Entries by LS Smith & Associates

What is an RRSP?

January 23, 2022 in , , /by

Are you looking to save for your retirement and cut down on your tax bill? If this sounds good to you, then a Registered Retirement Savings Plan or RRSP may be the perfect fit for you!
Read our informative article to learn:

• What an RRSP is.
• How an RRSP works.
• What you need to know about the basics of an RRSP.
• Advantages of RRSPs
• Limitations of RRSPs.

2022 Financial Calendar

January 4, 2022 in , , /by

Looking for an “at a glance” document covering all the important dates you need to know to stay on track with your financial planning in 2022?

Our 2022 financial calendar (which you can easily bookmark or print out) makes sure you’re always in the loop! It lists important dates, including:

• Payments dates for the Canada Child Benefit, CPP, OAS, and the GST/HST credit.
• When TFSA contribution room starts again.
• Tax filing deadlines.
• Charitable contribution deadlines and the last day to contribute to registered investment accounts.
• When the Bank of Canada interest rate announcements are.

2021 Personal Year-End Tax Tips

December 7, 2021 in , /by

The end of 2021 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:

• Individuals, including details on COVID-19 benefits and important tax credits.
• 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.