Gian Cunanan

The Registered Retirement Saving Plan (RRSP) is a savings vehicle instituted by the government to encourage Canadians to save for their retirement. There are several different options where you can invest your money in RRSP such as stocks and bonds, mutual funds, segregated funds, real estate, REITs, etc. What may good for one person may not be as good for the other. Speak to a financial advisor to know more and make an informed decision. ... The deadline for contributing money into your RRSP for income tax deduction for the 2020 tax year is March 1st, 2021. PM me to schedule a free, no obligation consultation call.

We will have an online talk on some of the government tax benefits this Saturday, Feb 13th. Message me for details.

Q: My employer offers Group RRSP. Should I contribute? A: Absolutely! Most employers match your contributions to your RRSP anywhere from a rate of 25% to 100%. So for every dollar you put in, that's 25 cents to $1 of 'free money'. Money that will grow in the program with your own for compounding interest, tax-deferred. Although unlike your own contribution, your employer's contribution is not tax deductible. Q: What happens to my money if I leave the company?... A: When you leave the company, you will be able to move the whole value of your Group RRSP account (your contribution, employer contribution, interest on both contributions, less fees) into your own RRSP without incurring tax. Q: So, should I just contribute into the group RRSP and not open my own account? A: Most employers cap the amount of contribution you can put in, usually between 3-5% of your income. Since you are allowed by CRA to contribute up to 18% of your income, you can still open your own RRSP account to save more for your retirement. Q: I want to know more, who can I speak to? A: Speak to a financial advisor, such as myself, to get more information. You can PM or text/call me at 778-322-5836. The deadline to contribute for tax-deductions to your 2020 income is March 1st, 2021.

The Registered Retirement Savings Plan (RRSP) is one of the best ways to help ensure your financial security. The CRA allows you to defer paying income tax on your deposits to your RRSP and its earnings, it is only when you withdraw the money that tax is applied. Since many Canadians have a higher tax rate during their working years than retirement years, this often results in overall tax-savings. Your employer typically deducts income tax based on your total annual income. ...A deposit to your RRSP reduces your taxable income. This means you may end up paying more income tax than required during the year. When you file your tax return with the CRA and claim your RRSP deduction, you would receive a refund for any income tax that was overpaid. The deadline for contributing to an RRSP to reduce your taxable income for the 2020 tax year is March 1st, 2021. Speak to a financial advisor, like myself, to know if depositing into an RRSP is right for you.

One of the questions that often come up during RRSP season is, "Should I put my money into RRSP or TFSA?" There is no one-size-fits all answer. Some may benefit from one or the other, many may benefit from both, yet others may do better putting their money elsewhere. Here's a snapshot of the basics of RRSP and TFSA. Speak to an advisor like myself to know more.

Find out more about the BC Recovery Benefit Program. https://www2.gov.bc.ca//content/economic-/recovery-benefit

Daylight Savings Time ends on Sunday, Nov 1st at 2am PST. Don’t forget to adjust your clocks and get an extra hour of sleep!