Trevor McTavish at ClearPath Wealth Management

06/28/2024

TFSA (Tax Free Savings Account) started in Canada in 2009 and in 2024 has reached a total allowed contribution amount of $95,000. The annual dollar contribution amount is indexed to inflation and is monitored by the Canada Revenue Agency.

TFSA can be a part of a tax free short term savings account or a tax free investment account.

A TFSA can be used to achieve short term financial goals or as a retirement or estate planning strategy. A named beneficiary allows the TFSA accumulated holdings to pass tax-free upon the account holders death. This is an estate planning strategy to avoid the expense and delay of probate.

To maximize the most out of a TFSA, it should be part of your overall financial plan.

Please contact me with your TFSA questions

03/17/2023

Make Your Money Work For You
With interest rates on the move what are the current rates on your day to day accounts at your financial institution? Typically most financial institutions at current interest rates MAY be offering you a rate of 1.5% or even LESS. This may be a great time to upgrade your checking / savings account to maximize the returns on YOUR money. Please let me know if you have any questions for what may work best for you and your current financial situation.
Happy Savings!

02/25/2023

RRSP Deadline is fast approaching March 1st. Have you made your contribution? Is an RRSP the right fit for you? Is a TFSA a better option? Let me know your thoughts. Thanks for watching!

02/17/2023

Taking advantage of 2023!
2022 is mostly behind us and it is time to aim out sights on 2023. What is the best course of action when planning for the future. How does one take adventure of future possibilities in the markets.

02/10/2023

A couple quick pointers on credit card debt and the best options when it comes to paying down debt and becoming debt free.

01/22/2023

What are the Top 5 items you shouldn't buy new?
Take a look and let me know if you agree or disagree.
Thanks and as always, Happy Savings!

01/06/2023

Happy New Year!
What are your financial resolutions for 2023?
New TFSA / RRSP limits inside.
Thanks for watching and if you have any questions, please let me know.
Happy Savings!

05/21/2022

Short and Long Term Savings:

How to set up what best suits you and your short / long term financial goals.

Any questions please let me know:

[email protected]

05/06/2022

Make the best use of a tax refund!

Receiving a tax refund? The government has been holding onto your money for you for the last 12 months - free of charge, and now you're getting some of it back.

The guaranteed best way to spend a tax refund is by tackling high interest paid on bad debt like credit cards.

This would pay you off in the long run and although it might not be the most exciting way to spend your return, it is the most rewarding.

Thanks for watching! See you next time.

04/22/2022

04/08/2022

Tax Filing Deadline - More Tips

Don't leave filing your taxes until the last minute. Avoid penalties and receive your refund sooner. This will also help avoid any government benefits you receive from being delayed.

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03/25/2022

Tax Tips:

Many Canadians pay more tax then they should.

Filing your income taxes on time even if you cannot pay the amount due on your taxes could save you money in the long run.

When your taxes aren't filed on time, you could pay a late filing penalty of 5% of the balance due plus a 1% penalty per month.

Happy Savings!

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