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Ep. 52 – Is your RRSP or TFSA over-taxing your financial health? With Doug Carroll
We often think of RRSPs, TFSAs and taxes as easy tools to save some money. But you may be missing some strategic decisions – or making some mistakes - that affect your pocketbook. This week, Derrick and Travis talk with Doug Carroll, Tax & Estate Specialist at Aviso Wealth, about smart tax-linked savings decisions you can make in 2021.
1:10 Money Problem: When one of Travis’ clients we transitioning to retirement, their savings and tax plan suddenly called for an overhaul.
3:00 Expert Examination: Travis, Derrick and Doug reveal the financial choices you’ll face this year that can affect your tax outcome:
- How to use an RRSP as a tax advantage – and mistakes many people are making.
- When a TFSA is a better savings option than an RRSP.
- Why there’s no single-source savings strategy.
- Should you choose a beneficiary or successor for your registered savings accounts?
- Tax strategies for families to follow.
- Special tax options for seniors.
23:15 Weekly Financial Fix: If you’re always rushing to file your taxes, Travis’ task this week will eliminate your panic.
If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.
On every episode
Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape?
If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.
You’ll hear about real-life financial challenges that our Island Savings hosts, guests and members have encountered. We’ll share the time-tested financial solutions we recommend to members. And every week you’ll receive a simple strategy that you can use right away to improve your financial health.
View all episodes
By Island Savings - Valley First - Envision Financial - Enderby & District Financial | Divisions of First West Credit UnionWe often think of RRSPs, TFSAs and taxes as easy tools to save some money. But you may be missing some strategic decisions – or making some mistakes - that affect your pocketbook. This week, Derrick and Travis talk with Doug Carroll, Tax & Estate Specialist at Aviso Wealth, about smart tax-linked savings decisions you can make in 2021.
1:10 Money Problem: When one of Travis’ clients we transitioning to retirement, their savings and tax plan suddenly called for an overhaul.
3:00 Expert Examination: Travis, Derrick and Doug reveal the financial choices you’ll face this year that can affect your tax outcome:
- How to use an RRSP as a tax advantage – and mistakes many people are making.
- When a TFSA is a better savings option than an RRSP.
- Why there’s no single-source savings strategy.
- Should you choose a beneficiary or successor for your registered savings accounts?
- Tax strategies for families to follow.
- Special tax options for seniors.
23:15 Weekly Financial Fix: If you’re always rushing to file your taxes, Travis’ task this week will eliminate your panic.
If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.
On every episode
Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape?
If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.
You’ll hear about real-life financial challenges that our Island Savings hosts, guests and members have encountered. We’ll share the time-tested financial solutions we recommend to members. And every week you’ll receive a simple strategy that you can use right away to improve your financial health.