Tax Free Saving Account – Use It To Its Fullest Potential!

If you have not opened a TFSA yet you could be missing out on potential savings including saving in the long term for retirement. Every year you are permitted to contribute $5,000 and any gain will be tax free.

The big difference between a TFSA and a RRSP is you will pay tax on the RRSP funds as you redeem them but the increase in value on the TFSA can be redeemed tax-free!

Depending on your tax bracket you may end up paying substantially more Tax through and RRSP.

To learn more about how a TFSA could help you save money for retirement please read this great article from moneyville.ca.

Thousands of our clients save everyday. They know the value of having “Your Durham Mortgage Solutions Team” get the low rate and great terms they deserve. To join them, Apply today!

The Sandwich Generation!

If you find your self both raising a family and looking after your parents, then you fit the category of the Sandwich Generation.

Trying to balance both child rearing and care giving adds stress to our lives. But that stress might also be compounded by not being able to manage our own retirement when it comes.

Statistics show that 48% of Canadians are concerned that saving for their children’s educations may negatively affect saving for their own retirement. Another poll suggests that caring for aging parents could also erode retirement finances.

Add the ongoing concerns about not having a workplace pension and you find that the sandwich generation will find it tough to rely on their savings to fund an enjoyable retirement.   In Canada as many as ¾ of the peopled polled did not have employer pensions. It therefore becomes urgent to make a sound plan as early in life as possible.

As many as 265 of all those surveyed noted that the employee pension plan will be there only source of income beyond government benefits at retirement.

The poll was conducted by Ipsos Reid between Oct. 24 and Nov. 27and surveyed 1,225 Canadians aged 18 to 54.

The recent recession has done nothing to make saving any easier, and with slow recover many people feel they just can’t afford to invest. Even those who have made investments can’t be sure it’s enough. People live so much longer today than in any time in history and the fear of outliving your money is real.

Now with all the somber news behind us, lets look at ways to build on savings while creating good habits.

• Make a plan.
• Think about how you want your own retirement to look.
• Look at how much you will need to generate from savings to keep enjoying your lifestyle.
• Consider setting up automatic contributions to your existing RRSPs from payroll
• Consolidate your high interest debts now and use the savings to buy a TFSA or top up your RRSPs.
• Consolidation can create “Found Money’ to add into your savings plan.

If you would like to discuss your current situation we are always here to help. We encourage your to begin your fact finding mission by calling us today!

Name(required)

Email(required)

Comment(required)

Submit

Δ

Double Dip for Extra Savings!

Did you know…. You can contribute to your RRSP and use the resulting tax refund to make a TFSA contribution.   It’s the ultimate Double Dip!  “Save for retirement and create tax-free savings in the future”  said Debbie Ammeter, the vice-president of advanced financial planning at Investors Group.

The RRSP contribution deadline is Friday March 1, 2013 so plan to get the tax-fee Double Dip on your savings  this tax year!

Contact Rick Kosteczko for all the details.

We are pleased to answer any questions or comments, please use the handy form below.

Name(required)

Email(required)

Comment(required)

Submit

Δ

Better Rates, More Options, Greater Wealth!

We’re committed to your over-all financial well-being!

Our entire team attended The Fall Road show at Mortgage Intelligence yesterday.

We can tell you that you are in for some amazing new products & services from our office.

We’re rolling out our newest Mortgage Lender, exclusive to Mortgage Intelligence.

We offer full privileges  at  2.99% 5 year fixed through Partner Mortgages!

Let us source your Home Insurance when you get a new mortgage!  Save more when you bundle it with your Auto Insurance through our Supplier, Unitas

Enjoy  Mortgage Planning, a complimentary service for all our valued customers. Take the worry out of whether you’re getting the “Right” mortgage when you seek financing. We’re the experts and we’ll help you through the maze of options so you can reach your financial goals.

And we’re committed to helping you increase your personal wealth through exceptional guidance when you need an RRSP, RESP, Tax Free Savings accounts and more!

Without a doubt we are your One-Stop Solution or Mortgages, Mortgage related products, Insurance and Wealth Building options in Ontario.

Contact us for your next Financial Solution!

             1-866-452-1100