https://www.advisor.ca/tax/tax-news/new-first-home-savings-account-everything-you-want-to-know/
The details are finally available!
The new saying FHSA
https://www.advisor.ca/tax/tax-news/new-first-home-savings-account-everything-you-want-to-know/
The details are finally available!
The new saying FHSA
https://www.youtube.com/watch?v=N81IktPflsA
It says 1 min read, it’s more like an afternoon. Very interesting, some good perspective. If you are interested in amassing wealth and paying less taxes , you might find some ideas that will work and some that will not . Enjoy
Some links for tax subjects that come to mind, a take 2 for the year to come and the year that is coming to an end.
https://www.knowledgebureau.com/index.php/site/kbr/Deductions-Non-Commissioned-Employees
https://advisoranalyst.com/2021/12/09/95-mary-hagerman-the-black-belt-advisor.html/
Time flys by so quickly, hard to belive 2022 will soon be with us. Here is some quick tips to help us going forward. ~ Tim
https://www.advisor.ca/tax/tax-news/essential-tax-numbers-updated-for-2022/
This article was updated on Dec. 8, 2021, to include 2022 numbers.
You have a lot to remember as an advisor, so we’ve assembled this reference list of tax numbers. We’ll update it as things change.
Working clients
Maximum RRSP contribution: The maximum contribution for 2022 is $29,210; for 2021, it’s $27,830. The 2023 limit is $30,780.
TFSA limit: In 2022, the annual limit is $6,000, for a total of $81,500 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2021 is also $6,000, for a total of $75,500 in room available in 2021 for someone who has been eligible since 2009.
Maximum pensionable earnings: For 2022, the maximum pensionable earnings amount is $64,900 (up from $61,600 in 2021), and the basic exemption amount remains $3,500 for 2021 and 2022.
Maximum EI insurable earnings: The maximum annual insurable earnings (federal) for 2022 is $60,300, up from $56,300 in 2021.
Lifetime capital gains exemption: The lifetime capital gains exemption is $913,630 in 2022, up from $892,218 in 2021.
Low-interest loans: The current family loan rate is 1%.
Home buyers’ amount: Did your client buy a home? He or she may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750.
Medical expenses threshold: For the 2022 tax year, the maximum is 3% of net income or $2,479, whichever is less. For 2021, the max is 3% or $2,421.
Basic personal amount: The basic personal amount for 2022 is $14,398 for taxpayers with net income of $155,625 or less. At income levels above $155,625, the basic personal amount is gradually clawed back until it reaches $12,719 for net income of $221,708. The basic personal amount for 2021 ranges from $12,421 to $13,808.
Older clients
Age amount: Clients can claim this amount if they were 65 years of age or older on Dec. 31 of the taxation year. The maximum amount they can claim in 2022 is $7,898, up from $7,713 in 2021.
OAS recovery threshold: If your client’s net world income exceeds $81,761 in 2022 or $79,845 in 2021, he or she may have to repay part of or the entire OAS pension.
Clients with children, dependants
Canada caregiver credit: If you have a dependant under the age of 18 who’s physically or mentally impaired, you may be able to claim up to an additional $2,350 in 2022 and $2,295 for 2021 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2022 is $7,525 and the 2021 amount is $7,348.
Disability amount: The amount for 2022 is $8,870 (non-refundable credit; $8,662 in 2021), with a supplement up to $5,174 for those under 18 (the amount is reduced if child care expenses are claimed; $5,053 in 2021).
Child disability benefit: The child disability benefit is a tax-free benefit of up to $2,985 (2022) for families who care for a child under 18 with a severe and prolonged impairment in physical or mental functions. For 2021, the amount is $2,915.
Canada child benefit: In 2022, the maximum CCB benefit is $6,997 per child under six and up to $5,903 per child aged six through 17. In 2020, those amounts are $6,833 per child under six and up to $5,765 per child aged six through 17.
Tax consequences of employer holiday gifts and bonuses (December 2021)
December 6, 2021
During the month of December, it’s customary for employers to provide something “extra” for their employees, by way of a holiday gift, a year-end bonus, or an employer-sponsored social event. Once again this year, as in 2020, there is unlikely to be an annual office holiday party; however, employees may still be able to look forward to something additional in the way of compensation during the last month of the year. In fact, given the current labour shortage and the difficulties employers are having attracting and retaining employees, there may be an added incentive for employers to show their appreciation to current employees by means of a holiday gift or bonus.
