We are proud to partner with Travelance which offers a suite of products you can purchase directly from our web site using the “On-line Products”. The products include:
Travel Insurance – They offer various options and levels for travel insurance to protect you when travelling.
Student Insurance – A unique product that provides additional insurance for your children while in school including University.
Visitor and new immigrants to Canada
Just a reminder for you, RRSP contributions made to the end of February can be used to reduce your 2018 income. Make sure you make your contributions with enough time left at the end of the month for the investment company to complete the transfer.
Now there are two schools of thought on RRSP’s:
One is that you should be starting early to make your contributions.
The other is that you should be using TFSA’s .
Well in fact both are true, you should have an emergency fund that will carry you through at least 3 months of family expenses in a TFSA. Regarding the RRSP, if you do not have much contribution room again the TFSA is the best option for your money allowing the contribution room to be carried over for future years where you can benefit from a larger income tax return.
Now you may think you aren’t saving for your retirement but in fact you are. Don’t touch the TFSA money unless it is an absolute emergency, unused money in your TFSA will be there for your retirement and is withdrawn income tax free. This has big benefits when used in conjunction with your RRSP’s by withdrawing from both the TFSA and RRSP will reduce your income and ultimately reduce your income tax payable.
One more point on investing for your future. One of our advisors was talking to a young person who came to do some work at the house. Long story short, the person asked what the advisor did. He responded life insurance and investments. The person said he can’t invest in saving for retirement he doesn’t have enough money. The response surprised him, “how much do you spend on Timmies a day”. He said I have between 4 or 5. The answer was “well cut out one a day and you have around $50 a month you can put away to your retirement. If you don’t start now you probably won’t or when you do you find it’s to late”. Watch this link =>and see what “The Cost of Waiting is”.