Retirement & Estate Planning
Retirement & Estate Planning
Retirement & Estate Planning
Retirement & Estate Planning
Retirement & Estate Planning
Retirement & Estate Planning
Retirement & Estate Planning
How we help you
How we help you
About Greenfeld Financial Management
About Greenfeld Financial Management
About Greenfeld Financial Management
Jeffrey J. Greenfeld, CFP®, Investment Advisor & Financial Planner
Located in Delta, BC Tel: 604.940.8617
Tax Savings
RIF Meltdown - for your Retirement
Can you withdraw money from my RRSP tax-free? The answer is Yes. There is a strategy known as the RRSP (RIF) meltdown which can assist Canadians in getting their RRSP payments out without paying tax. The strategy is based on the idea that it is more tax-efficient to make withdrawals from your RRSP or RRIF earlier in life rather than after the age of 71. This only applies when you expect your tax rate to be higher later in life, rather than earlier. The RIF meltdown strategy involves obtaining an investment loan and paying the accrued interest with the deregistered payment from your RRSP. When your RRSP payment equals your loan interest payment, you are effectively offsetting the income inclusion of your RRSP or RIF payment with an interest expense deduction resulting from your loan.
RRSP Contributions - tax deferral
As a Canadian, one of the many tools available to help you build retirement wealth is a Registered Retirement Savings Plan (RRSP). The advantage of investing in an RRSP is you can use your contribution as a tax deduction and all of the growth in the account grows tax-free. When the time comes to convert your RRSP into a RIF, the withdrawals are usually taxed at a lower marginal tax rate than during your working years.
TFSA Contributions - tax free investment growth
Another great tool available to you is the Tax-Free Savings Account (TFSA). All the growth, dividends, interest and capital gains are tax free and you can hold a large variety of investments inside the account. The annual contribution limit for 2024 is $7000 and is available to anyone 18 years of age and older (to a maximum of $95,000). Any withdrawals are also tax-free.
Tax Efficiency - for your golden years
Are you retiring soon and seeking a tax-efficient source of cash outside your RRSP/RIF without wanting to trigger Old Age Security (OAP) clawbacks? Tax efficient programs allow you invest in products that do not increase your taxable income and allow for tax deferral. A conservative payout strategy can provide extended tax-free cash flow and help to maximize investment potential. This is ideal for investors seeking to draw cash flows from their portfolio while maintaining the potential for growth through exposure in the market. Tax efficiency programs allow for customized levels of cash flow within diverse portfolios.
Personal Income Tax Credits - reduce your net income at tax time
By spending time getting to know you, our client, we are able to identify various tax credits that will ultimately reduce your net income at tax time. Common credits can include:
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RRSP contributions
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Disability
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Union dues
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Business investment loss
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Moving for employment
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Support payments
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Non-capital losses
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Child care
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Pension adjustments
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Caregiver
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Donations
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Home buyers’ amount
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Climate action incentive