What such employers certainly don’t want to do is to create a tax liability for their employees. Unfortunately, it’s also the case that a failure to properly structure such gifts or other extras can result in unintended and unwelcome tax consequences to those employees.
Trying to formulate and administer the tax rules around holiday gifts is something of a no-win situation for the Canada Revenue Agency (CRA). On an individual or even a company level, the amounts involved are usually small, or even nominal, and the range of situations which must be addressed by the related tax rules are virtually limitless. As a result, the cost of drafting and administering those rules can outweigh the revenue generated by the enforcement of such rules, to say nothing of the potential ill will generated by imposing tax consequences on holiday gifts or parties. Notwithstanding, the potential exists for employers to provide what would otherwise be taxable remuneration in the guise of holiday gifts, and it’s the responsibility of the tax authorities to ensure that such situations don’t slip through the tax net.
There is, as a result, a detailed set of rules which outline the tax consequences of gifts and awards provided by the employer. The starting point for the rules is that any gift (cash or non-cash) received by an employee from his or her employer at any time of the year is considered to constitute a taxable benefit, to be included in the employee’s income for that year. On its website, the CRA indicates that the following types of gifts/bonuses/reimbursements will result in a taxable benefit to the employee:
cash or near-cash gifts and awards such as Christmas or holiday bonuses or near-cash gifts and awards such as gift certificates;
points that can be redeemed for air travel or other rewards; or an internal points system where an employee earns points and can redeem them for items from a catalogue;
reimbursements from an employer to an employee for a gift or an award that the employee selected, paid for, and then provided a receipt to the employer for reimbursement; and
hospitality rewards such as employer-provided team building lunches and rewards in the nature of a thank you for doing a good job.
While the above listing may seem comprehensive, the CRA does make an administrative concession in this area, allowing non-cash gifts (within a specified dollar limit) to be received tax-free by employees, as long as such gifts are given on religious holidays such as Christmas or Hanukkah, or on the occasion of a significant life event, like a birthday, marriage, or the birth of a child.
In sum, the CRA’s administrative policy is simply that non-cash gifts to an arm’s length employee, regardless of the number of such gifts, will not be taxable if the total fair market value of all such gifts (including goods and services tax or harmonized sales tax) to that employee is $500 or less annually. The total value over $500 annually will be a taxable benefit to the employee, and must be included on the employee’s T4 for the year, and on which income tax must be paid.
It’s important to remember the “non-cash” criterion imposed by the CRA, as the $500 per year administrative concession does not apply to what the CRA terms “cash or near-cash” gifts and all such gifts are considered to be a taxable benefit and included in income for tax purposes, regardless of amount. For this purpose, the CRA considers anything which could be easily converted to cash as a “near-cash” gift. Even a gift or award which cannot be converted to cash will be considered to be a near-cash gift if, in the CRA’s words, it “functions in the same way as cash”. So, a gift card or gift certificate which can be used by the employee to purchase his or her choice of merchandise or services would be considered a near-cash gift, and taxable as such. It’s not hard to see that drawing a firm line between cash and non-cash gifts can be difficult. The CRA provides the following information and examples to help clarify that difference.
Example of a near-cash gift or award
You give your employee a $100 gift card of gift certificate to a department store. The employee can use this to purchase whatever merchandise or service the store offers. We consider the gift card or gift certificate to be an additional remuneration that is a taxable benefit for the employee because it functions in the same way as cash.
Example of non-cash gifts or awards
You give your employee a voucher (which may be a ticket or certificate) that entitles the employee to receive an item for a set value at a store. For example, you may give your employees a voucher for a turkey valued up to $30 as a Christmas gift, and for convenience, you arrange for your employees to go to a particular grocery store and exchange the voucher for a turkey. The employees can only use the voucher to receive a turkey valued up to $30 (no substitutes).
It may seem nearly impossible to plan for employee holiday gifts and other benefits without running afoul of one or more of the detailed rules and administrative policies surrounding the taxation of such gifts and benefits. However, designing a tax-effective plan is possible, if the following rules are kept in mind.
