Suzy Gagnon Bookkeeping & Taxes

Great info.

Sometimes it creeps up on us and then...BAM!💥 We realize it’s time to take retirement seriously. 😬Yup, I’m talking about that moment in your late 40s or 50s when the “someday” suddenly feels 𝙖 𝙡𝙤𝙩 𝙘𝙡𝙤𝙨𝙚𝙧. There is something important I want you to know... retirement isn’t just about saving enough. It’s about keeping enough. 💸Taxes don’t disappear when you stop working, and if you’re not strategic, the CRA could end up being your biggest expense in retirement. 𝐀 𝐟𝐞𝐰 𝐭𝐢𝐩𝐬 𝐭𝐨 𝐤𝐞𝐞𝐩 𝐦𝐨𝐫𝐞 𝐨𝐟 𝐰𝐡𝐚𝐭’𝐬 𝐲𝐨𝐮𝐫𝐬: ✔️ Don’t ignore your tax bracket. How much you withdraw and when you withdraw can bump you into a higher bracket if you’re not careful. ✔️ Mix your income sources. Using a blend of RRIF, TFSA, CPP/OAS, and non-registered income lets you smooth out your taxes instead of taking a big hit. ✔️ Think about timing. Sometimes it’s smarter to start drawing from your RRSP earlier (before 71!) so you’re not slammed with giant withdrawals later. ✔️ Income splitting. For couples, splitting pension income can lighten the load and cut taxes significantly. The goal is to have a retirement plan that’s as tax-efficient as it is abundant. Imagine retiring early because you set up the right strategy NOW. ➡️➡️➡️ If you know it’s time to get serious, let’s chat. Book your 𝐜𝐨𝐦𝐩𝐥𝐢𝐦𝐞𝐧𝐭𝐚𝐫𝐲 𝐜𝐥𝐚𝐫𝐢𝐭𝐲 𝐜𝐚𝐥𝐥 today. you never know, you might even be able to retire earlier than you thought! 👉 Have you really taken he time to map out your retirement & what’s possible for you?

📅 Mark your calendar!

The deadline to contribute to your registered retirement savings plan (RRSP) for the 2023 tax year is February 29th, 2024.
https://ow.ly/63gf50QzAkf

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Want to purchase RRSP's...

2024 RRSP guide: RRSP deadlines, contribution limits, and more It's that time again when Canadians go out and buy RRSPs for the past year. Here are some of the rules for RRSPs so you can make good RRSP decisions this year.

Here are a few dates to remember for 2024:
-February 19, 2024: Earliest day to file your taxes online
-April 30, 2024: Deadline to file your taxes
-February 29,2024: deadline for contributing to an RRSP for the 2022 tax year.
-June 15, 2024: Deadline to file your taxes if you or your spouse or common-law partner are self-employed
- April 30, 2024: Deadline to pay your taxes

Get ready to do your taxes - Canada.ca Steps to get ready for your taxes, find ways you can do your taxes, filing and payment due dates and the documents you need to complete and file your income tax and benefit return.

Here are a few dates to remember:
-February 20, 2023: Earliest day to file your taxes online
-April 30, 2023 (May 1, 2023 since April 30 is a Sunday): Deadline to file your taxes
-March 1,2023: deadline for contributing to an RRSP for the 2022 tax year.
-June 15, 2023: Deadline to file your taxes if you or your spouse or common-law partner are self-employed
- April 30, 2023 (May 1, 2023 since April 30 is a Sunday): Deadline to pay your taxes

https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/get-ready-taxes.html

Great information about RRSP's! You can purchase RRSP's for 2022 until March 1st, 2023.

What is an RRSP and how does it work? RRSPs can help you save for your retirement. They can also offer tax advantages during your earning years. It’s a good idea to start saving early for your retirement.

Understanding TFSA's? Great tax-free savings account.

Understanding TFSAs: What They Are and How You Can Use Them Tax-Free Savings Accounts offer a tax-free way to save and invest.