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2019 Financial facts @ your fingertips

Investments, Personal Finance

Posted by Empire Life

Feb 4, 2019, 9:30:00 AM

 

2019 FINANCIAL FACTS
@your fingertips

MANAGE YOUR SAVINGS AND TAXES

There are a lot of financial facts to keep track of – here’s our handy sheet with the important amounts and dates to help you manage your finances.
  

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INV-2289-FinancialTips-Calendar-img-ENFRCONTRIBUTION deadlines

2018 RRSP March 1, 2019
2018 Homebuyer’s Plan repayment March 1, 2019
2018 Lifelong Learning Plan repayment March 1, 2019
2019 TFSA December 31, 2019
RRIF December 31 of year RSP holder turns 71

Don’t miss these dates to get the most from your registered accounts and to avoid penalties.

 

INV-2289-FinancialTips-Tax-img-EN2019 Personal Federal
MARGINAL TAX rate

Taxable income Tax rate
$12,069 to $47,630 15.00%
$47,630 to $95,259 20.50%
$95,259 to $147,667 26.00%
$147,667 to $210,371 29.00%
$210,371+ 33.00%

Add your provincial marginal tax rates to get your combined tax rate.

 

INV-2289-FinancialTips-Growthmonitor-img-ENFRGROWTH in a tax-deferred plan
after 10 years*

Monthly deposit 3% rate of return 5% rate of return
$50 $6,986 $7,762
$100 $13,973 $15,527
$200 $27,947 $31,055

Register for a pre-authorized deposit plan for your

RRSP or TFSA and help your nest egg grow.

 

 

   

INV-2289-FinancialTips-ClipBoard-img-ENFR-2 Annual RRSP Limits

2019 contribution maximum

$26,500

Your contribution limit is 18% of last year’s earned income (2018), to a maximum annual limit ($26,500). This limit is reduced by any pension adjustments for the year.

Check your Notice of Assessment from Canada Revenue Agency for your own limit.

 

Annual TFSA limits 

2019 Contribution limit Accumulative  
$6,000

$63,500

The TFSA is the most popular savings, investment and retirement account in Canada

 

LUMP-SUM PAYMENT
withholding taxes

All provinces except Quebec   Quebec
Up to $5,000 10% 20%
$5,001 - $15,000 20% 25%
Over $15,000

30%

30%

These taxes will be withheld at source from funds withdrawn from your RRSP, and from withdrawal amounts above your RRIF minimums.

 

 INV-2289-FinancialTips-Clock-img-ENFRMANAGE YOUR RETIREMENT INCOME

CANADA PENSION PLAN (CPP) benefits

 

Average/month**

Retirement pension at age 65

$664

Disability pension

$955

Survivors’ benefit younger than 65

$432

Survivors’ benefit age 65+

$302

Death benefit - one time payment

$2,298

Yearly maximum pensionable earnings (2019)

$57,400


CPP provides contributors and their families with partial replacement of earnings in the case of retirement, disability or death. You have to apply for the CPP retirement benefit – it doesn’t start automatically.

 

OLD AGE SECURITY (OAS) pension

 

Maximum/month (Jan 2019)

Pension at age 65

$601

Minimum Net Income Recovery threshold

$77,580

OAS pension recovery tax

15% of excess over threshold


It’s important to watch your annual income, as the OAS recovery tax starts at $77,580 of net income.

 

GUARANTEED INCOME SUPPLEMENT (GIS) benefit

 

Maximum/month (Jan 2019)

Maximum if single, widowed, divorced,  or if your spouse does not receive OAS pension

$898

Maximum if spouse receives OAS
pension or Allowance

$540


In addition to the OAS pension, low income Canadians may be eligible for GIS. Starting December 2017, eligible seniors are automatically enrolled.

 

Talk to your advisor for more advice and information on managing your finances.

 

Age

RRIF/LIF
Minimum
Payment

60

3.33%

61

3.45%

62

3.57%

63

3.70%

64

3.85%

65

4.00%

66

4.17%

67

4.35%

68

4.55%

69

4.76%

70

5.00%

71

5.28%

72

5.40%

73

5.53%

74

5.67%

75

5.82%

76

5.98%

77

6.17%

78

6.36%

79

6.58%

80

6.82%

81

7.08%

82

7.38%

83

7.71%

84

8.08%

85

8.51%

86

8.99%

87

9.55%

88

10.21%

89

10.99%

90

11.92%

91

13.06%

92

14.49%

93

16.34%

94

18.79%

95 +

20.00%

This is the minimum you must withdraw every year from your RRIF/LIF (% of the market value).

 

* For illustration purposes only. Assumes monthly contributions made at the beginning of the period and compound annual returns. ** As of October 2018.

Sources: Canada Revenue Agency, Government of Canada, Statictics Canada. This document is for information purposes only and is not meant to provide legal, financial, tax, or any other advice. Although care was taken in the preparation of this document, The Empire Life Insurance Company assumes no responsibility for any reliance on or misuse or omissions of the information contained in this document and cannot be held responsible for damages or losses arising from the use of this information. Please seek professional advice before making any decisions

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