BY IG WEALTH MANAGEMENT / DECEMBER 2020 To take full advantage of the tax-deferred growth available when investing in a tax-free savings account (TFSA), many Canadians strive to maximize their TFSA contributions as early in the year as possible. However, while the goal with a TFSA should be to contribute as much as you can within the limits of your...
When it’s time to retire, many Canadians have several sources of income. We look at which sources you should draw from first to help minimize taxes.
As the March 1 RRSP deadline nears, many Canadians will, as they do every year, stash a last-minute lump-sum of cash into their retirement accounts. While it’s better to contribute before the deadline than not contribute at all, investing under pressure isn’t the best way to maximize your savings. “For a lot of a people, it’s a bit of a scramble at this time of year to make an RRSP contribution,” says Todd Sigurdson, IG Wealth Management’s Director of Tax and Estate Planning.
If you are heading toward retirement with a well-balanced portfolio of assets and/or guaranteed income sources such as an employer pension, you may already have enough anticipated resources to create a life-long income stream.
Nine key benefits of RESPs BY IG WEALTH MANAGEMENT / NOVEMBER 2022 Of all the key registered savings accounts available to Canadians, the Registered Education Savings Plan (RESP) seems to be the neglected younger sibling. Less than half of Canadian families invest in RESPs, and a worryingly small amount — just 17% — fully understand them. Yet, in so many...
Smart RESP withdrawal strategies BY IG WEALTH MANAGEMENT / NOVEMBER 2022 Did you know there are ways to reduce taxes on RESP withdrawals? Starting university is an exciting time for students but can be a stressful one for their parents. While it’s natural for parents to be concerned about where their kids will live or what they’ll eat if they’re...
BY IG WEALTH MANAGEMENT / NOVEMBER 2022 The concept of income splitting encompasses any strategy that shifts taxable income from an individual with a higher marginal tax rate to a family member who is subject to a lower marginal tax rate. In the right circumstances, prescribed rate loans can be a helpful financial planning tool and are one of the...
Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax saving opportunities, mitigate potential financial gaps and maximize your current lifestyle.