Author Archives: coveredflf

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Outdated RRIF rules could get overhaul

Department of Finance will wrap up its study in June We regularly encourage our clients to save for retirement by contributing to RRSPs. As clients approach retirement, we meet with them to discuss how to turn those RRSPs into a steady flow...

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Feds boost limit on allowable EAP withdrawals from RESPs

Budget 2023 also proposed changes to allow divorced or separated parents to open joint RESPs The federal government is proposing to allow withdrawals of up to $8,000 in educational assistance payments (EAPs) from an RESP for beneficiaries...

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CPP maximum pensionable earnings for 2023 announced

The CRA also updated the RRSP dollar limit The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2023 will be $66,600, up from $64,900 in 2022. Contributors who earn more than $66,600...

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More rate hikes are coming, but cuts won’t be far behind

Historically, cuts have followed within eight months of a hiking cycle’s end, a report says With yet another U.S. rate hike on tap for Wednesday, a new report from National Bank Financial Inc. (NBF) examines how rate-hiking cycles end and when...

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Inflation to trigger bump in TFSA room in 2023

Next year’s limit can be calculated using CPI data released Wednesday High inflation rates are set to push the TFSA dollar limit for 2023 to $6,500, up from $6,000 this year. That means the total contribution room available in 2023 for...

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Inflation is cooling, but the Bank of Canada isn’t done its...

Core measures also pointed to a slowdown in annual inflation last month Inflation in Canada is cooling faster than expected, but economists don’t expect the Bank of Canada to back down from its fight just yet. The annual inflation rate...

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