Tate Financial - Financial Planning & Insurance Advice

Less than a month to go! The last day to contribute to your registered retirement savings plan (RRSP) and reduce your 2024 tax bill is March 3rd.

Want to know more? Send us a message to review your financial planning goals!

Do you know a child turning 9 soon? Make sure they have applied for the one-time BC Training and Education Savings Grant (BCTESG)!

This grant is only available between their 6th and 9th birthdays and is not contingent on a contribution from your family.

www2.gov.bc.ca

Today, the Bank of Canada has lowered its key interest rate to 3.75%, marking a significant 50 basis-point cut. This is the first time such a substantial reduction has occurred since the COVID-19 pandemic.

Economists had anticipated a larger-than-usual cut, especially compared to the 25-basis-point reductions we saw in June, July, and September. The last instance of a cut this size was on March 27, 2020.

Given this change, it would be beneficial to discuss today's decision with your financial planner to understand how this new rate may impact your financial planning goals, strategies and opportunities.

Good news! With the start of the new year came new additional contribution room for your TFSA. And to make it even better the Government of Canada­­­ increased the annual contribution limit. Effective January 1, 2023, the annual limit went from $6,000 to $6,500.

A Tax-Free Savings Account is a great option for you to grow your savings with the flexibility to access your money if and when you need it. Give us a call to start saving today!