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Category: Blog

TFSA versus RRSP – What you need to know to make the most of them in 2023

February 2, 20232023, Blog, RRSP, Tax Free Savings AccountNo commentsRosetta Springer

When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.

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2023 Financial Calendar

January 2, 20232023, Blog, Financial Planning, Retirement, RRSP, Tax Free Savings AccountRosetta Springer

Welcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don’t miss any important financial obligations.

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2022 Year End Tax Tips and Strategies for Business Owners

December 6, 20222022, 2022 Only, Blog, Business Owners, Financial Planning, taxRosetta Springer

The end of 2022 is quickly approaching – which means for business owners, it’s time to review tax tips and strategies to maximize your benefits.

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2022 Personal Year-End Tax Tips

December 5, 20222022 Only, Blog, individualsRosetta Springer

The end of 2022 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.

We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:

• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.

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Keep On Track With Your Christmas Spending

December 2, 2022Blog, individualsRosetta Springer

Do you have trouble sticking to a Christmas spending plan? We’ve got some great tips to help you stay on track while still having fun and sharing Christmas joy!

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Life Insurance after 60- is it necessary?

November 1, 2022Blog, Insurance, Life InsuranceRosetta Springer

You may have had life insurance for as long as you can remember. You knew it was important to make sure that your family would be taken care of and be able to pay their bills if anything happened to you.

But now that you’re over 60, your children are grown, and your mortgage is paid off, you may feel you don’t need life insurance anymore. However, there are some circumstances under which it may still make sense for you to have life insurance:

• You still have substantial debt.
• You have dependent children or grandchildren.
• You want to be able to leave a financial legacy.

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The Six Steps to Financial Planning

September 1, 2022Blog, Financial PlanningRosetta Springer

A certified financial planner is trained to focus on all aspects of your finances – everything from your taxes to retirement savings.

The six steps to financial planning are:
• Meeting your financial planner
• Determining your goals and expectation
• Reviewing your current financial state
• Developing a financial plan
• Implementing a financial plan
• Monitoring the plan

A certified financial planner will develop a plan that works for you both today and in the future.

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Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner

August 1, 2022Blog, Business Owners, corporate, taxRosetta Springer

You have worked long and hard to build up your business, and now you are ready to withdraw money from your business’ bank account. But you don’t want to get hit with a huge tax bill. So here are 5 ways to withdraw money from your business in a tax-efficient manner.

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Financial Planning For Self-Employed Contractors

July 6, 2022Blog, Business OwnersRosetta Springer

Being a self-employed contractor can bring you a large cash flow and the satisfaction of being your own boss – but it can also make financial planning more complicated than being an employee.

When creating a financial plan, Self-employed contractors need to keep a number of items in mind. Read to find out!

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Essential tips and tricks for paying less tax and keeping more of your retirement income

June 3, 2022Blog, RetirementRosetta Springer

It’s important to make the most of your retirement income. To do so, you need to be aware of what income is and isn’t taxable, and also how to make the most of the tax breaks you’re entitled to. This article outlines the four main steps you need to take to ensure you keep as much of your retirement income as possible:
1. Make a financial plan.
2. Split your pension income.
3. Buy an annuity.
4. Be aware of retirement-related tax breaks.

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Recent Posts

  • TFSA versus RRSP – What you need to know to make the most of them in 2023
  • 2023 Financial Calendar
  • 2022 Year End Tax Tips and Strategies for Business Owners
  • 2022 Personal Year-End Tax Tips
  • Keep On Track With Your Christmas Spending

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Contact Us

Springer Financial
Rosetta Springer
Financial Advisor

647-993-8236
info@rosettaspringer.com

707 St. Clair Avenue Suite 520
Toronto, Ontario
M6C 4A1

Latest News

  • TFSA versus RRSP – What you need to know to make the most of them in 2023
  • 2023 Financial Calendar
  • 2022 Year End Tax Tips and Strategies for Business Owners
  • 2022 Personal Year-End Tax Tips
  • Keep On Track With Your Christmas Spending

About

Clients are always surprised at the simplicity of my financial solutions. In my experience, the real challenge lies in seeing the big picture and analyzing all the working parts. By delivering an approachable plan, I help my clients clarify the path to their goals. I feel lucky to do this work; I get to help people from all walks of life that are doing well in the world.

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