New Website To Offer Free Professional Help to Canadians Launching in Mid May

OAKVILLE, Ontario - April 24, 2013 - PRLog -- www.PlanYourFuture.ca will be launching in Mid May in Oakville, Ontario offering free videos from experts and professionals to help Canadians in all walks of life make more informed decisions.

These videos will be going to a strict process to make sure they provide value all Canadians that decide to use PlanYourFuture.ca.

Experts include: Michael Brunet, Jasmine Sweetman, Paul Harrison and more..

Here is an example of one of the expert scripts you will see at PlanYourFuture.ca

TFSA or RRSP - Which should I start First?

TFSA or RRSP? OK this comes up a lot and there is no hard and fast rule on which is better or even which one you should contribute to first. However, here are a few things to consider: first you need to ask yourself do you think your retirement income will be higher in the future then it will be today?

If you’re just starting your career and you plan on drawing a higher income in your retirement years than the RRSP is not your best savings tool - and studies would suggest you should fill up your contribution limits inside your TFSA before you begin to contribute to your RRSP.

To illustrate this point let’s say you contribute $1,000 to an RRSP today, and the government gives you back $350 as a tax refund. Your net cost is $650. Now let’s assume that in your retirement your marginal tax rate goes up to 45 per cent. You’ll pay $450 in tax for every $1000 you withdraw from the plan. From a tax perspective - this is not a good deal which is why the TFSA would have been the better deal.

Other reasons to use a TFSA before you contribute to your RRSP are if you want to build an emergency fund, or save up to buy a car or big item in a few years - If you put the money into an RRSP it will be taxed coming out, and perhaps it will be taxed at a higher rate than your contribution deduction was worth. So it’s a safer play to use your TFSA which today for most Canadians has contribution room of $25,500.

If your interested in finding out how to start contributing to your TFSA and or RRSP give us a call we’d be happy to build you a financial plan that maximizes your planning also check out our FAQ’s page at planyourfuture.ca to find out more information on RRSPs and TFSA.

For more information on this new website contact the owner at michael@planwithharry.com or call him at 905-599-4961