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Tax Tips for Students

Tax Tips for Canadians

Tax Tips for Business Owners

Minimize Estate Taxes Infographic


Are you on track to retire?

I am
years old.
I make
per year.
I have
invested.
I save
per year.

You’re on track to retire!

Your projected savings, factoring in investment growth and government benefits, align well with your retirement income needs.

Based on your savings you could potentially retire early. Speak with an advisor to learn more.

Book Appointment

Almost there.

Your current savings are not likely enough for retirement.

Your projected savings, including investment growth and government benefits, may not meet your retirement income needs.

Speak with an advisor to get on track.

Speak with an advisor to get on track.

Book Appointment

Assumptions
Calculator uses an Expected Investment Growth Rate of 2.8% calculated by subtracting the Rate of Inflation (2.1%)* from the Investment Rate of Return (4.9%)**. This growth rate is used to project the investment balance each year until retirement, considering annual contributions at the end of each year.

Annual income needed in retirement is determined by subtracting annual savings, the Annual OAS Benefit, and an estimated Annual CPP Benefit based on income levels.

Annual replacement income needed in retirement is multiplied by a Replacement Income Multiple (20x) and compared to the total investment balance at retirement. If the investment balance exceeds this multiple, the individual is considered on track for retirement savings.

*Morningstar Data
**FP Canada report page 17

Disclaimer
This calculator is for educational purposes only. All charts and illustrations are for illustrative purposes only and are not intended to illustrate the performance of any security or portfolio. You should not rely on the results as an indication of your financial needs and we recommend that you seek your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction. Professional advice should be obtained prior to acting on the basis of this information. The deduction of advisory fees, brokerage or other commissions and any other expenses that would have been paid may not be reflected in the calculation results. ® The Assante symbol and Assante Wealth Management are registered trademarks of CI Investments Inc., used under license.


RRSP vs. TFSA

Your advantage
would be $0

RRSP Breakdown

Investment
$
Reinvested tax refunds
$
Investment value in
$
Tax on withdrawal (%)
$
Net amount
$

TFSA Breakdown

Investment
$
Investment value in
$
Tax on withdrawal (0%)
$0
Net amount
$

Assumptions
Calculations use marginal tax rates as of January 2023. Rates take all federal and provincial taxes and surtaxes into account and the basic personal tax credit. The RRSP contribution limit is $30,780 for 2023. The TFSA contribution limit for 2023 is $6,500. Calculations do not factor in the effect of RRSP withdrawals on Old Age Security and other government benefits and credits that are income tested.

The RRSP calculation maximizes your returns by reinvesting your tax refund annually for continued growth.

Disclaimer
This calculator is for educational purposes only. All charts and illustrations are for illustrative purposes only and are not intended to illustrate the performance of any security or portfolio. You should not rely on the results as an indication of your financial needs and we recommend that you seek your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction. Professional advice should be obtained prior to acting on the basis of this information. The deduction of advisory fees, brokerage or other commissions and any other expenses that would have been paid may not be reflected in the calculation results. ® The Assante symbol and Assante Wealth Management are registered trademarks of CI Investments Inc., used under license.


Jane Smith Alex M. Skoke Kaileigh van den Berg

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