Don’t be fooled by CRA’s record of your TFSA contribution room

Several months after my husband and I filed our 2016 income tax returns and got our refunds, we received identical ominous envelopes from CRA.  They contained Notices of Assessment reporting that each of us had over-contributed $5,500/month for the last five months of the year, resulting in a $28,201 over-contribution to our TFSA accounts. Yet … Continue reading Don’t be fooled by CRA’s record of your TFSA contribution room

SPP or TFSA?

By Sheryl Smolkin You have $2,500 to contribute to retirement savings in 2012. Should you contribute to a tax-free savings account or the Saskatchewan Pension Plan? Before answering that question, it is helpful to review some basic SPP and TFSA concepts. SPP You can contribute a maximum of $2,500/year to SPP providing you have RRSP … Continue reading SPP or TFSA?

Interview: Evelyn Jacks talks taxes*

  Today I’m interviewing Evelyn Jacks for SavewithSPP.com. Evelyn is the founder and president of Knowledge Bureau, a virtual campus focused on professional development of tax and financial advisors. She was recently named one of Canada’s Top 25 Women of Influence. She is also one of Canada’s most prolific and best-selling authors of 51 personal … Continue reading Interview: Evelyn Jacks talks taxes*

Interview with Shannon Lee Simmons: Debunking Financial Myths*

  Today I’m interviewing Shannon Lee Simmons for savewithspp.com. She is a Certified Financial Planner, Chartered Investment Manager, media personality, personal finance expert and founder of the online New School of Finance. Shannon has also won a whole slew of awards including being named one of Canada’s Top 30 under 30. She has a monthly … Continue reading Interview with Shannon Lee Simmons: Debunking Financial Myths*

Group vs Individual RESPs: What’s the difference ?

The “holy trinity” of tax-assisted savings plans available to Canadians are TFSAs, RRSPs and RESPs. RESPs (Registered Educational Savings Plans) are primarily designed to help families to save for post-secondary education. Each year, on every dollar up to $2,500 (to a life time maximum of $50,000) that you contributed to an RESP for a child’s … Continue reading Group vs Individual RESPs: What’s the difference ?