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Creating Your Own Wealth and Managing Your Finances
Personal finance is a scary subject for some people because it conjures up all sorts of personal fears about budgeting, managing investments and buying Vs renting a home. Fear and anxiety are common responses to the topic of personal finance regardless ...
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Growth of Business Finance The Business finance world has been changing at an alarming rate. With innovations in technology the business finance industry has been able to expand beyond even the scope predicted by analysts. Specific areas of business ...
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If you’re like most people, your personal financial records are most probably kept in less than “Good Accounting Practices” standards. For example, stashing old ATM receipts and hanging on to a stub showing what you paid for a pack of mints two years ago ...
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"At this point," says Anita Prescott, a certified financial planner (CFP) and Winnipeg-based financial adviser with CIBC Imperial Service, "it's best if couples can work with a dedicated financial adviser to really look into their net worth (the difference between what you own and what you owe)." And to maximize any potential gains, Prescott offers some insight for families working together to invest and grow this net worth.
Take advantage of the benefits of a spousal RRSP
While the contributing spouse will realize the immediate tax savings from the spousal RRSP contribution, many couples will also benefit from future tax savings when income is received from the spousal RRSP, because the income is taxed at the spouse's marginal rate, and not that of the contributor. With proper planning, income can be drawn from both spouses' RRSPs or other income sources in order to reduce the total taxes paid on the entire amount.
Make your portfolio tax efficient
If you have both registered and non-registered investments, ensure your portfolios are structured to be tax efficient. Positioning your income-producing investments within a tax-sheltered RRSP and your equity and dividend-producing investments in your non-registered accounts may allow you to realize significant tax savings.
Improve your cash flow
If you have a regular investment plan in which your RRSP contribution is withdrawn automatically, you may be able to have less income tax deducted at source. That way, you'll have more cash in your pocket now instead of having to wait for
your tax refund.
Have your children file tax returns
If your children earn income in the year, they could reap benefits by filing a tax return, even if they owe no tax. Earned income at any age generates RRSP contribution room, which can be carried forward indefinitely. By filing a tax return today, your children can build valuable contribution room for use in future years.
This article is intended to provide general information and should not be construed as specific advice. This article is not applicable in Quebec.
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