Dear client,
As the year begins, I’m taking a moment to share some relevant and important information for an optimal financial game plan. To discuss yours or ask any questions, don’t hesitate to make an appointment.
- Tax-free savings account (TFSA)
Whether to save or invest, a TFSA is a flexible and sensible choice. The TFSA contribution limit for 2024 is $7,000 plus unused contribution room from previous years.
- NEW – Tax-free first home savings account (FHSA)
Available since 2023, this account offers several advantages. Its use goes well beyond the purchase of a first property for all eligible individuals. The annual contribution limit is $8,000 plus any unused contribution room from 2023, for a maximum of $40,000 for life.
- Registered retirement savings plan (RRSP)
The deadline for your 2023 tax-deductible RRSP contribution is March 1, 2024.
- Registered education savings plan (RESP)
The maximum annual contribution is $5,000, eligible for government subsidies if the contribution limit was not reached during previous years. The RESP may be opened by anyone (parent, grandparent, guardian, friend, etc.) who wants to save for a child’s post-secondary studies.
Good to know
If the RESP beneficiary is turning 17 years old in 2024, it’s time to discuss a disbursement strategy in order to reduce or even eliminate taxes on your withdrawals.
My goal is to guide you throughout your financial projects, whether it’s planning for retirement, purchasing a property, financing a child’s studies, or evaluating your protections (life insurance, critical illness insurance, disability insurance, etc.).
Thank you for your trust. I look forward to teaming up with you again this year!
P.S. If you chose the paperless option, don’t forget to visit the Client Space to download your tax statements, which are generally available toward the end of February.
