Advisors have a special role in helping clients make the most of these tax-efficient investment vehicles
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Canadians have two key investment vehicles available to put money away tax-efficiently for retirement and other big-ticket purchases: the registered retirement savings plan and the tax-free savings account . Financial advisors have a special role to play in informing investors about each of these tools’ properties and provide strategies to help them take advantage of them for their respective needs. Advisors also need to keep clients abreast of changes to these vehicles as well as mistakes to avoid – not to mention their limitations.
These 10 articles published on Globe Advisor in 2022 focus on some key strategies for making the most of RRSPs and TFSAs:Starting in the 2023 taxation year, banks will be required to report the total fair market value of property held in the RRSPs and registered retirement income funds they administer. The aim is to “assist the Canada Revenue Agency in its risk-assessment activities regarding qualified investments held by RRSPs and RRIFs,” the federal budget document said.
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