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| Season’s greetings and happy new year, from all of us at Fiscal Agents!
We hope you and your loved ones have a safe and happy celebration together.
This month, we’ve provided some articles about making the most out of your children’s education savings plan, and details about new RSP reporting rules. |
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Our Best Rates (as of 22/12/2022) |
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Click the above rates to view our rate tables.
Rates are subject to change without notice.
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Around the office: Presenting our new Rate Board |
| If you’re out and about over the holidays and passing by our office, why not have a glance at our new and improved rate board - displaying the day’s rates and other relevant information, rain or shine. Just one of several planned improvements to our slightly-moved office location, still on 25 Lakeshore Road West in Oakville. |
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This month’s Good Reads |
| | December is the time to check your RESP withdrawal strategy to help cut any taxes
If you’re strategic, you may be able to get all the funds out of the plan tax free
By Jamie Golombek, Financial Post From the article: Most Canadians likely associate the month of April with taxes, but it’s actually the month of December that should get all the attention.
This is especially true if you’re a post-secondary student and currently the beneficiary of a registered education savings plan (RESP), or the parent of someone who is. That’s because if you’re strategic each year in the timing and amounts of your RESP withdrawals, you may be able to get all the funds out of the plan tax free. This is true even for larger plans, given the new guidance from the Canada Revenue Agency on what is considered a “reasonable” expense for educational purposes.
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| | What you need to know about new RRSP reporting rules
The proposed regime will allow the CRA to identify accounts that have grown significantly
By Rudy Mezzetta, Investment Executive From the article: The federal government is targeting RRSP and RRIF accounts with large balances, looking for those holding non-qualified or prohibited investments, under a reporting measure slated to take effect in 2023. The new reporting regime will allow the Canada Revenue Agency (CRA) to identify accounts that have grown significantly year over year, said Carol Bezaire, vice-president of tax, estate and strategic philanthropy with Mackenzie Investments in Toronto: “You blew the lights out with your RRSP and, all of a sudden, you have this huge FMV [fair market value]. The CRA wants to see what it is and how you did that.”
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Our Featured Free Publication |
| Planning for your children's future In today's hectic world, planning plays an important role in the way we live our lives. From major decisions to relatively minor issues, planning is what makes our lives run smoothly. We often put off tackling the chore of making the most important choices: Planning for our future and the futures of our children.
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