FADOQ keeps members up to date on everything that happens across the network. It also lets them know about the work it does to improve their quality of life, including briefs, advocacy, news, editorials, publications, and more.
As a FADOQ member*, you benefit from useful partnerships, nearly 1,000 discounts and privileges. You have access to multiple discounts and privileges in every region of Québec. Maximize your savings in every sphere of life! Use the FADOQ application to discover discounts wherever you are. *Only applies to members with a valid FADOQ card.
Individuals aged 50 and over who want active lifestyles, to meet other people and experience new things will undoubtedly find what they’re looking for in the FADOQ. He/it gets over 70,000 people to be physicaly active every week.
FADOQ works hard to educate, train, and equip its members in all spheres of their lives. It shares information at workshops, online, in concise articles and up-to-date fact sheets, and more. We believe all seniors should get informed!
RRSP season kicks into high gear every year. The same question often comes up: should I invest in an RRSP or a TFSA?
Well, that all depends on what you want to save for and what your tax rate is based on your taxable income. Each savings plan has its own features and advantages. We can walk you through these, so you can make the choice that’s right for you.
Looking to save for your golden years? Or maybe you want to get a head start saving for a cushy retirement in the distant future? RRSP is how you spell retirement savings.
Your kitchen needs renovating? Or better yet, a hot tub would look great next to your new patio for some quality outdoor living. Then think TFSA. It’s your go-to for those short- and mid-term goals.
Either way, the challenge is the same: saving without busting your budget or sacrificing your lifestyle.
There’s no age limit to set up a TFSA and make contributions. On the other hand, you can’t contribute to an RRSP after age 71.
Last, but certainly not least, RRSP contributions are tax-deductible when you file your tax return. By lowering your taxable income, you can also enjoy considerable tax refunds, and may be able to increase your child benefit and family allowance. The strategy behind RRSPs is to contribute when your tax rate is higher and withdraw when it’s lower.
You’ve saved enough money for your project? Withdraw the needed amount from your TFSA, anytime you like. And once your TFSA annual contribution room resets on January 1, start saving for a new goal!
On the flip side, resist the temptation to withdraw funds from your RRSP. It’s simply counterproductive since each withdrawal is taxable.
Are you looking to build an emergency fund? Choose a TFSA and withdraw money anytime. Are you saving for education, retirement or a first home? Both TFSAs and RRSPs are suitable.
TFSA or RRSP? Bottom line, whichever you choose, both registered accounts provide tax incentives to help you save money over time. It’s then up to you to decide if you prefer paying income tax now or later.
To help you decide, work out a strategy with your advisor and save within your budget.
To find out more, click here to contact one of our advisors
*Beneva designates Beneva Inc., Financial Services Firm.
