The 2018 RRSP contribution deadline is rapidly approaching and the last day to make contributions is March 1, 2019. Why should you contribute to an RRSP? Contributing to an RRSP before March 1 lowers your 2018 taxable income and result in less income tax owing when you file your 2018 tax return. If you normally get a refund, a RRSP contribution can increase the size of your refund and if you generally owe tax, a contribution can help lower the amount owing.
CLICK HERE: 2018 RRSP Savings Calculator
Click above for a handy calculator to give you an estimate of tax you can save by making an RRSP contribution. If you’re not sure if you should contribute to an RRSP or how much to contribute, give us a call at 604-892-5131 to speak with one of our advisors.
The new U.S. Tax Cuts and Jobs Act has made renouncing U.S. citizenship easier than ever by reducing the exit tax threshold. This change combined with the features of being a non-U.S. person have made renouncing citizenship an attractive idea worth considering.
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The new Liberal government outlined several significant tax changes in their election platform. If they make good on those election promises in tax year 2016 and beyond, millions of Canadians will be affected financially; some will be winners and some will be losers.
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The Family Tax Cut can change the way we think about which spouse should make the RRSP contribution.
In a family situation where the non-refundable credits claimed by the higher-income spouse exceed the “adjusted taxable income” after splitting, the extra credits can be wasted.
This new federal non-refundable credit will provide up to a maximum of $2,000 in tax relief to benefit one-earner or two-earner couples where one spouse’s income is taxed at a higher rate.