How You Can Achieve Your Retirement Goals and Lower Your Taxes in 2022
Mark your calendars as it’s that time of year again. March 1st is the RRSP deadline which means it’s time to start thinking about your retirement goals and how you can lower your taxes in 2022. Canadians are fortunate to have the option to invest in Registered Retirement Savings Plans (RRSPs). This is one of the key strategies for financial planning and it can help you reach your retirement goals faster. That’s why at First Avenue Financial, we want to make sure you’re taking full advantage of this opportunity.
An RRSP is a retirement savings account that allows Canadians to save money and defer paying income tax on their contributions until later. The funds placed into an RRSP account earn interest or dividends over time, allowing them to grow faster than they would if they were held outside of an RRSP account.
Investing in RRSPs is one of the most effective ways for Canadians to save for their retirement and reduce their tax burden at the same time. The amount invested can be deducted from taxable income, thus lowering your taxes owed. This means that saving money in an RRSP account can save you thousands of dollars in taxes each year. Additionally, since the interest or dividends earned within an RRSP are not taxed until withdrawn from the account, they have more potential to accumulate over time compared with other investments outside of an RRSP account.
At First Avenue Financial we understand how important it is for our clients to take full advantage of all available opportunities when it comesto planning for retirement while reducing their taxliability at the same time. That’s why we offer comprehensive services designed specifically with this goal in mind, helping Canadians create custom investment strategies tailored to their specific financial needs and goals. We also provide advice onproper asset allocation strategies so our clients know exactly where their money should be going and how much should be invested per asset class –ensuring maximum returns on their investments while minimizing risk exposure as much as possible.Finally, we will work with you every step of the way. From setting up your initial investments through ongoing monitoring and maintenance, ensuring that you always stay on track toward achieving your desired retirement goals!
Contact us today so we can get started helping you plan for a better tomorrow!