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In January and February of every year we have clients that are making a last-minute Registered Retirement Savings Plan (RRSP) contribution to be applied against the previous taxation year.

Going back nearly 50 years, we can trace the initial start of the taxation of capital gains.

All of our clients have chosen to maintain their assets in a managed account where investment management fees are charged to the account. There is no annual administrative fee, and no commissions for buying or selling within the accounts.

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 sa国际传媒 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.