1. March 3, 2014: deadline for contributing to an RRSP for the 2013 tax year
Contributing to an RRSP and using its tax deductions allows you to save money for the post-retirement future. Quon & Associates will help you reach your retirement goals with security and confidence. We help you take advantage of retirement savings opportunities and to identify retirement goals. We understand that it is not always easy to create and maintain long-term investment strategies. We can help you plan your RRSP strategy and determine your 2013 RRSP contribution limit. The deadline for contributing to your RRSP plan is March 3, 2014.
2. March 15 2014: deadline to file foreign trust reporting forms (or request 6-month filing extension) for US citizens owning TFSA, RESP, RDSP.
Tax-free savings account (TFSA)
You can invest up to $5,000 per year in a TFSA. Your account can hold investments such as stocks, bonds and mutual funds, to name a few. Any growth on your investment is tax-free. What’s more, any withdrawal you want to make is tax-free too. The deadline to file your TFSA form is March 15, 2014.
Registered Education Savings Plan (RESP)
A well-executed RESP can fund your child’s college or university education, including tuition, room and board, books and so on. Opening a Registered Education Savings Plan (RESP) when your child is born can yield a sizeable sum by the time the child heads off to college or university. Government grants and compounded return can add considerably to an RESP’s total savings. A Quon financial professional can help you develop a financial plan that incorporates all of your short-and long-term goals, including saving for a child’s education. We can help you determine your RESP contribution methods and strategies before the deadline on March 15, 2014.
Registered Disability Savings Plan (RDSP):
This plan provides incentive and support for parents wishing to save for the long-term security of children with severe disabilities. Earnings generated by contributions to the savings plan re tax-exempt while they stay in the plan. When earnings are withdrawn, they are taxable in the hands of the beneficiary and likely to be taxed at a lower rate. Anyone can contribute to an RDSP with the written permission of the plan holder. The RDSP allows disabled individuals or their parents to contribute up to a lifetime maximum of $200,000 per beneficiary. To qualify, beneficiaries must be eligible for the disability tax credit (DTC), and must be residents of Canada. If you are potentially eligible for the RDSP, consider setting one up as soon as possible. But more importantly, consider consulting with a financial planner who can help you design a comprehensive plan that encompasses all of your financial needs would likely serve you the best.