Any cash or near-cash gifts should be avoided, as they will, no matter what the amount, create a taxable benefit to the employee. Although gift certificates or pre-paid credit cards are a popular choice, they aren’t a tax-effective one, as they will invariably be considered by the CRA to create a taxable benefit to the employee.
Where non-cash holiday gifts are provided to employees, gifts with a value of up to $500 can be received free of tax. The employer must be mindful of the fact that the $500 limit is a per-year and not a per-occasion limit. Where the employee receives non-cash gifts with a total value of more than $500 in any one taxation year, the portion over $500 is a taxable benefit to the employee.
While the rules around employer gifts aren’t complex, they are detailed, and it’s necessary to consider carefully the kinds of gifts which are given and to be mindful of the annual $500 per employee limit on non-cash gifts. At the end of the day, a gift which results in unintended and unwanted tax consequences is unlikely to engender much holiday spirit or goodwill on the part of the employee who receives it.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
The tax year is ending - some planning steps to take before December 31 (December 2021)
December 6, 2021
For individual Canadian taxpayers, the tax year ends at the same time as the calendar year. What that means for individual Canadians is that any steps taken to reduce their tax payable for 2021 must be completed by December 31, 2021. (For individual taxpayers, the only significant exception to that rule is registered retirement savings plan contributions; with some exceptions, such contributions can be made any time up to and including March 1, 2022, and claimed on the return for 2021.)
While the remaining time frame in which tax planning strategies for 2021 can be implemented is only a few weeks, the good news is that the most readily available of those strategies don’t involve a lot of planning or complicated financial structures — in many cases, it’s just a question of considering the timing of steps which would have been taken in any event. What follows is a listing of some of the steps which should be considered by most Canadian taxpayers as the year end approaches.
Charitable donations
The federal government and all of the provincial and territorial governments provide a tax credit for donations made to registered charities during the year. In all cases, to claim a credit for a donation in a particular tax year, that donation must be made by the end of that calendar year — there are no exceptions.
There is, however, another reason to ensure donations are made by December 31. The credit provided by each of the federal, provincial, and territorial governments is a two-level credit, in which the percentage credit claimable increases with the amount of donation made. For federal tax purposes, the first $200 in donations is eligible for a non-refundable tax credit equal to 15% of the donation. The credit for donations made during the year which exceed the $200 threshold is, however, calculated as 29% of the excess. For the minority of taxpayers who have taxable income (for 2021) over $216,511, charitable donations above the $200 threshold can receive a federal tax credit of 33%.
As a result of the two-level credit structure, the best tax result is obtained when donations made during a single calendar year are maximized. For instance, a qualifying charitable donation of $400 made in December 2021 will receive a federal credit of $88 ($200 × 15% + $200 × 29%). If the same amount is donated, but the donation is split equally between December 2021 and January 2022, the total credit claimable is only $60 ($200 × 15% + $200 × 15%), and the 2022 donation can’t be claimed until the 2022 return is filed in April 2023. And, of course, the larger the donation in any one calendar year, the greater the proportion of that donation which will receive credit at the 29% level rather than the 15% level.
It’s also possible to carry forward, for up to 5 years, donations which were made in a particular tax year. So, if donations made in 2021 don’t reach the $200 level, it’s usually worth holding off on claiming the donation and carrying forward to the next year in which total donations, including carryforwards, are over that threshold. Of course, this also means that donations made but not claimed in any of the 2016, 2017, 2018, 2019, or 2020 tax years can be carried forward and added to the total donations made in 2021, and the aggregate then claimed on the 2021 tax return.
When claiming charitable donations, it’s possible to combine donations made by oneself and one’s spouse and claim them on a single return. Generally, and especially in provinces and territories which impose a high-income surtax — currently, Ontario and Prince Edward Island — it makes sense for the higher income spouse to make the claim for the total of charitable donations made by both spouses. Doing so will reduce the tax payable by that spouse and thereby minimize (or avoid) liability for the provincial high-income surtax.
