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When I first started in financial services, most Canadian banks had a domestic bias to their operations. The four traditional pillars of financial institutions were: banking, trust services, insurance, and investment dealers.

When people think of providing for their retirement, they think of the various types of income they will receive (ÎÚÑ»´«Ã½ Pension Plan (CPP), Old Age Security (OAS), pensions, investment income, etc.).

In the majority of cases, when individuals make a Registered Retirement Savings Plan (RRSP) contribution, they intend to deduct those contributions on their tax return.

With managed accounts, there are no annual administrative charges, and no commissions for buying or selling within the accounts. With a managed account, fees are documented with a fee agreement.

Last week we took a mathematical approach to looking at Registered Retirement Savings Plan (RRSP) contributions.

In January and February of every year we have clients that are making a last-minute Registered Retirement Savings Plan (RRSP) contribution to be applied against the previous taxation year.

Going back nearly 50 years, we can trace the initial start of the taxation of capital gains.

All of our clients have chosen to maintain their assets in a managed account where investment management fees are charged to the account. There is no annual administrative fee, and no commissions for buying or selling within the accounts.

Last week, we mentioned the TFSA contribution limit for 2021 has been maintained at $6,000.

The Tax Free Savings Account (TFSA) was introduced in 2009. After 11 years of steady contributions, these accounts have become very meaningful.