This is a friendly reminder that RRSP deadline is fast approaching as the final date is March 1st, 2017.
1) Contributions towards RRSP’s deduct from your taxable income.
2) Any taxes you would have paid on your taxable income between the original and new adjusted amount would be a refund pending no other taxable events occur.
3) All growth inside the RRSP is tax deferred to when you retire and decide to withdraw from your savings.
4) 2016 maximum is 18% of your taxable income to a maximum of $25,370 minus any contributions made to a sponsored pension fund.
Ways to Make a Contribution:
1)Online Bill Payment
2)Mail in a Cheque
***Be aware that online contributions do take 48 business hours to reach your account and cheques in the mail would need to be received by the 28th of February***
Please do not hesitate to contact either one of us if you have any questions.
Konrad, Justin and Merriel
More articles and information is available at www.lkwealth.ca
Disclaimer: Echelon Wealth Partners Inc. is a member of IIROC and CIPF. This document has been prepared as a monthly market update and does not contain any recommendations for any particular investment. It is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular investing strategy. Any investment decision should be based on your own risk tolerance and investment objectives and reviewed with an investment advisor. Any opinions or recommendations expressed herein do not necessarily reflect those of Echelon Wealth Partners Inc. The data used in this document is from various sources and is believed but in no way warranted to be reliable, accurate, complete and appropriate.
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