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Where to Invest Your RRSP Contributions

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Lorne on BNNLorne Zeiler, VP and Portfolio Manager at TriDelta Financial and Investment Counsel was the guest on BNN’s The Street on February 13th to discuss RRSP Investing, TFSAs and where to invest your RRSP contribution.

 

Lorne Zeiler
Written By:
Lorne Zeiler, MBA, CFA
VP, Wealth Advisor
lorne@tridelta.ca
416-733-3292 x225

Less than half of Canadians will contribute to an RRSP this year

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ted_bnn_23feb15According to a recent poll done by a leading Canadian bank, more than half of us won’t be contributing to an RRSP this year.

BNN invited Ted Rechtshaffen to discuss the findings and share his insights on saving for our retirement.

To better assist you in making effective savings decisions and as importantly how best to invest it, we invite you to connect directly for a no obligation discussion – simply click here and we will have one of our Wealth Advisors connect with you.

We also recently outlined the differences between an RRSP and TFSA (Tax Free Savings Account) contribution.

Other key findings of the bank sponsored poll include:

  • 54 per cent of Canadians indicate that they will not make an RRSP contribution for the 2014 tax year
  • 32 per cent of Canadians intend to contribute
  • 16 per cent have already made their RRSP contribution
  • 16 per cent say they plan to contribute
  • 14 per cent say they are undecided about contributing
Ted Rechtshaffen
Written By:
Ted Rechtshaffen, MBA, CFP
President and CEO
tedr@tridelta.ca
(416) 733-3292 x 221

Tax time

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It’s almost Tax Time. Here is a list of some items worth noting for this year’s tax filing.

  • RRSP contribution deadline:  March 3, 2014 to be able to deduct on your 2013 tax return.
  • Due Date for filing: Taxes owing on all personal tax returns are due April 30, 2014.
  • Life Changes: Newly married/separated, moved, started a family, etc? These changes can affect your tax outcome.
  • Direct Deposit: CRA will stop issuing cheques as of sometime in 2016. Direct Deposit can be set up with your 2013 tax filing.
  • Ontario Healthy Homes Reno Tax Credit: Over 65, or do you live with someone over 65? You may qualify for a tax credit when you make your home more accessible.
  • Foreign Income Reporting: Taxpayers who own foreign property NOT used for personal use and/or are assets used in an active business, may need to file a separate “Foreign Income Verification Form”. Specified Foreign Property includes: amounts in foreign banks, shares in foreign companies, real estate holdings outside Canada, and others. The penalties for non-compliance are severe.
  • U.S. Status: Please advise us of your U.S. Status.
  • Ontario Trillium Benefit: If you qualify for this benefit you can now choose to receive a single payment in July of 2015, or monthly beginning in July 2014.

Given the ever changing landscape of tax regulation research shows that approximately seventy percent of individuals and small businesses use tax preparers to file their taxes. We believe that it is money well spent to consult a professional and should be viewed as money well spent. Preparing tax returns can be complicated and understanding each taxpayer’s unique situation is crucial in ensuring the best tax outcome.

At TriDelta we work with many accountants and tax experts and will be happy to refer you to a specialist depending on the complexity of your financial situation.

Shoebox Tax Prep & Accounting Services compiled this list of tips to get you thinking about your tax return www.shoeboxtaxprep.ca

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