Move Over RRSP, TFSA – 7 Strategies For Maximizing Investment Returns

Move Over RRSP, TFSA - 7 Strategies For Maximizing Investment ReturnsInvestors tend to focus first and foremost on gross returns. Since an investor only gets to keep their net return after-tax, tax should be an important factor when it comes to investment decisions. The most basic example of this is to make the most of available tax shelters. Most people are aware of tax shelters like RRSPs, TFSAs and RESPs, but, if you are self-employed, you can even create your…

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Relief May be on the Way — Tax on Both Sides of the Border

Relief May be on the Way -- Tax on Both Sides of the BorderU.S. citizens living in Canada not only have to file Canadian tax returns reporting their worldwide income, but they also have to file U.S. tax returns reporting the same income. That’s because the U.S. imposes taxes and filing requirements based on citizenship, not residency. To make matters worse, if the U.S. citizen holds a TFSA, RESP or RDSP, these accounts are not recognized as tax-preferred by the U.S. and the…

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Should You Take Money Out of RRSPs to Pay Off Debt?

Should You Take Money Out of RRSPs to Pay Off Debt?I’ve had a lot of inquiries about this lately, so I thought I would address it today. I’ve written about RRSP Basics and RRSPs vs. Paying Down Debt, but these articles dealt mainly with general issues and new contribution money. I haven’t directly addressed the question of whether or not you should actually withdraw money from existing Resgistered Retirement Savings Plans in order to pay down credit card or mortgage…

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