Wednesday, May 22, 2024

Dollars & Sense

Dan White The RRSP deadline for 2015 taxes is February 29. That being said, why should you put your hard-earned money into an RRSP?Well, there are three ways to fund your retirement: company pensions, government pensions, and your savings. The only one you have any real firm control over is your savings. The great thing about RRSPs is that you defer the tax bill while you are earning now and then pay a reduced rate when you draw the funds out...
Dan White Several people have asked for some information about income splitting and/or pension splitting. Since pension splitting has more content to work through, I will cover it first. What is pension splitting, and why should you consider it? According to tax laws in Canada, an individual who makes $80,000 is subject to a higher rate of taxation than two people who make $40,000 so, if one person is getting a substantially higher pension income than their spouse, it makes sense to...

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