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Our Two Cents
with TMFG
Your Monthly Update on Everything Going On in Your TMFG Financial World All in One Place. Ask TMFG videos, Our Podcast, Fun and Interesting Articles, Updates, Events and More.
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Announcements A special message from the TMFG team
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Announcements A special message from the TMFG team
Thank you to all who contributed to The McClelland CP24 CHUM Wish Foundation Toy Drive!
This year we raised over $2000 in toys and monetary donations. If you received a receipt that says "received by TMFG" that is your copy that we received your donation. CHUM will send you an official tax receipt directly.
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Announcements A special message from the TMFG team
Due to the rising number of COVID cases in Ontario, we have suspended in-person office meetings until further notice.
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Announcements A special message from the TMFG team
New Team Member
Happy To Have Aida Join Our Team!
Aida Sepnian - Tax Specialist
Aida is responsible for managing the tax filings for The McClelland Financial Group (“TMFG”) personal, corporate and trust clients, including the coordination of annual reporting process. Aida has over 8 years of experience in providing taxation services to clients in different industries, including private equity, venture capital, corporate, trust, personal tax issues, and bankruptcy. Prior to joining TMFG, Aida worked at the tax department of various corporations where she was responsible for managing tax services, reporting and client relationships.
Aida is a member of the Chartered Professional Accountants of Ontario (CPA), a Certified General Accountant (CGA) and holds an Accounting Bachelor’s degree from the Southern Alberta Institute of Technology (SAIT).
Outside of work Aida’s passion includes hiking, biking and being in nature.
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FINANCE Light Read – Useful and Relevant
Finance
2022 Contribution Limits
Going into a new year, it is always helpful to know what the contribution limits are for your annual cash flow planning. A new calendar year brings increased statutory deduction amounts from your income and potentially increased contribution limits to tax-advantaged investment accounts.
Canada Pension Plan
In 2022, the Canada Pension Plan contribution rate is 5.7% for an employee and 5.7% for an employer. Self-employed individuals must pay both the employee and employer amount (11.40%). The Yearly Minimum Earnings remains at $3,500 but the Yearly Maximum Pensionable Earnings increases to $64,900. Therefore, an employee earning in excess of $64,900 in 2022 will contribute the maximum ($3,499.80). This is calculated on the earnings between $64,900 and $3,500.
These deductions occur from your regular pay and will reduce your net pay for the period. If, and when, you reach the maximum contribution amount, you’ll notice an increase to your net pay.
Employment Insurance
For employed individuals, the compulsory contribution rate is 1.58% of the Maximum Insurable Earnings ($60,300 in 2022). The contribution is calculated on your income up to $60,300. Maximum deduction from your pay is $952.74 for the year.
Similar to the CPP, your net pay will increase once you have contributed the maximum for EI.
RRSP Deduction Limit
The RRSP Deduction limit is always 18% of your previous year’s pre-tax earnings up to a maximum. The maximum for 2022 is $29,210. If your previous year’s pre-tax earnings was in excess $162,278, you do not get an increased deduction limit.
Your RRSP contribution room slightly differs from the annual deduction limit. RRSP contribution room is specific to every individual. Your RRSP contribution room is the lesser of 18% of your previous year’s pre-tax earnings or $29,210, plus any unused contribution room from previous years.
Refer to your previous year’s Notice of Assessment to determine your current year’s RRSP contribution room.
TFSA Contribution Limit
For 2022, the new contribution room is again $6,000. If you have been fortunate enough to maximize your TFSA since the year they were created (2009), then you can contribute an additional $6,000 in 2022.
The total contributions allowable since 2009 is $81,500.
Remember, any withdrawals made from your TFSA in a given year gets added back into your next calendar year contribution room. For example, if you withdrew $10,000 from your TFSA in 2021, then you can contribute $16,000 in 2022. This is assuming you have been maximizing the room every year.
Speak with your TMFG advisor today, if you have questions about these new 2022 limits.
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Carlo Cansino FMA, FCSI, CFP
Senior Financial Advisor
The McClelland Financial Group of Assante Capital Management Ltd.
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FUN CHARTS Fun and inventive ways to see interesting ideas!
Fun Charts
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ROB'S READ Medium Read – Interesting, useful and relevant finds by Rob McClelland.
Rob's Read
Why I’ll Always Be Optimistic About the Market
David Booth (Founder of Dimensional Fund Advisors):
"It’s hard to believe we’re approaching the end of the second year of this global
pandemic. Despite the pain and loss endured by so many all over the world, I hope some
positive changes have come from the shock we’ve all been forced to experience. As we
look forward to 2022, despite continued uncertainty, I’m feeling a sense of educated
optimism that’s stronger than ever before. Why? Because over the past two years, my
beliefs have been tested more than ever. And they’ve held up."
View Article
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Rob McClelland RFP, CFP®, HBA
Vice President, Senior Financial Planner
The McClelland Financial Group of Assante Capital Management Ltd.
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Ask TMFG
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THINK SMART Podcast – Listen to Mike and Rob and their latest thoughts and industry insights
Think Smart
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Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. This material is provided for general information and is subject to change without
notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual
financial advice based on your personal circumstances. Insurance products and services are provided through Assante Estate and Insurance Services Inc.
Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Please read the Fund Facts and consult your Assante Advisor before investing.
Certain employees of (TMFG Tax Service) maintain a relationship with Assante Capital Management Ltd. ("Assante") through which they sell investment products. The relationship that they have with Assante does not include tax preparation
services which (TMFG Tax Service) is solely responsible. (TMFG Tax Service) is not associated in any way with Assante, and Assante has no responsibility for the tax preparation services offered by (TMFG Tax Service).
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