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Tax and Tax Information - Income Tax

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Tax and Tax Information * Income Tax

Is The RRSP The Most Effective Plan For Your Retirement?   
Yvonne Finn

For many years Canadians have been relying on the income from their RRSP, which was instituted in 1957, to fund their retirement years.


Now, however, the small rates of return, taxes and inflation are threatening to reduce the income generated by RRSP’s to a barely livable amount.

Article to continue below----------------------------------------------

NY Governor Rejects Reimposing Stock Transfer Tax (Reuters Via Yahoo! News)
New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...

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When you retire after 20, 30 or 40 years of earning an income, you expect to reap the rewards of your hard work and good planning.


The RRSP was meant to provide financial security to the Canadian taxpayer and it actually pre-dates the Canada Pension Plan by almost 10 years!

Article to continue below----------------------------------------------

Tax Season Brings Out The Fraud Artists (ABC News)
Tax season is a popular time for identity-theft scams. Identity theft - Theft - Crime - Fraud - Law

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What is an RRSP?

RRSP is an acronym for: Registered Retirement Savings Plan.
It means that you have started a savings plan for your retirement and you have told the Government so, by registering it with an accredited seller of the plan.


That’s it!


Because you have taken the initiative to financially support your retirement, thus lessening the burden on the Government, you will get some benefits from purchasing and funding your RRSP.


What are the benefits of an RRSP?
• Tax reduction
• Tax deferral
• First time home buying/Continuing education


Tax reduction:

Your taxable income will be reduced dollar for dollar by the amount you contribute to your RRSP.
As an example: If your income is $55,000 per year and you contribute $5,000 to the plan you will pay taxes only on $50,000 for that year.


Tax deferral:

The income in the RRSP is tax sheltered until you make a withdrawal or upon retirement.


First time home buying/Continuing education:

Home buyers are allowed to make a one time withdrawal of funds in their RRSP to help purchase their first home.
However the rules for utilizing this strategy seem to change often, so do your homework or ask the advice of a professional with expertise in this using strategy.


As a retirement planning tool the RRSP is still a good strategy.
However, due to the increasing restrictions being placed on the contributions to the plan, it is not the most effective and should be used in conjunction with other more tax effective and income producing strategies.


As an example:
More and more Canadians are earning incomes in excess of $100,000/Yrly; however, the maximum allowable contribution per annum is capped at %18 or $19,000.
This will not provide much of a tax relief and in Canada this individual will still be taxed at the highest tax rate.


The banks and the Government do benefit when taxpayers employ the RRSP as their only tax reduction and retirement strategy.
So, it is in each individual income earner’s best interest to become financially knowledgeable and empowered to ensure that they are using as many effective retirement planning tools as are available.


Don’t let poor planning put your retirement at risk!



Canadians! Is an RRSP really the best financial plan for your retirement income?
Yvonne does not think it is and she is passionate in her efforts to demonstrate why she feels this way and show you a “Better Alternative to the RRSP”
For a free 1 hour consultation, call Yvonne at: (647) 281-5074

What Other Authors say about Taxes

How To Turn Business Losses Into Cash Flow by Chris Raynal

By Christopher Raynalwww.masteraccountants.co.nzYou have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication...

State Of California Income Tax Forms Information To Know About Them by Carl LaFresnaye

If you live in the state of California, chances are you have to file your state taxes forms every year. Very few people don't have to file those who have no income or are too young are among them. If...

Using The Federal Withholding Tax Table by Carl LaFresnaye

The federal withholding tax table is used to determine the amount of taxes that an individual must pay according to his or her living status, amount of money he or she makes, and his or her age. These...

how to compute tax withholding amount by Steven Chang

Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you...

Finding Free Printable Tax Forms by Carl LaFresnaye

If an individual decides to do his own taxes, there are many different avenues where he can find free printable tax forms for his use. There are websites that provide these forms to individuals at no...

Minister's Housing Allowance by Alan D Campbell

Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home....

All About Late Filing Of Federal Taxes by Carl LaFresnaye

The IRS allows for late filing of federal taxes provided the appropriate paperwork is filled out (there's always paperwork!). This simple guide shows you how to go about it. Forms for Late Filing of...

How Will You Spend Your Tax Refund? by Carl LaFresnaye

Taxes everybody hates them. The government takes from your paycheck every weekIt can be frustrating to see how much they get right off the top. Some of that youll never see again, but your federal and...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an relaxed environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same Mom year after year regardless of where the client moves or relocates. Being in a relaxed environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their relaxed environment and offer better service at a lower price to the consumer.
Since the Moms do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the Moms organization click on the Better Business Bureau (BBB) icon.

To Join CPA Moms

Click for accredited member's reliablility report.

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Index of Articles about Taxes

What Other Authors say about Taxes

How To Turn Business Losses Into Cash Flow by Chris Raynal

By Christopher Raynalwww.masteraccountants.co.nzYou have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication...

State Of California Income Tax Forms Information To Know About Them by Carl LaFresnaye

If you live in the state of California, chances are you have to file your state taxes forms every year. Very few people don't have to file those who have no income or are too young are among them. If...

Using The Federal Withholding Tax Table by Carl LaFresnaye

The federal withholding tax table is used to determine the amount of taxes that an individual must pay according to his or her living status, amount of money he or she makes, and his or her age. These...

how to compute tax withholding amount by Steven Chang

Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you...

Finding Free Printable Tax Forms by Carl LaFresnaye

If an individual decides to do his own taxes, there are many different avenues where he can find free printable tax forms for his use. There are websites that provide these forms to individuals at no...

Minister's Housing Allowance by Alan D Campbell

Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home....

All About Late Filing Of Federal Taxes by Carl LaFresnaye

The IRS allows for late filing of federal taxes provided the appropriate paperwork is filled out (there's always paperwork!). This simple guide shows you how to go about it. Forms for Late Filing of...

How Will You Spend Your Tax Refund? by Carl LaFresnaye

Taxes everybody hates them. The government takes from your paycheck every weekIt can be frustrating to see how much they get right off the top. Some of that youll never see again, but your federal and...