The Greenard Index

Last week, we mentioned the TFSA contribution limit for 2021 has been maintained at $6,000.

The Tax Free Savings Account (TFSA) was introduced in 2009. After 11 years of steady contributions, these accounts have become very meaningful.

Throughout every calendar year, there are set financial tasks and tax due dates that are important to remember. Below, we have compiled a calendar of the key dates that you need to know as the New Year approaches.

Some content in this column has been edited for accuracy. Within Canada there are banks and credit unions. Canadian banks are regulated in three categories, Schedule I, Schedule II and Schedule III banks.

When capital property is sold, a capital gain or loss is realized. This capital gain or loss is calculated as the difference between the proceeds on disposition and the adjusted cost base of the capital property.

When we first meet with younger couples, we begin educating them about the benefits of equalizing incomes once they reach retirement.

Prior to our clients turning 65, we have a discussion with them about both the age amount and the pension income amount which are both federal non-refundable tax credits.

With every new client we work with, we will have a discussion regarding making charitable donations. This is especially the case for clients who have a non-registered investment portfolio.

Managed and fee-based accounts continue to grow in popularity. In fact, they are the fastest-growing wealth management option amongst most Canadians.

The regulators require us to document the investment objectives for each client on an account by account basis.