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Archive for category: RRSP

You are here: Home / RRSP

TFSA vs RRSP – What you need to know to make the most of them in 2021

January 21, 2021/in 2021, blog, RRSP, Tax Free Savings Account /by Bryan Wilson

If you are seeking ways to save in the most tax-efficient manner available, TFSAs and RRSPs can provide significant tax savings. To help you understand the differences, we compare:

  1. TFSA versus RRSP – Differences in deposits

  2. TFSA versus RRSP – Differences in withdrawals

1) TFSA versus RRSP – Difference in deposits

There are several areas to focus on when comparing differences in deposits for 2021:

● Contribution Room

● Carry Forward

● Contribution and Tax Deductibility

● Tax Treatment of Growth

How much contribution room do I have?

If you have never contributed to a TFSA before, you can contribute up to $75,500 today. This table outlines the contribution amount you are allowed each year since TFSAs were created, including this year:

For RRSPs, the deduction limit is always 18% of your previous year’s pre-tax earnings to a maximum of $27,830. For example, if you earned $60,000 in 2020 then your deduction limit for 2021 would be $10,800 (18% x $60,000). If you earned $200,000, your deduction limit would be capped at the maximum of $27,830.

How much contribution room can I carry forward?

If you choose not to contribute to your TFSA at all one year or do not contribute the maximum amount in a year, you can indefinitely carry forward your unused contribution room. The only restrictions on this are that you must be a Canadian resident, older than 18, and have a valid social insurance number. If you make a withdrawal, then the amount you withdrew is added on top of your annual contribution room for the next calendar year.

For an RRSP, you can carry forward your unused contribution room until the age of 71. When you turn 71, you must convert your RRSP into an RRIF. If you make a withdrawal from your RRSP, you do not open up any additional contribution room.

Contributions and Tax Deductibility

Your TFSA contributions are not tax-deductible and are made with after-tax dollars.

Your RRSP contributions are tax-deductible and made with pre-tax dollars.

Tax Treatment of Growth

One of the reasons it’s essential to make both RRSP and TFSA contributions is that any growth in them is treated differently.

A TFSA is more suitable for short-term objectives like saving for a house down payment or a vacation – because all of the growth in it is tax-free. When you make a withdrawal from your TFSA, you won’t have to pay income tax on the amount withdrawn.

The growth in an RRSP is tax-deferred. This means you won’t pay any taxes on your RRSP gains until age 71, at which time, you convert RRSP into a RRIF and begin withdrawing money. RRSPs are better suited for long-term objectives, like retirement. Since you will have a lower income in retirement than when you are working, you will be in a lower tax bracket and, thus, not pay as much tax on your RRIF income.

TFSA versus RRSP – Differences in withdrawals

There are several areas to focus on when comparing differences in withdrawal for 2021:

  • Conversion Requirements

  • Tax Treatment

  • Government Benefits

  • Contribution Room

Conversion Requirements

For a TFSA, there are never any conversion requirements as there is no maximum age for a TFSA.

For an RRSP, you must convert it to a Registered Retirement Income Fund (RRIF) if you turn 71 by December 31st of 2021.

Tax Treatment of withdrawals

One of the most attractive things about a TFSA is that all your withdrawals are tax-free! This is why they are recommended for short-term goals; you don’t have to worry about taxes when you take money out to pay for a house or a dream vacation.

With an RRSP, if you make a withdrawal, it will be taxed as income except in two cases:

  • The Home Buyers Plan lets you withdraw up to $35,000 tax-free, but you must pay it back within fifteen years.

  • The Lifelong Learning Plan lets you withdraw up to $20,000 ($10,000 maximum per year) tax-free, but you must pay it back within ten years.

How will my government benefits be impacted?

If you are making a withdrawal from your TFSA or RRSP, it’s essential to know how that will affect any benefits you receive from the government.

Since TFSA withdrawals are not considered taxable income, they will not impact your eligibility for income-tested government benefits.

RRSP withdrawals are considered taxable income and can affect the following:

  • Income-tested tax credits such as Canada Child Tax Benefit, the Working Income Tax Benefit, the Goods and Services Tax Credit, and the Age Credit.

  • Government benefits including Old Age Security, Guaranteed Income Supplement and Employment Insurance.

How will a withdrawal impact my contribution room?

If you make a withdrawal from your TFSA, then the amount you withdrew will be added on top of your annual contribution room for the next calendar year. If you make a withdrawal from your RRSP, you do not open up any additional contribution room.

