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Here is an excerpt from an important article by Louis on RRSPs. Tax time is fast approaching and it's time now to start considering your options.
One of the most popular and significant tax planning options available to the public is registered retirement savings plans (RRSPs). The RRSP program was created, by the government, to allow people to save for their retirement. With the ever increasing pressures on the Canada pension plan (CPP) and Old age security (OAS) programs, it is no secret that our generation will likely benefit insignificantly from these programs. RRSP’s help us offset the shortfalls of the CPP and OAS programs – at least to some degree. The program works fairly simply. You purchase investments through an RRSP, get a deduction on your tax return in the year you contribute and take the tax savings. Read the entire article here: https://docs.google.com/document/d/1paWFX6XJ-YNa5XilGiMMtVwkremQOHkG8Yc1tUBexds/pub Introduction
The mandate for this section of the book is to introduce you to the general concepts of estate planning. Since every individual has different objectives, needs and issues to deal with, estate planning is a very personal and individual exercise. To many of you estate planning is a grandiose exercise only needed by the rich. This is most definitely not the case. Everyone, who is interested in ensuring their heirs receive as much as possible and the taxman as little as possible, requires estate planning. Make no mistake, however, for some individuals estate planning can be a complex area and you must consult the appropriate professionals to ensure that all practical, legal and tax issues have been dealt with to the best of your ability. Your parents will need a lawyer and chartered accountant to start the process. Later they will likely require the services of an insurance advisor and an investment expert. I simply want to educate you as to general issues and opportunities that you may in turn identify as important for your parents' particular needs. Read the complete article here: https://docs.google.com/document/d/1d5OjMJ_bsDnK0kLBPfjxgsW64GO4ziM7EzjCRY0T8pk/pub |
AuthorThis Blog is edited by Futuresign Digital Network. Archives
October 2015
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