registered Retirement Savings Plan is just a tool to get a job done. It would be like someone saying, “I hate hammers,” or “I hate needle nose pliers.” Usually when people tell me that they hate…

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Also posted in All Columns, Retirement Planning |

A Lousy Use of a Great Opportunity

With the Tax Free Savings Account you will pay less tax. I’m a big fan. Who doesn’t want to pay less tax? I just think that a lot of people aren’t using TFSAs as effectively as they could. Here’s how it works: With a TFSA you invest your money as appropriate to your objectives. There…

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