Login to Your Account PI Financial Corp | Research (604) 552-9600 OUR TEAM SERVICES RESOURCES BLOG CONTACT US Our Branch Located in Port Coquitlam, BC, our office focuses on serving the wealth management needs of our clients. Balancing risk with the need to produce the target returns for your Portfolio, we draw upon a deep tool box built over three decades of experience. Our team actively monitors your Portfolio in consideration of your personal risk tolerance, investment objectives and financial goals. Connect with us Tweets by PIFinancialCorp Linkedin page by PIFinancialCorp Gavin's Tips To Grow Financial Wealth $40,000 For First-Time Homebuyers: In addition to the Homebuyers Plan which allows first time Homebuyers to withdraw up to $35,000 from an RRSP tax free there is a new program called the First-Time Home Buyers Incentive. In the new program the Government of Canada will provide you up to $40,000 for the down payment. The Government can be bought out at anytime or when the house is sold. The total of $75,000 can help first time Homebuyers tremendously. For more information – www.placetocallhome.ca TFSA’S Not U.S. Dividend Friendly With the 2021 cumulative TFSA limit $75,500 it is important to use this limited tax-shelter space wisely. TFSA’s are a great financial tool, perfect for saving for a vacation or a new vehicle. However, they may not be the best place for US Stocks as US Dividends are not sheltered from tax. For US holdings RRSP’s may be the better option as all dividends, interest, and capital gains are sheltered from tax within the account. Electric Vehicle Rebates: To encourage clean energy Federal and Provincial Governments have some very enticing rebates for those making the switch to electric vehicles. Currently there are up to $14,000 of rebates available at the time of purchase on qualifying EV’s along with being reimbursed for the cost of installing a charger at your home. EV Savings are also available for self employed individuals using the EV for work purposes. Age 71 Retirement RRSP Bonus: An RRSP must be closed in the year the holder turns age 71. With annual RRSP Contribution Room calculated on income from the previous year if you are age 71 and still working you will have RRSP Contribution Room at age 72 even though you are not able to hold an RRSP. This presents an opportunity for someone Age 71 and still working to get bonus Contribution room in their RRSP’s final year. Accelerate Savings By Frequently Contributing To RRSP’s: Dollar cost averaging, the process of investing a fixed amount each month, limits the impact of emotions during periods of market volatility. When markets are doing well the money already invested is going up. When markets are down the Dollar Cost Averaging approach is taking advantage of the opportunity to buy portfolio holdings at a lower price. RRSP’s are a preferred vehicle for Dollar Cost Averaging with monthly contributions being tax deductible growth within the account non taxable, allowing wealth to grow faster. Don’t Pay More Tax Than You Need To: When holding Portfolio positions outside of your taxsheltered accounts such as RRSP’s and TFSA’s all income is not taxed the same. There is preferential tax treatment given to Canadian dividend income and capital gains. It is important to remember there is no special tax treatment for interest income often earned on GIC’s and Bonds. For this reason, securities earning interest may have a higher priority to be placed in registered accounts where sheltered from tax. Links Account Log In Log in to your account Research Log in to research Register for Access Resources Quotes/News and Charts Click here for more Market Brief Privacy Policy | Terms of Use | Complaint Handling | Unclaimed Property | Best Execution | Trade Matching Statement | Member-Canadian Investors Protection Fund PI Financial Corp. is licensed as a broker-dealer in all provinces and territories of Canada and is a member of the IIROC and the Canadian Investor Protection Fund. The contents of our Website are not intended, and should not be construed, as a solicitation of customers or business in any jurisdiction in which we are not registered as a dealer in securities. Click here to generate an IIROC AdvisorReport Copyright © 2021 PI Financial. All rights reserved.