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Every day our team of experts  provide tailored advice to our members based on their unique life goals. We’ve gathered some of their most common insights about financial programs and services so we can share how they may benefit you. Visit this page every month to learn about the latest options available to help you create your financial future.

Interested in learning more about one of these products? Book an appointment with one of our Account Managers today!

Tax-Free Savings Account (TFSA) - Wealth Management

Here are five valuable facts that our TCU Wealth Management Investment Advisor/Qtrade Advisor Jeff Elliott, CFP® wants you to know about TFSAs:

  1. There are no mandatory withdrawals.
  2. Withdrawals do not affect government benefits because they are not considered income.
  3. You are allowed to contribute to your spouse or common-law partner's TFSA to maximize contribution levels.
  4. You are not required to earn an income to contribute.
  5. TFSAs are an efficient tax strategy for estate planning.

Here are five valuable facts that our TCU Wealth Management Financial Planner/Qtrade Advisor Tré Bynoe, CFP®, RIS, CIM® wants you to know about RRSPs:

  1. RRSPs are one of the many tools available to pay less tax during your lifetime.
  2. If done incorrectly, contributions to RRSPs can result in paying more tax overall than if you didn’t contribute.
  3. RRSPs ultimately move income from one year to another year. Ideally, you should move from a year in which you earn more into a year in which you earn less.
  4. Don’t assume postponing RRSP withdrawals is always in your best interest. Tax planning around when and how you withdraw from any registered product, including RRSPs, is important.
  5. None of my points have mentioned retirement. They are typically used for retirement, but can be used effectively for parental leaves, education leave, a sabbatical, or any situation where someone expects to be in a significantly different tax bracket.

Here are five valuable facts that our Account Manager Tom wants you to know about TFSAs:

  1. TFSAs are tax-free. The funds that you contribute to your TFSA will be after-tax dollars.
  2. You will not pay tax if your investments increase in value, or when you choose to withdraw funds.
  3. You will never lose TFSA contribution room. The TFSA limit for 2024 is $7,000, and unused contribution room carries forward each year.
  4. TFSAs were introduced in 2009. Now, in 2024, Canadians now have a cumulative lifetime TFSA contribution limit of $95,000.
  5. There is no age limit on how long members can hold a TFSA. Members must be at least 18 years of age to open a TFSA account.

Here are six valuable facts that our Account Manager Erin wants you to know about RRSPs:

  1. Contributions to an RRSP are tax deductible.
  2. Funds in an RRSP remain tax sheltered until they are withdrawn.
  3. Annual RRSP contribution limit is 18% of earned income from the previous year up to a maximum which is indexed each year.
  4. Unused contribution room can be carried forward from year to year.
  5. You can contribute up to the end of the year in which you turn 71 years old.
  6. You can set up automatic transfers into your RRSP to maximize your contributions.

Here are four valuable facts that our Account Manager Cally wants you to know about RESPs:

  1. Contributions to RESPs earn Government Grant money. This is the biggest perk of an RESP!
  2. RESP money can be used to cover more than just tuition; it can be used to cover the cost of education related expenses.
  3. If your child doesn’t go to school, savings can be returned to you.
  4. You can top up your RESP with any unused contribution room by December 31st.

Mutual funds and other securities are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc.

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