Learn.Understand.Empower

What happens if you overcontribute to your RRSP or TFSA

Being an overachiever can be an asset, but over contributing to your registered investment accounts isn’t a way to get ahead.

The Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) and Tax-Free First Home Savings Account (FHSA) were created with one goal in mind: encouraging saving and investing. To do that, these accounts come with tax advantages, but there are limits to how much tax relief the government is willing to provide.

20 Popular Canadian Tax Deductions and Credits for Tax Year 2023



When it comes to taxes, there’s no one size fits all scenario. That’s why there are over 400 deductions and credits that the CRA outlines.

TurboTax has rounded up the top 20 most popular items to help you make the most out of your taxes and get the best refund.

Whatever your tax situation is, there’s a credit or deduction out there for you. 

Why do we call it FrostFin?

The obvious reason is that is combines the Frost name and Fin (short for Financial). Also, a frostfin is an adorable little fish that resembles a goldfish. They are transparent (like our fees) and known for dwelling in the shallows to protect their eggs by keeping them safe in their mouth until they hatch (kind of like you watching over your nest egg).

The other reason is that it allows us to use lots of "fishy" analogies and "school" references-- just for fun!

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Frost Wealth Management®  | iA Private Wealth | 1-855-619-3684

g.frost@iaprivatewealth.ca

This information has been prepared by Greg Frost who is a Senior Wealth Advisor for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Frost Wealth Management Team can open accounts only in the provinces in which they are registered.

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates. .

Insurance products and services are offered through Frost Wealth Management Inc., an independent and separate company from iA Private Wealth Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund.

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