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We are pleased to provide a variety of resources on accounting, taxation, and other related subjects that we think you will find helpful to both individuals and businesses. Browse through the Quick Tools resource menu then, if you have a question that isn’t answered, we can help to clarify your situation. Simply contact us by email or give us a call at 778-792-3282. We would be happy to meet with you for a free, no-obligation consultation to discuss your unique situation.

RRSP vs CPP: Utilizing the Best Tools Available

Hello everyone, we’ve previously discussed the usefulness of RRSP contributions both to prepare for one’s retirement and for tax relief. Recently, a Statistics Canada study was completed that found RRSP contributions actually decrease when mandatory work-place Registered Pension Plans are increased. The Canadian Pension Plan is slated to require increased contribution by 2019. Statistically speaking, citizens are more likely to decrease their RRSP contributions after that, and while the logic seems sound; why would someone increase their RRSP contributions if they’re effectively being forced to save for their retirement? Well CPP contributions do not have the same benefits as RRSP contributions, RRSP contributions can be used to lower your income bracket and potentially save you thousands of dollars in taxes. Don’t let mandatory increases to CPP contributions steer you away from the best tools available, and talk to your tax professional.

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Thursday, 11 August 2022