THE CANADIAN PRESS/Jonathan Hayward
mbbirdy via Getty Images
The association also wants the maximum withdrawal limit bumped up by $10,000.
Jupiterimages via Getty Images
The first major financial deadline of 2016 is February 29. This is the last day you can make a contribution to your Registered Retirement Savings Plan (RRSP) and claim the contribution on your 2015 tax return. You still have the first 60 days to make contributions but with the leap year, the deadline is midnight at the end of the month.
If you are a U.S. citizen living in Canada or you are a Canadian with U.S. tax filing obligations, make sure you understand how your TFSA and RESP will be impacted. You may want to look at different investments to help minimize your U.S. tax reporting requirements.
RRSPs were designed to be long-term savings plans, but a recent study by Leger for H&R Block Canada showed 31 per cent of Canadians had withdrawn money from their RRSP or are considering it this year. If you find yourself cash-strapped now, it is certainly tempting to access that money, but there are some cautions to consider.
Anthony Rosenberg via Getty Images
The Canada Revenue Agency (CRA) shuttered its local inquiry and payment desks last October. The agency has abandoned the practice of mailing hard-copy tax return packages except by specific request. The Telefile system, which allowed Canadians with simple returns to enter their data over the telephone, no longer exists. In case you haven't gotten the hint, the CRA wants to deal with you online.
I'm sometimes asked by the media to comment on how much money Canadians should put into Registered Retirement Savings Plans (RRSPs). There isn't an easy answer -- but there is a better question: How much money do you need to retire comfortably?
TORONTO - A majority of Canadian respondents to a recent poll say they plan on putting money away for retirement this year, but the likelihood of that actually happening is considered slim.The study,...
THE CANADIAN PRESS -- TORONTO - The federal government has embarked on a final cross-country tour to discuss a new way for small businesses and self-employed people to set up retirement savings plans,...