Canadian Tax Tips for 50+ in 2015

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Increased TFSA Contribution Amount

The amount that you can contribute annually to your TFSA was increased from $5,000 in 2013 by $500, to $5,500. As in the recent budget announcement, the TFSA maximum will be increased to $10,000 per year effective 2015, pending the budget approval by Parliament. For someone who has never opened at TFSA before and was at least age 18 in 2009, your total cumulative TFSA contribution room starting January 1, 2015 is now $41,000 (pending approval).

Contributing to an Registered Retirement Savings Plan (RRSP)

The maximum RRSP deduction limit for 2014 is $24,270. However, if you did not use your entire RRSP deduction limit for the years 1991-2014, you can carry forward unused RSP contributions to 2015. In 2015, the maximum RRSP deductions limit increased to $24,930.

 

marta stiteler, pillar retirement group, canadian tax tips, seniors financial services, financial services for seniors, retirement plans, financial advisors, pensions, financial planning, certified financial planner, early retirement planning, financial plans, pensions, pension plans, investing, tfsas, rrsps, rrifs, liras, mutual funds, gics, annuities, flamborough, burlington, hamilton, ancaster, dundas, waterdownCanadian Tax Tips for 50+

Courtesy of Marta Stiteler, MA CFP CIM CLU, Financial Planner at Pillar Retirement Group/Worldsource Financial Management Inc.

Marta can be reached at:   Pillar Retirement Group, 50 Coreslab Drive, Flamborough ON   L9H 0B2.   T: 905-690-5038    E: marta@pillarretirement.com

marta stiteler, pillar retirement group, tax tips for seniors, 50+ tax tips, seniors financial services, financial services for seniors, retirement plans, financial advisors, pensions, financial planning, certified financial planner, early retirement planning, financial plans, pensions, pension plans, investing, tfsas, rrsps, rrifs, liras, mutual funds, gics, annuities, flamborough, burlington, hamilton, ancaster, dundas, waterdownThe information provided herein is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. This information has been obtained from sources, which we believe to be reliable, but we cannot guarantee its accuracy or completeness. Worldsource Financial Management Inc. does not assume any liability for any inaccuracies in the information provided. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and some Segregated Funds are offered by Marta Stiteler through Worldsource Financial Management Inc. while other products and services are offered through Marta Stiteler.