The Takeaway

RRSPs and TFSAs can both be great savings vehicles. However, there are significant differences between them which can affect your finances. If you need help navigating these differences, please do not hesitate to contact us. We’re here to help.

https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2021/01/TFSA_vs_RRSP_2021_Featured_Image.png?time=1614034662 281 500 Bryan Wilson https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2016/02/wilsonLogoWhiteBackground.jpg Bryan Wilson2021-01-21 14:01:102021-01-21 22:15:12TFSA vs RRSP – What you need to know to make the most of them in 2021

2021 Financial Calendar

January 4, 2021/in 2021, blog, personal finances, RDSP, Registered Education Savings Plan, Retirement, RRSP, Tax, Tax Free Savings Account /by Bryan Wilson

We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!

We’ve provided information on:

  • The dates when the government distributes payments for the Canada Child Benefit, the Canada Pension Plan (CPP) and Old Age Security (OAS).

  • When GST/HST credit payments are issued – usually on the fifth day of January, April, July and October.

  • All the dates the Bank of Canada makes an interest rate announcement. A change in this interest rate (up or down) can impact a bank’s prime interest rates. This can then affect anything from the interest rate charged on your mortgage and line of credit to how much the Canadian dollar is worth against other currencies.

  • When you can start contributing to your Tax Free Savings Account (TFSA) for 2021, the contribution limit for 2021 is $6,000.

  • March 1st is the last day for your 2020 Registered Retirement Savings Plan (RRSP).

  • December 31st , 2021 is the last day for 2021 charitable contributions.

  • December 31st is the deadlines for various investment savings vehicle contributions, including your Registered Disability Savings Plan (RDSP) and Registered Education Savings Plan (RESP), as well as your RRSP if you turned 71 in 2021.

  • Tax filing deadlines for personal income tax, terminal tax returns for someone who died in 2020, self-employed individuals

Knowing all of this information here can help you keep on top of your finances if you’re expecting any government benefits. It can also make sure you don’t miss any critical tax or investment deadlines!

Tax packages will be available starting February 2021 – reach out to your accountant to get started on your taxes!

If you have any questions on how we can help with your 2021 finances, please contact us.

https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2021/01/2021-FInancial-calendar-1.png?time=1614034662 563 1000 Bryan Wilson https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2016/02/wilsonLogoWhiteBackground.jpg Bryan Wilson2021-01-04 06:00:002021-01-04 14:06:172021 Financial Calendar

Personal Tax Planning Tips – End of 2020 Tax Year

December 2, 2020/in 2020 Only, blog, Charitable Gifting, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retired, Coronavirus - Retiring, Coronavirus - Students, disability, disability insurance, Family, financial advice, financial planning, health benefits, pension plan, RDSP, Registered Education Savings Plan, RRSP, Tax, Tax Free Savings Account /by Bryan Wilson

Now that we are reaching the end of the tax year, it’s an excellent time to review your finances. We’ve listed below some of the critical areas to consider and provide you with useful guidelines.

We have divided our tax planning tips into five sections:

  • Tax Deadlines

  • Individual tax issues

  • Family tax issues

  • Managing your investments

  • Retirement planning

Tax Deadlines for 2020 Savings

December 31, 2020:

  • If you reached the age of 71 in 2020, you can’t contribute to your RRSP after this date

  • Use up your TFSA contribution room

  • Contribute to an RESP to get the Canadian Education Savings Grant (CESG) and the income-tested Canada Learning Bond (if eligible).

  • Contribute to an RDSP to get the Canada Disability Savings Grant (CDSG) and the income-tested Canada Disability Savings Bond (if eligible).

  • Medical expenses

  • Investment counsel fees, interest and other expenses relating to investments

  • Some payments for child and spousal support

  • Fees for union and professional memberships

  • Student loan interest payments

  • Deductible legal fees

  • Charitable gifts

  • Political contributions

January 30, 2021

  • Interest on intra-family loans

  • The interest you must pay on employer loans to reduce your taxable benefit

March 1, 2021

  • Contributions to provincial labour-sponsored venture capital corporations

  • RRSP Repayment under Home Buyers Plan or Lifelong Learning Plan

  • Deductible contributions to a personal or spousal RRSP

Individual Tax Issues

To help Canadians deal with financial hardships due to job loss because of COVID-19, the Canadian government introduced several benefit programs. If you received any of these benefits, you should be aware of the tax ramifications.

