Fiscal Agents - Money Management Newsletter

Fall is in full swing and the days are getting shorter. This month, we’re featuring a handy new interactive addition to our website, some timely articles and more.

Also, since we saw plenty of interest in it last month, we’ll once again mention our Interest rate comparison - Fiscal Agents versus Canada’s top banks, where we demonstrate how much of a difference in interest income a higher rate can deliver over the banks, using only rates that are currently available. We invite you to see for yourself.

Our Best Rates (as of 2/11/2022)

Click the above rates to view our rate tables.
Rates are subject to change without notice.
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Featured: The RDBA Broker Advantage Index

Introducing the RDBA Broker Advantage Index - comparing deposit broker GIC rates to Canadian banks

For many years, Fiscal Agents has been a member of the RDBA (Registered Deposit Brokers Association) - a self-regulating Professional Standards organization. This month, we’ve introduced on our website their own developed GIC rate comparison tool, the Broker Advantage Index. We’ve put together an introduction video to demonstrate it’s usefulness.

Curious? You can explore the Broker Advantage Index at your leisure right on our website, inside the Rate Tables and Calculators section (linked). Look for it directly following our available GIC rates and tools.
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This month’s Good Reads

Managing your money when interest rates rise
By The Financial Consumer Agency of Canada

While we’ve seen plenty of discussion concerning the sweeping changes made by the Bank of Canada to course-correct a post-pandemic economy, what impact do rising interest rates have on the individual?

The Financial Consumer Agency of Canada (FCAC) has posted a thorough guide on the Government of Canada website with direct information on just how higher rates can affect mortgages, personal loans and lines of credit, and itemizes some strategy on how to predict and react to those effects.
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Read the full article on the Government of Canada website

Inflation to trigger bump in TFSA room in 2023
Next year’s limit can be calculated using CPI data released Wednesday
By Rudy Mezzetta, Advisor’s Edge

From the article: High inflation rates are set to push the TFSA dollar limit for 2023 to $6,500, up from $6,000 this year.

That means the total contribution room available in 2023 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is set to be $88,000.

The Canada Revenue Agency will officially announce the 2023 indexation rate for personal income tax and government benefits in the coming weeks. That indexation rate applies to the annual TFSA dollar amount as well as tax brackets, for example..
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Read the full article on Advisor’s Edge

Tips for tax planning with the FHSA
The Tax-Free First Home Savings Account offers a high degree of flexibility for prospective homebuyers
By Rudy Mezzetta, Investment Executive

From the article: Tax experts are strategizing over how to use the new tax-free savings account for first-time homebuyers and how it will interact with other registered accounts.

The proposed rules governing the Tax-Free First Home Savings Account (FHSA), released for comment in August by the Department of Finance, allow for plenty of flexibility regarding contributions, deductions and investments.
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Read the full article on Investment Executive

Our Featured Free Publication

Cover of free book: Estate and Planning Organizer

Estate and Planning Organizer:
Household Directory of Documents

A useful tool for anyone who understands the importance of keeping clear and concise records that, when completed, will be invaluable to you, your family members and loved ones, as well as to the executors of your estate.

This fully-interactive document can be saved and freely modified whenever you like, or printed instead if you prefer to write in your answers.
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