What Happens If You Overcontribute to Your TFSA?

Executive Summary The amount deposited into a Tax Free Savings Account (TFSA) is subject to a yearly contribution limit.   For 2024, the annual limit has been set at $7,000.   The lifetime maximum contribution has grown to $95,000.  If an...

The Corporate Retirement Strategy

Summary Business owners regularly face complex retirement planning and insurance needs. It is not uncommon for business owners to have a large amount of their wealth tied up in their corporation.  This can create a complex need for both insurance coverage to protect...

Longevity and Retirement Savings

It is all over the news; life expectancy is growing continuously for Canadians.  A look inside the statistics to calculate life expectancy and retirement savings needs doesn’t bode well for most investors. The plan to overcome this situation must include several...

The Home Savings Account Has Arrived

Canadians have gotten a boost to save for buying a home.  The new registered plan, the First Home Savings Account (FHSA), became available on April 1, 2023, and was included in the last budget from the governing Libera What You Need to Know The FHSA will allow...

Life Insurance: Universal vs Whole Life

Financial terminology is crystal clear for those folks who work in and are exposed to the financial industry on a regular basis; everyone else finds the definitions and implications difficult to understand.  “Universal” and “Whole Life” insurance is not exempt...

The Multi-Generational Home Renovation Tax Credit

The federal government has introduced a new tax credit that will make it easier for Canadians to care for relatives in their home.  The Multi-Generational Home Renovation Tax Credit came into effect January 1, 2023.  The new credit will cover expenses related to...