RRSP Season

The RRSP season is in full swing!  

March 1, 2023 is the deadline to contribute to your RRSP for the 2022 tax year.

This is the last day that you can contribute to your RRSP if you want to take advantage of deductions and increase your tax return this spring.   

Ask an advisor: RRSP or TFSA?

Find out the reasons to invest in a registered retirement savings plan (RRSP) or tax-free savings account (TFSA) and why an advisor should help you decide.

 

 


View video script

 

Description: This animated video introduces a character named Hinata and his advisor with illustrated graphics to show the difference between an RRSP and TFSA.

Text “Ask an advisor” appears. The camera zooms out as the text lands in an outlined square. “RRSP or TFSA?” fades in below. An illustration of a vault draws on the right side of the frame.

Hinata: How do I choose between investing in an RRSP or a TFSA?

Description: Hinata sits in his advisor’s office with a cup of coffee on the desk in front of him. His advisor’s head nods to the right of the frame. A laptop is placed in between them.

Advisor: Well, first off, it depends on several things,

Description: Cut to Hinata and his advisor sitting behind her desk. She leans in and gestures towards the laptop.

Advisor: including your age, income, tax rate, the goal you’re saving for, and how long it’ll be until you need to use the money.

Description: Cut to five squares with icons and text, labelled “Age,” “Income,” “Tax rate,” “Goal” and “Time.”

Advisor: A registered retirement savings plan or RRSP is used to save for retirement.

Description: A pie graph labelled “RRSP” animates into the frame. An illustration of a Muskoka chair appears in the middle of the graph.

Advisor: When you put money into an RRSP, you get a tax receipt that can offset your income taxes.

Description: The advisor’s hand enters the frame and moves a coin into the pie graph. Cut to an illustration of a receipt. The advisor's hand brings the coin over to the receipt.

Advisor: You only pay tax on this money when you withdraw, and in retirement, you generally pay less tax than in your working years.

Description: Cut to line graph showing age from 20 to 90. The line representing income rises until retirement at age 65, then decreases gradually afterwards.

Advisor: A tax-free savings account or TFSA can be used to save for retirement

Description: A pie graph labelled “TFSA” animates into the frame. An illustration of a Muskoka chair appears in the middle of the graph.

Advisor: or any other goal.

Description: The camera zooms out to show two more pie graphs, one with an illustration of a new home, the other with an airplane.

Advisor: When you put money into a TFSA, you don’t get a tax-receipt like with an RRSP.

Description: The graph in the middle of the frame grows larger. The advisor’s hand enters and moves a coin into the pie graph.

Advisor: However, you also don’t pay tax on any increase in value in your TFSA,

Description: The hand pulls the coin out of the pie graph as the camera pans to a line graph representing savings over 15 years.

Advisor: or on money you withdraw from it at any date.

Description: An illustration of a receipt with scissors fades in as the graph drops slightly at the 15-year mark to show a withdrawal. The line graph continues to increase over another 10 years, another drop appears at 25 years, then finishes growing at 35 years.

Advisor: RRSP or TFSA or both? I can help you choose the best option for you.

Description: The camera zooms out of the laptop to return to Hinata and his advisor in her office.

Text “Let’s talk. Contact me today.” appears with legal line: “Video produced by Canada Life. canadalife.com 1-204-946-1190”

It's That Time of Year!

If you invested 8 years ago, you may have Golden Opportunities units that are mature.

That means an extra 32.5% Tax Credit is available to you!

No new money is required – you can “roll” up to $5,000 of your mature units to receive additional tax credits.

If you hold a Labour Sponsored Fund and would like to roll your mature units, reach out to us and we can help guide you through the process.

If you haven't heard of these funds and are interested in investing back into Saskatchewan and getting yourself a 32.5% tax credit, we can help!

Click here for more information, or give us a call.

 

 

1

Tracy Feher, QAFP, BA

Financial Security Advisor
Investment Representative

 

In our NEW location!

463E 15th St E 

 Prince Albert SK S6V 1G1

Mandi Court

Financial Security Advisor
Investment Representative

We're focused on you

Financial security planning is about more than planning for retirement or protecting yourself against risk – it is about making dreams come true.

We are focused on helping you achieve freedom and choice at all stages of life. To do this, we use the Canada Life planning process, which is based on the four cornerstones of financial security. It is a process designed to help you:

  • Better understand what financial security means to you by reviewing your current situation and defining goals
  • Identify and discuss any roadblocks to achieving your goals and analyze your situation
  • Identify any gaps and build a plan to help you achieve your short- and long-term goals and dreams
  • Review and monitor your financial security plan regularly to help ensure it continues to meet your changing needs

Working With You

So much more than money... A Bigger, Brighter future.

Let us help you plan so you can focus on what REALLY matters.  Creating financial health to help you make smart, informed choices around spending, investing and saving. Money can be complicated. Let us help you figure it out. Tracy and her team work with people from all walks of life on many different journeys.  At Feher Financial we understand that your life is about so much more than money.

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