Happy New Year! Did you know that the Canadian government gave you a gift on January 1, 2024? The only catch is that it’s up to you to pick it up. They increased your Tax Free Savings Account (TFSA) limit by another $7,000 this year, bringing the total TFSA contribution limit up to $95,000. Take advantage of it! The TFSA is one of the most tax-advantageous tools we … [Read more...] about Taxing times: Taking advantage of new TFSA limits
Arnold Machel, CFP®
Arnold Machel lives, works and worships in the White Rock/South Surrey area and has been writing articles for the Light Magazine for over 10 years. He is a Certified Financial Planner® with Visionvest Financial Planning & Services.
Generosity of Spirit
Love is all you need There is no question that generosity is valued and considered to be of great importance when we review the teachings of Jesus. Whether it’s through His comments on tithing or on helping the poor, it’s very clear that He encourages us to be lavishly generous. But generosity doesn’t only apply to money. I worry that we (Christian finance writers) … [Read more...] about Generosity of Spirit
Alternative minimum tax rule changes
And why you should care I’m going to ask in advance that you forgive me. This is not a platform that I tend to use as an activist, but today I am going to do just that. And, even worse, I’m going to ask you to get involved, too. In the 2023 federal budget, the Liberal government proposed changes to how the Alternative Minimum Tax (AMT) is calculated. Since then, the … [Read more...] about Alternative minimum tax rule changes
Back to school and RESPs
Strategizing withdrawals for the best outcome Registered Education Savings Plans (RESPs) were originally introduced in 1972 and they were terrible. Seriously! We would regularly tell clients to avoid them, usually suggesting informal trust accounts instead as they provided much greater flexibility without the risk of losing all your gains. But in 1998 the introduction of a … [Read more...] about Back to school and RESPs
First Home Savings Accounts
The wait is over At the beginning of the year, my son, Ben, wrote about the new First Home Savings Account (FHSA) that was announced by the Canadian government. At the time, financial firms had not put the required infrastructures in place to offer them, even though this brand-new account type had been introduced by the government and approved as a new tax-free savings … [Read more...] about First Home Savings Accounts