The Canada Emergency Response Benefit (CERB) was the first benefit program issued by the government and ran until September 26, 2020. If you received the CERB at all during 2020, the government will issue you at T4A, showing how much money you received from the CERB program. You must then declare that as income when filing your 2020 income tax return. Since no tax was taken off at the source, be sure to put aside money to pay for potential income taxes on your CERB income.

As of September 27, 2020, the government offered three replacement benefit programs:

  • Canada Recovery Benefit (CRB)
    This is for people impacted by COVID-19 who work but are not eligible for EI (e.g. self-employed).

  • Canada Recovery Sickness Benefit (CRSB)
    This is for people who are employed cannot work due to COVID-19 and do not have access to paid sick leave.

  • Canada Recovery Caregiving Benefit (CRCB)
    This is for people who must miss work to care for a family member who has COVID-19.

For all three of these programs, the government will be withholding 10% in taxes upfront, but you may end up owing extra tax, depending on the rest of your income for 2020, so it’s important to set extra money aside for taxes.

Also, there is a unique condition for the CRB only. If you make over $38,000 in 2020 (excluding the CRB), you will have to pay back the CRB at a rate of 50 cents for each dollar of CRB you earned above the threshold.

If you paid interest on an eligible student loan in 2020, you can claim a non-refundable tax credit in the amount of interest you paid by December 31. In addition, you should be aware that student loan payments were frozen for six months – from March 30 to September 30. No interest accrued on student loans during that period.

Family Tax Issues

  • Check your eligibility for the Canada Child Benefit
    (CCB)
    To receive the Canada Child Benefit in 2021/22, you need to file your tax returns for 2020 as the benefit is calculated using your family income from the previous year. Eligibility for the CCB depends on set criteria such as your family’s income, how many children you have, and how old they are. You may qualify for a full or partial amount, depending on whether you have full custody or shared custody.

  • Consider family income splitting

    The CRA offers a prescribed low-interest rate on family loans. Therefore, it makes sense to consider setting up an income splitting loan arrangement with your family members. If you do this, you can potentially lock in a family loan at a low-interest rate of 1% and then invest the borrowed money into a higher return investment while benefitting from your family member’s lower tax status. Don’t forget to adhere to the Tax on Split Income rules.

Managing Your Investments

  • Use up your TFSA contribution room

    If you can, it’s worth contributing the full $6,000 to your TFSA for 2020. You can also contribute more (up to $69,500) if you are 29 or older and haven’t made any previous TFSA contributions.

  • Contribute to a Registered Education Savings Plan (RESP)

    The Registered Education Savings Plan (RESP) is a savings plan for parents and others to save for a child’s education. The Canada Education Savings Grant (CESG) will match up to 20% of your contributions up to a maximum of $2,500.

    That means the CESG can add a maximum of $500 to an RESP each year. The grant room accumulates until your child turns 17. Therefore, any unused CESG amounts for the current year are automatically carried forward for possible use in the future years.

    The income-tested Canada Learning Bond (CLB) is paid directly to a child’s RESP by the Canadian government to low-income families. No personal contributions are required to receive the CLB.

  • Contribute to a Registered Disability Savings Plan (RDSP)

    The Registered Disability Savings Plan (RDSP) is a savings plan for parents and others to save for the financial security of a person who is eligible for the Disability Tax Credit (DTC). The government will pay a matching Canada Disability Savings Grant (CDSG) up to 300% – depending on the beneficiary’s adjusted family net income and amount contributed.

    Also, low-income Canadians with disabilities may be eligible for a Canada Disability Savings Bond (CDSB). If you qualify, it will be paid directly to your RDSP.

    The government will pay matching grants or bonds into the RSDP up to and including the end of the year the recipient turns 49. Be aware that there is a 10-year carry-forward of CDSG and CDSB entitlements.

  • Donate securities to charity

    Donating by year-end will provide you with tax savings. If you donate eligible securities or mutual funds, capital gains tax does not apply, and you can receive a tax receipt for their full market value. Also, the charity gets the full value of the securities.

  • Think about selling any investments with unrealized capital losses

    It might be worth doing this before year-end to apply the loss against any net capital gains achieved during the last three years. The last trading date for 2020 for Canadian and US publicly traded stocks will be Tuesday December 29th in order to record the gain or loss in the 2020 taxation year.

    Conversely, if you have investments with unrealized capital gains that cannot be offset with capital losses, it may be worth selling them after 2020 to be taxed on the income the following year.