Claiming home office expenses
As pandemic restrictions have eased and lockdowns ended, some employees have begun to return to the office on at least a part-time basis. However, there’s no question that millions of employees have spent at least a part of the 2021 tax year working from home. There are a lot of benefits to a work from home arrangement, and one of them is the ability to claim a tax deduction on the 2021 tax return for household costs that would have been incurred in any event.
In order to claim a deduction for costs related to a work from home space, employees must meet at least one of the following conditions:
the home work space is where the individual mainly (more than 50% of the time) does their work; or
the individual uses the workspace only to earn his or her employment income—he or she must also use it on a regular and continuous basis for meeting clients, customers, or other people in the course of his or her employment duties.
To establish that the required circumstances exist, and that the employee is not receiving an allowance or a reimbursement for home office expenses from the employer, it’s necessary to have a particular form completed and signed by that employer. That form, the T2200, can be found on the CRA website at https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2200.html.
Once the requisite criteria are met, and certified by the employer on the T2200, a broad range of costs become deductible by the employee. Specifically, a salaried employee can claim and deduct the part of specified costs that relate to his or her work space, such as the cost of electricity, heating, home maintenance, and home internet access (but not internet connection) fees.
Where an individual who qualifies under either of the criteria outlined above is a commission employee, an even broader range of costs become deductible. In addition to costs for electricity, heating, home maintenance, and home internet access fees, a commission employee can also deduct a proportionate share of costs incurred for property taxes and home insurance.
There is no specific formula provided for determining the proportion of eligible costs which can be deducted for qualifying home office expenses. The employee can determine that percentage based on the square footage of the workspace as a percentage of the overall square footage of the home, or he or she can make that calculation based on the number of rooms in the house or apartment relative to the number of rooms used for work-related purposes. Whichever method is chosen, the most important consideration is that the approach taken (and the expenses claimed) be reasonable. In all cases, the Canada Revenue Agency (CRA) can ask the taxpayer to provide documentation and support for claims made.
In order to determine the amount of any deduction for eligible home office expenses which can be claimed on the return for 2021, it’s necessary to gather together bills and receipts for the various expense categories (utilities bills, property tax notices, etc.). It’s a tedious and sometimes time-consuming task, but necessary both in order to determine the amount of any available deduction and to have the required documentation for that deduction available should the CRA ask to see it. The T2200 signed by the employer does not have to be filed with the return but should also be kept as part of that documentation.
It should be noted that, for the 2020 tax year, the CRA permitted employees working from home to claim a home office deduction without the need to obtain a T2200 from the employer, or to calculate and document specific expenses as outlined above. However, when that administrative concession was announced, the CRA indicated that it was to be made available for the 2020 taxation year only. There has been no indication to date that such concession will be provided for 2021; consequently, employees should assume that, in order to claim a deduction for home office expenses for 2021, it will be necessary to follow the detailed steps outlined above.
Reviewing tax instalments for 2021
Millions of Canadian taxpayers (particularly the self-employed and retired Canadians) pay income taxes by quarterly instalments, with the amount of those instalments representing an estimate of the taxpayer’s total liability for the year.
The final quarterly instalment for this year will be due on Wednesday December 15, 2021. By that time, almost everyone will have a reasonably good idea of what his or her income and deductions will be for 2021 and so will be in a position to estimate what the final tax bill for the year will be, taking into account any tax planning strategies already put in place, as well as any RRSP contributions which will be made before March 1, 2022. While the tax return forms to be used for the 2021 year haven’t yet been released by the CRA, it’s possible to arrive at an estimate by using the 2020 form. Increases in tax credit amounts and tax brackets from 2020 to 2021 will mean that using the 2020 form will likely result in a slight overestimate of tax liability for 2021.
Once one’s tax bill for 2021 has been calculated, that figure should be compared to the total of tax instalments already made during 2021 (that figure can be obtained by checking one’s online tax account on the CRA website, or by calling the CRA’s Individual Income Tax Enquiries line at 1-800-959-8281). Depending on the result, it may then be possible to reduce the amount of the tax instalment to be paid on December 15 — and thereby free up some additional funds for the inevitable holiday spending!
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Canada Revenue Agency announces individual tax brackets and credit amounts for 2022
The Canada Revenue Agency (CRA) has released the indexing factor which will apply for purposes of determining individual income tax brackets and non-refundable tax credits for 2022.
