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Through rain, snow, heat & dark of forecast...

I have chatted previously about the futility of forecasting the unforecastable in the past – but sometimes it’s also good to hear it from someone else.  CLICK HERE to read a well written piece from Financial Post this past January 21st.  

Don’t miss the great quote from John Kenneth Galbraith at the end of the piece: “The only function of economic forecasting is to make astrology look respectable.”

As always, if you have any questions regarding this article or your financial plan, please don't hesitate to contact me.

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Did you know that? A Spousal RSP is still an effective planning tool!

When pension income splitting was introduced in the 2007 federal budget, many believed that the spousal RSP had seen its last days. That was because pension income spitting allows for the splitting of up to 50% of income generated from Registered Pension Plans such as Defined Contribution and Defined Benefit pension plans. It also allows spouses to split income generated from either a RIF or from annuity income generated from an RSP. To learn more about Spousal RSPs CLICK HERE. As always, if you have any questions or comments, please do not hesitate to contact me.

Could a TFSA be a more flexible savings tool?

In 1957 when our federal government rolled out their latest budget the attention of Canadians was squarely focused on a new 10% tax on candy and not on the new savings vehicle that would later be known as the Registers Savings Plan (RSP).

In hindsight the RSP proved to be the longer lasting and sweeter piece of legislation in that budget. Today, more than fifty years later, another savings vehicle has emerged and it too has not been recognized with the attention that it deserves. This new savings vehicle is, of course the Tax Free Savings Account (TFSA) which was introduced in 2008 and has yet to gain traction with many of us.

To be fair, we lead busy lives and do not focus all of our attentions on how much we need to save, the choices we have to save in and how we can keep more of our funds at home instead of in Ottawa.

CLICK HERE to learn more about how the TFSA can be a more flexible savings tool.  Should you have any questions regarding TFSAs please be sure to call or email me.

CLICK HERE to view a brochure from Equitable Life of Canada, which shows some key differences between the RSP and the TFSA.

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