Three key dates on the calendar for retirement investors
BNN Bloomberg
We can all hope the new year brings plenty of opportunity. For the average retirement investor looking for some tax relief in 2022, it knocks three times.
We can all hope the new year brings plenty of opportunity. For the average retirement investor looking for some tax relief in 2022, it knocks three times.
As the pandemic continues to rattle markets, a good tax plan is a sure-fire way to keep more of your investment dollars invested. That not only means seizing on whatever tax advantages the government allows, but coordinating them to maximize tax savings over the long run.
Some experts estimate reinvested tax savings can boost a retirement portfolio by 25 per cent; leaving more cash to enjoy in retirement.
Taxes can be complicated, so it’s best to speak with a qualified tax professional since the best strategies depend on an individual’s personal financial situation. But here are three key dates that most investors should be planning for.
January 1: TFSA contribution limit extension
If you were fortunate enough to contribute the maximum allowable amount to your tax-free savings account in 2021, the federal government has added another $6,000 to the contribution limit starting in the new year.
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It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.
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