Grow Your Wealth

Collins BarroW Clarity Defined. www.collinsbarrow.com GROW YOUR WEALTH Investment tips for 2014 Take advantage of these tips to nurture your investments and minimize your taxes in 2014. RRSP Sow your savings Have you topped up your 2013 RRSP contribution? Remember to do so by March 3, 2014. Your entitlement carries forward indefinitely, so contributing the maximum each year allows your funds to grow tax-free. REGISTERED PLANS: CONTRIBUTION LIMITS RRSP RPP DPSP Basis for 18% of earned 18% of pensionable earnings for the year deduction income from the previous year 2013 limits $23,820 $24,270 $12,135 2014 limits $24,270 Indexed Indexed TAX-FREE SAVINGS ACCOUNT Let your investments ripen Have you set up a TFSA? Eligible investments that yield interest and foreign dividends are typically subject to higher tax rates. Consider holding these in your TFSA to save taxes and maximize your returns. CAPITAL GAINS AND LOSSES Cultivate growth Did you sell eligible small business corporation shares in 2013? Consider investing sale proceeds into another eligible entity before April 30, 2014. In certain conditions, an individual can defer all or part of the capital gain. FIRST-TIME DONOR'S SUPER CREDIT Reap tax benefits Have you ever donated to a registered charity? If not, now is the time. A one-time credit of an additional 25% is available on donations up to $1000 that are made after March 20, 2013 and before 2018. Collins Barrow Need help building a new investment tax strategy for 2014? If any of the above situations pertain to you, contact the experts at Collins Barrow for actionable advice and personalized solutions. While this infographic provides general planning parameters, Collins Barrow recommends that you seek professional advice before taking specific tax planning steps. Visit collinsbarrow.com for further information.