Custom group benefits are pivotal in shaping a prosperous future for organizations. By celebrating diversity and prioritizing employee well-being, we foster a healthier, more dynamic workforce.
https://horizonfinancial.ca/wp-content/uploads/2024/03/1.jpg350600Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2024-03-05 12:23:572024-03-05 12:23:59The Value of Tailored Group Benefits
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $31,560. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
Stay ahead in 2024 with our comprehensive financial calendar! From tax filing to benefit distributions, we guide you through key dates like the $7,000 TFSA contribution and $8,000 First Home Savings Account. Bookmark now for a financially savvy year!
https://horizonfinancial.ca/wp-content/uploads/2023/12/2023-Year-End-Tax-Tips.jpg300500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2023-12-05 11:19:392023-12-05 11:19:422023 Year-End Tax Tips and Strategies for Business Owners
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The Value of Tailored Group Benefits
/in Blog, business owners, Group Benefits, health benefits/by Horizon FinancialCustom group benefits are pivotal in shaping a prosperous future for organizations. By celebrating diversity and prioritizing employee well-being, we foster a healthier, more dynamic workforce.
TFSA vs RRSP – 2024
/in 2024, Blog, business owners, Estate Planning, Family, financial advice, Financial Planning, individuals, Investment, personal finances, Professionals, retirement, rrsp, Tax Free Savings Account/by Horizon FinancialWhen looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $31,560. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
2024 Financial Calendar
/in 2024, Blog, business owners, financial advice, Financial Planning, individuals, personal finances, Professional Corporations, Professionals, Retirees, tax/by Horizon FinancialStay ahead in 2024 with our comprehensive financial calendar! From tax filing to benefit distributions, we guide you through key dates like the $7,000 TFSA contribution and $8,000 First Home Savings Account. Bookmark now for a financially savvy year!
2023 Year-End Tax Tips and Strategies for Business Owners
/in 2023, Blog, business owners, tax/by Horizon FinancialMaximize your tax benefits as a business owner in 2023! Learn key strategies for salary vs. dividends, passive investments, and more.
2023 Personal Year-End Tax Tips
/in 2023, Blog, individuals, tax/by Horizon FinancialMaximize your tax savings! Discover expert tips on investments, family deductions, retirement, and more in our latest article.