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Helping you put it all together |
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Tax rules and their application are unique to each individual. This often requires experience and due care to avoid unnecessary tax payments. Consult with a professional, pay now, and save later! |
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Plan for the future TFSA’s—Tax free savings accounts · Contribute up to $5000 annually · All income earned is tax free · All withdrawals from these accounts are tax free · Contributions do not result in a tax credit If you have extra cash or can afford to save a little, contributions to this account should be maxed out annually and invested. Any amounts earned there-after are tax free and when the balance becomes sizable this will result in significant savings in the golden years. RRSP’s Generally used to smooth an individuals income and reduce tax paid over the course of his or her life. In years of high income, after maxing contributions to the TFSA, contribute to an RRSP to reduce current tax. Pay less tax on withdrawals in later years when your total annual income is lower Consult a professional Everyone’s finance and tax situation is unique and failure to get advice can be extremely costly in the end. Making assumptions can result in large tax overpayments due to misunderstandings of tax rules and their correct application.
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To contact us: Address: 11420—142 street Phone: 780-757-1181 Edmonton, Alberta , T5M 1V1 Fax: 780-757-1181
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