Business Owners
Strategies to help increase your personal cash flow, keep key employees and protect your business.
Strategies for Families
Customized solutions based on you, plans for you to accumulate and protect your wealth.
Strategies to help increase your personal cash flow, keep key employees and protect your business.
Customized solutions based on you, plans for you to accumulate and protect your wealth.
Exploring the Value of Group Benefit Plans for Your Employees
/in blog, business owners, Group Benefits, health benefits, incorporated professionals /by Alto, Chang and Associates Financial ManagementUnlock the potential of group benefits! Enhance employee well-being, reduce turnover, and boost your business with customized plans. Learn more.
British Columbia’s 2024 Budget Highlights
/in 2024, blog /by Alto, Chang and Associates Financial ManagementDiscover how B.C.’s 2024 Budget introduces a home flipping tax, raises property transfer tax exemptions, and enhances the climate action tax credit. A pivotal shift for homeowners, buyers, and the environment.
TFSA vs RRSP – 2024
/in 2024, blog, business owners, Estate Planning, Family, financial advice, Financial Planning, Individuals, Investment, personal finances, Professionals, Retirement, RRSP, Tax Free Savings Account /by Alto, Chang and Associates Financial ManagementWhen looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $31,560. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.