Own Your Financial Future

**RRSP contribution deadline 28 Feb 2021** Why should you open RRSP? 1) RRSP Contribution is tax deductible if you are sad seeing your paycheck, because a lot of money is being deducted as taxes, then RRSP savings can get you tax refund. For e.g. if your tax rate (Marginal Tax Rate) is 40% and you decide to save $1000 into RRSP, you will be eligible for a tax refund of $400. The more you save (provided you have contribution room), more the refund.... 2) Your investment will grow tax free. In other words, your saving of $1000 has grown into 1300; the $300 growth is not taxed. As a result, next year $1300 will grow tax free. 3) First Home Buyer Plan The same money you have saved to get tax refund can be borrowed to purchase your first home 4) You can also contribute to Spousal RRSP 5) RRSP contribution brings down your taxable income Please contact me if you need help with opening RRSP.

Two dates to remember: 1) March 1: RRSP Contribution deadline Make your RRSP contribution well in advance, if you want to lower your 2020 tax bill... 2) April 30th: Income Tax Filing deadline The 2020 Tax Year will be complicated for many, due to pandemic related benefits etc. So plan ahead to meet the deadline.

To be eligible for education grants this year, RESP contribution deadline is 31Dec2020 Want to know more about RESP? https://www.canada.ca//st/education-savings/resp/info.html... Or contact me

Why do we need financial planning? There are two major financial dangers in life: 1) Dying early 2) Living longer... Ask yourself: 1) Am I protecting my loved ones financial future? In case if I die too soon, how will they survive? 2)On the other hand, if I live longer, would I have enough wealth for comfortable retired life? Life insurance and saving in retirement plans can help. Reach out to me for more info....