  • Consider the timing of purchasing of certain non-registered investments

    Suppose you are considering purchasing an interest-bearing investment like a guaranteed investment certificate (GIC) with a maturity date of one year or more. In that case, you may consider delaying the purchase to the following year, so you don’t have to pay tax on accrued interest until 2021. You should also consider this with mutual funds that make taxable distributions before the end of 2020, consider delaying this until early 2021. Don’t pay taxes earlier than necessary.

  • Check if you have investments in a corporation

    The new passive investment income rules apply to tax years from 2018 onwards. They state that the small business deduction is reduced for companies with between $50,000 and $150,000 of investment income. Therefore, the small business deduction has entirely stopped for corporations that earn a passive investment income of more than $150,000.

    Note – At a provincial level, both Ontario and New Brunswick do not follow the federal rules to limit access to the small business deduction.

Retirement Planning

  • Make the most of your RRSP

    The deadline for making contributions to your RRSP for the year 2020 is March 1, 2021. The deduction limit for 2020 is limited to 18% of the income you earned in 2020, to a maximum of $27,230. This maximum amount is impacted by the following:

  1. Any pension adjustment

  2. Any previous unused RRSP contribution room

  3. Any pension adjustment reversal.

Remember that deducting your RRSP contribution reduces your after-tax cost of making said contribution.

  • Check when your RRSP is due to end

    If you reach the age of 71 during 2020, you must wind up your RRSP this year. You must make your final contribution to it by December 31, 2020.

  • Convert to RRIF before year-end

    If you turned 65 during 2020 or are already older than 65, you’re entitled to a pension credit that can fully or partly offset the tax on the first $2,000 of eligible income annually. Consider setting up an RRIF before year-end to pay out $2,000 annually if you don’t have any other eligible pension income.

If you have any questions about your taxes for 2020, contact us – we can help you!

https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2020/12/Personal-tax-planning-tips-2020@1000px.png?time=1614034662 563 1000 Bryan Wilson https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2016/02/wilsonLogoWhiteBackground.jpg Bryan Wilson2020-12-02 14:07:542020-12-02 22:24:45Personal Tax Planning Tips - End of 2020 Tax Year

6 Steps to Retirement Success

August 4, 2020/in blog, Business Owners, Family, Investment, Retirees, RRSP, Tax Free Savings Account /by Bryan Wilson

 Retirement planning can be challenging, we’ve outlined what we feel are 6 steps to retirement success.

  • Have a written plan which merges life priorities with financial resources.

  • Consolidate your income-producing assets with one advisor.

  • Layer different sources of income in the most efficient manner.

  • Structure income in order to preserve valuable tax credits and government benefits.

  • Create efficient cash flow by investing your income-producing assets wisely.

  • Implement efficient solutions for health-cost risks and wealth transfer strategies.

Talk to us about a complimentary comprehensive review of your retirement plan.

 

https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2020/08/500x500-6-STEPS-TO-RETIREMENT-SUCCESS-coverImage.png?time=1614034662 500 500 Bryan Wilson https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2016/02/wilsonLogoWhiteBackground.jpg Bryan Wilson2020-08-04 14:03:002020-08-04 21:15:136 Steps to Retirement Success

Retirement Planning for Business Owners

July 2, 2020/in blog, Business Owners, corporate, Retirees, RRSP, Tax, Tax Free Savings Account /by Bryan Wilson

Retirement planning can be a complex process for us all, but if you are the owner of a small business it may can get even more complicated, due to the various factors and circumstances that you have to take into consideration. A common mistake made by small business owners is reinvesting extra money to grow their business, at the expense of putting it aside to save for their retirement.

Although there is no magic formula for getting started on a retirement strategy for your business, there are some general principles which might help you to get a handle on the steps that you need to take. One of the key ideas is the consideration of both your business and your personal finances and how to structure and integrate the two in order to create a robust retirement financial strategy.

Here are some tips on how to get started on a retirement plan.

  • Set aside time to plan for the future – It’s important to make retirement planning a priority, or you run the risk of never getting around to it. A professional financial planner can help you to assess your personal circumstances and create a personalized plan that suits you and your business, with the right balance between saving and reinvestment to help your business to grow.

  • Think about your future retirement income – Here are the main sources of retirement income that small business owners usually rely on:

  1. Equity held in your business – If your business is successful, you are likely to benefit from equity from it in your retirement. Selling your company is an option, particularly attractive to some as, in some cases, you could benefit from the lifetime capital gains exemption on the sale. Of course, finding the right person to run your business in the future is easier said than done. A clear succession plan, created in advance of your retirement, can help you to ensure that business continuity will be affected as little as possible and will give you peace of mind as you approach your retirement. You may also want to consider using the expertise of an accountant or mergers and acquisitions specialist to help you to value your business correctly and also look after your interests when liaising with potential purchasers.

