Bharat Singh, CFP

Global equity markets surged higher over November amid rising expectations that global central banks may be nearing the end of their monetary policy tightening.

November 2023 market update For the month ended November 30, 2023. Read our monthly update to find out what’s been moving markets

Long-Term Investment need long term planning. Don't let emotions rule your investment plan

Don’t let emotions rule your investment plan There are several strategies you can use to take the emotion out of your investing

Help your Kids set SMART financial goals

Help your kids set SMART financial goals Using the SMART goal framework to set financial goals can help your kids set and achieve their goals

TFSA contribution limit for 2023 is increase from $6,000 to $6,500.

The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room.

All TFSA contributions made during the year, including the replacement or re-contribution of withdrawals made from a TFSA, will count against your contribution room.

Note:
Qualifying transfers, exempt contributions and specified distributions are not considered in the calculation of contribution room.

At any time in the year, if you contribute more than your available TFSA contribution room, you will have to pay a tax equal to 1% of the highest excess TFSA amount in the month, for each month that the excess amount remains in your account. For more information, see TFSA excess amount correspondence explained.

You do not need to have earned income to contribute to a TFSA.

As the account holder, you are the only person who can do the following with your TFSA:

- make contributions
- make withdrawals
- determine how funds are invested

You can give your spouse or common law partner money so that they can contribute to their own TFSA, and this amount or any earned income from that amount will not be allocated back to you. The total contributions you each make to your own TFSAs cannot be more than your TFSA contribution room. For more information, see TFSA contribution room below.

Management fees related to a TFSA trust and paid by the holder are not considered to be contributions to the TFSA. The payment of investment counsel, transfer, or other fees by a TFSA trust will not result in a distribution (withdrawal) from the TFSA trust.

TFSA contribution room:
You will accumulate TFSA contribution room for each year even if you do not file an income tax and benefit return or open a TFSA.

The annual TFSA dollar limit for the year 2023 is $6,500.
The annual TFSA dollar limit for the years 2019 to 2022 was $6,000.
The annual TFSA dollar limit for the years 2016 to 2018 was $5,500.
The annual TFSA dollar limit for the year 2015 was $10,000.
The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.
The annual TFSA dollar limit for the years 2009 to 2012 was $5,000.

The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500.

If you need more information or want to make a contribution to your RRSP or TFSA account, Please contact me @ 905-301-5033 or email me @ [email protected].

10-year sovereign bond yields...

If you are changing your current job, You should know the following facts.

What happens to my benefits if I leave my job? Millions of Canadians are enrolled in a benefits plan that provides health and dental coverage, as well as other benefits that can help you protect your loved ones and plan for the future financially.

Canadian Market remain as best performing index in 2021 so far, unlike 2019 and 2020.

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