What is a TFSA? The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as…
Business Owners Should Consider an Individual Pension Plan (IPP) What is an IPP? A difference between an IPP vs. an RRSP is essential for business owners. In this article, I’ll explain the pros and cons of each and provide context for choosing between them. An IPP (individual pension plan) is a lesser known but highly-attractive vehicle for…
Group benefits are bundles of insurance for employee benefits and other group benefit plans. Many Canadians have insurance through their employers, referred to as “group benefits”, though many don’t fully understand the details of these policies. Do you know what insurance you have through your employer? Understanding your group benefits reduces worry, saves you money, and helps you…