  2. Alternatively, you may choose for your children to inherit your business, or you may decide to retain ownership of dividend-paying preferred shares in order to maintain an ongoing source of income.

  3. Registered plans – A Registered Retirement Savings Plan (RRSP) can offer personal tax deductions on your contributions, plus your savings will grow as tax-deferred whilst in the plan. In addition, tax-free savings accounts (TFSAs) can be a useful way to save tax-free in particular circumstances.

  • Consider offering a retirement savings plan to your employees – Paying your statutory contribution of the Canada Pension Plan is just the minimum – many small businesses choose to offer their employees enhanced pension contributions as an incentive or employee benefit. For example, you could match their RRSP contributions to a set limit, to help their retirement nest grow more quickly. Alternatively, you could offer a benefit plan with an investment contribution package from an insurance company, which can be a more straightforward and cost-effective choice.

  • Be sure to diversify – As a small business owner, you should avoid putting all of your eggs in one basket, financially speaking, as this could leave you vulnerable to changes in the market. Try to diversify your investments and spread your funds in order to protect yourself and engage the help of a professional where necessary to help you to do so.

In summary, it’s important to remember that retirement planning is a process which is unique and personal to your own and your business’ circumstances and there is no uniform approach which works across the board. Take time to take stock of your current situation, as well as your goals for the future and this will help you to create a retirement plan that is right for your needs, both current and future.

Contact us
https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2020/07/retirementPlanningBOFI.png?time=1614034662 512 1024 Bryan Wilson https://secureservercdn.net/45.40.152.13/em4.79f.myftpupload.com/wp-content/uploads/2016/02/wilsonLogoWhiteBackground.jpg Bryan Wilson2020-07-02 11:59:262020-07-02 19:39:20Retirement Planning for Business Owners

Life Stages

  • RetireesAugust 13, 2015 - 1:55 pm

    Who:
    Age 65 and over
    Increased net worth
    No longer working or working part time

    Priorities:
    Mortgage is paid off
    Little to no debt
    Review pension arrangements
    Staying on budget
    Living off savings
    Reducing income tax
    Taking care of “What-Ifs”
    Make a will
    Consider power of attorneys
    Making sure health insurance is adequate
    Estate Planning

  • Preparing for RetirementAugust 13, 2015 - 6:42 am

    Who:
    Age 55 to 64
    Preparing for retirement
    May have adult children
    Increased net worth

    Priorities:
    Almost done paying mortgage
    Little to no debt
    Retirement savings is top priority
    Staying on budget
    Reducing income tax
    Taking care of “What-Ifs”
    Make a will
    Consider power of attorneys
    Making sure health insurance is adequate

  • Maturing FamiliesAugust 13, 2015 - 6:04 am

    Who:
    Age 45 to 54
    Established in career
    May have older children
    May be in peak earning years

    Priorities:
    Paying off mortgage
    Reduce all debts
    Saving for retirement
    Staying on budget
    Reducing income tax
    Taking care of “What-Ifs”
    Make a will
    Consider power of attorneys

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Latest news

  • Business Owners: 2020 Tax Planning Tips for the End of the YearDecember 11, 2020 - 6:00 am
  • 10 Essential Decisions for Business OwnersOctober 1, 2020 - 7:00 am
  • Insurance Planning for Young FamiliesJune 2, 2020 - 12:27 pm

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Get in Touch

Tel: (705) 362-5888

Toll Free: (844) 362-5888

Email: BWilson@AssuranceWilson.com

Wilson Insurance and Financial Strategies
15 9th Street, P.O. Box 3153 Hearst, ON P0L 1N0

Fax: (705) 362-8111

Latest News

  • Extended COVID-19 Federal Emergency BenefitsFebruary 22, 2021 - 2:09 pm
  • Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipientsFebruary 12, 2021 - 4:28 pm
  • TFSA vs RRSP – What you need to know to make the most of them in 2021January 21, 2021 - 2:01 pm
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About Wilson Insurance and Financial Strategies

Working both with business owners and the family market are the main focus of my business. I provide defensive strategies that protects the financial health of businesses and families in the tragic events of death, disability and illness. In addition, I provide offensive strategies that helps business owners pay less tax as well as simple but yet powerful methods of extracting money out of corporations tax efficiently. Furthermore, I provide business owners and families with easy planning methods that help them understand how much money they need to retire with confidence and knowing they will have enough to fund their retirement goals.

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