Tax Planning

"You must pay taxes but there's no law that says you gotta leave a tip."

Morgan Stanley


You may not realize it, but tax planning is a very important aspect of an integrated financial plan.  Aspects which may seem “simple” such as filing your taxes on time to avoid costly penalties, filing the family taxes together to take full advantage of credits or unused credit’s from each other’s tax returns (such as medical expenses for your family, if living together), the use of a RRSP (Registered Retirement Savings Plan) to potentially reduce income tax payable are all important points to consider, just to name a few.

By opening and contributing to a Tax Free Savings Account individuals are able to shelter any interest, dividends and/or capital gains from taxation when withdrawn, which can be particularly important not only to high income individuals, but also to those individuals in and/or approaching retirement years. 

We are here to make suggestions, guide and coordinate your financial well-being by assisting you to make informed and educated decisions on your wealth matters.


Tax-Free Savings Account (TFSA)

The Tax-Free Savings Account (TFSA) allows Canadians, age 18 and over, to set money aside tax-free throughout their lifetime. Each calendar year, you can contribute up to the TFSA dollar limit for the year, plus any unused TFSA contribution room from the previous year, and the amount you withdrew the year before.

The annual TFSA dollar limit for 2017 is $5,500.*

All income earned and withdrawals from a TFSA are generally tax-free. Plus, having a TFSA does not impact federal benefits and credits. It's a great way to save for short and long-term goals.

To learn all the facts, please contact me.

* For more information, please visit Canada Revenue Agency's TFSA website.

Mackenzie Investments' TFSA Guide

Click here to download Mackenzie's guide to the Tax-Free Savings Account (TFSA).


Year-end tax planning tips

As December 31st is quickly approaching, it’s a good time to look at some tax planning that needs to be implemented prior to year-end. Click the image below for a list of tax tips to keep in mind.



Charitable Donations

Click here to learn more.


How are your investments taxed?

It's no secret that Canadians pay a lot of tax. However, understanding how we are taxed can help us minimize the tax we have to pay. Click the image below to learn more.


Registered U.S. Dividend Mutual Fund Trusts

When it comes to receiving U.S. dividends in a mutual fund trust, the net impact of the foreign withholding tax is not always clear. For more information, please click here or contact us.