That indexing factor, which is based on increases to the Consumer Price Index, has be set at 2.4% for 2022. The comparable figure for 2021 was 1%.
A full listing of individual income tax brackets and non-refundable credit amounts for 2022 can be found on the CRA website at https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/adjustment-personal-income-tax-benefit-amounts.html.
Came across this excellent article this morning. Enjoy, there is some excellent advise and refelection , needs to be read a few times, enjoy.
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https://www.advisor.ca/news/economic/why-is-real-estate-soaring-in-the-pandemic/
https://www.advisor.ca/news/industry-news/mfda-releases-continuing-education-details/
The one word that is critical to staying organized with your business and frankly if you were in tune with this in your personal life, you would be better off as well
Will get a few resources and future considerations in here and comments to help you tackle this critical word
Your not alone
It's more than just numbers - TLR
https://www.xero.com/ca/resources/one-step/
Principlesfrom the late 1800's
https://en.wikipedia.org/wiki/History_of_conservatism_in_the_United_States
https://www.britannica.com/topic/Conservative-Party-political-party-United-Kingdom
https://www.thecanadianencyclopedia.ca/en/article/conservative-party
http://www.differencebetween.info/difference-between-left-and-right-politics
Weekend Warriors clarion call. Will start off with this great email I got this morning from OZY Weekender, Enjoy ! Check out the comments for future ideas
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Well, the headline reads like there is an increase. but it's a release, and with no increase, now let's go save in peace
"The TFSA contribution limit for 2022 has been officially released. That limit is $6,000, matching the amount set from 2019 to 2021.
With this TFSA dollar limit announcement, the total contribution room available in 2022 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $81,500. " .......
https://www.advisor.ca/tax/tax-news/tfsa-limit-for-2022-released/
Here is a link to a recent email I got on how to prep for getting a mortgage
https://eximius.malink.ca:8111/Public/EE/11613372
Step 1 - Your Credit Score
Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.
If your credit score does not meet the minimum requirements, there are a number of things you can do to improve it and your future financial success, including:
• Paying your bills in full and on time. If you cannot afford the full amount, try paying at least the minimum required.
• Pay off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible.
• Stay within the limit on your credit cards and try to keep your balances as low as possible.
• Reduce the number of credit card or loan applications you submit.
• Considering an Alternative Lender (or B Lender) if you are struggling with credit issues.
I can help review your credit score and provide you with options for your mortgage needs.
Step 2 - Your Budget
When considering your budget, it is important to look at the purchase price budget, as well as your cash flow budget. Being house rich and cash poor makes for a no-fun home! The home price based on your cash flow budget may be dramatically different from the budget home price you qualify for. Not only does having a budget help you to understand your purchase price range and help you to find an affordable home, but it can also help you to see any gaps or opportunities for future savings. This will be instrumental when you become responsible for mortgage payments.
Step 3 - Your Down Payment
The ideal down payment for purchasing a home is 20%. However, we understand in today’s market that is not always possible. Therefore, it is important to note that any potential home buyer with less than a 20% down payment MUST purchase default insurance on the mortgage, and they must have a minimum down payment of 5%.
The down payment on your home could come from your own savings such as a savings account or RRSPs. Thanks to the federal government’s Home Buyers’ Plan, potential first-time home owners are able to leverage up to $35,000 of your RRSP savings ($70,000 for a couple) to help finance the down payment. A gift of a down payment from an immediate relative is also acceptable. If your down payment comes from TFSA or RRSP, the bank will want 90 days of statements to ensure the funds are accounted for. Gifted funds rarely require 90 days of proof.
Step 4 - Your Mortgage Options
Rate is only ONE of the many features in selecting the best mortgage product that meets your financial goals. With access to hundreds of lending institutions, I am familiar with a variety of mortgage products allowing them to help find the best mortgage for YOU! Plus, unlike banks, mortgage agents are a third-party service focused on YOUR needs. This means that you can get the best rates and unbiased advice all for FREE from someone whose only goal is helping you achieve your dream of home ownership.
