I was asked a question about my charitable donations post from last week. The question was, instead of the $200 in my example, what if he donated say $1,000 a year… would he be better off getting the credit each year and investing it? For starters, lets break down the tax credit he would receive, each…
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Category Archives: RRSP
Home Buyers Plan (HBP)
The Home Buyers Plan is a government program that allows you to withdraw up to $25,000 from your RRSP towards the purchase of your first home without any tax being withheld. You then have to repay this amount over 15 years. Since you have already received a tax refund for these funds when they were…
TFSA – Tax Free Savings Account
I’ve had a few people ask about the Tax Free Savings Account, or TFSA. Some get the wrong idea because of the term “savings account”. While you can hold a savings account in the TFSA, you could also use it for stocks, mutual funds, bonds, GICs, etc. The TFSA is basically a shell similar to…