Step 5 - Your Paperwork
When you apply for a mortgage, you will typically need to provide a standard package of documents, which almost always includes:
• Your government-issued personal identification
• One month of recent pay stubs from any applicants who will be listed on the loan
• Letter of employment
• Your most recent two years’ worth of personal CRA tax filings and financials (if incorporated)
• Three months of bank account statements
• Your down payment (minimum 5%)
• Documentation to explain any unusual (generally non-payroll) large deposits or withdrawals
Step 6 - Your Pre-Approval
To have the best success with your mortgage, it is recommended that you get pre-approved! This can be done through your Mortgage Professional to ensure that you get the best mortgage product FOR YOU, from the best rate to the best term agreement. Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range.
• Pre-approval guarantees the rate offered and locks it in for up to 120 days. This protects you from any increases in interest rates while you are shopping (phew!).
• Pre-approval lets the seller know that securing financing should not be an issue, which is beneficial in competitive markets!
Quick Tip: Don’t forget about the closing costs! These range from 1 to 4% of the purchase price and should be factored into your budget.
Step 7 - You’re Ready to Shop
You made it!! Once you have your down payment and have qualified for a pre-approved mortgage (your credit score is in order and all documentation has been provided), you are ready to start searching for your perfect home. If you’re stuck, I would be happy to give you recommendations for a realtor, if you don’t have one already.
Mortgage Renewal Coming Up
"When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is 3 to 6 months remaining on your term. While nearly 60% of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, I would urge you to take a moment to check out your options.
Most standard mortgages are on a 5-year-term, meaning the market rates could be very different from the time you initially began your term to today! Despite this, lenders tend to provide higher rates on renewals versus new clients as typically the ease of renewal will prevent you from seeking out new rates. But, with my help, finding a better rate is not as difficult as it sounds - and it could end up saving you a couple hundred dollars a month!
It may turn out that your bank is offering a great rate, in which case you can simply submit the renewal! However, I urge you to take this opportunity to contact me about finding a lower rate to ensure you aren’t missing out. As your trusted mortgage advisor, I have access to dozens of lenders and hundreds of rates allowing me to narrow down the best options for you.
If your mortgage is coming up for renewal in the next 3 to 6 months, and you want to find out what lower rates may await you, contact me today! I can help you find the best option for where you are at in your life now and help you to ensure future financial success. I promise you will thank yourself for reaching out!
A " Daysman" never heard of this word before .
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November 16, 2021 |
https://www.collinsdictionary.com/dictionary/english/daysman
I always get the left & right stuff mixed up. I think it's partly because they both play in the sand box and a little of each stick to each other and here in Canada the terms are many times opposite to what is used in the US. The media we listen to flows between the two countries being so close. What happens in the US effects us more than what happens in Canada effects them. Demografics, Population, Land Mass, Trade is the big one. US is Canada's largest trading "partner" I think. I am no expert on this, however that is the ghist of it. So I am going to just play a bit in the sandbox and dump some lumps and links here and revist from time to time. ~ Tim
http://www.differencebetween.info/difference-between-left-and-right-politics
https://www.merriam-webster.com/dictionary/gist
I think of cats playing in the sandbox, just my experience from being on the farm. Looks like the writer of this link below had experience with proper dogs
https://dictionary.cambridge.org/dictionary/english/sandbox
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"More than half of Canadians over the age of 50 don’t have a retirement savings plan. Why don’t more employees save? Perhaps they don’t see the benefit. Maybe they feel retirement is too far down the line. Or maybe they feel they can’t afford it.
There is so many options to consider for a companies Group Plan , logistically we need to focus on one to start.
So lets look at Mackenzie as an example of a great portfolio management company that has a good back office and materials to help streamline setting up and taking care of a companies group plan.
There is some great tools to better understand Retirement Planning Options at this link
https://www.mackenzieinvestments.com/en/solutions/retirement
Then there is the forms to get, scroll down at the next link
Will need the Sponsor Application and each member will need a application , TFSA and RSP options. There is a defined pension option as well. For many that might not be a good idea, worth a discussion.
https://www.mackenzieinvestments.com/en/institute/tools-and-resources/applications-and-forms
That should get any one started, contact us to setup the account as the employer or as an employee
“If we did all the things we are capable of, we would literally astound ourselves.”
THOMAS EDISON