Allswealth

Helping all Canadians plan for their taxes and finances.

[Allswealth @tryAllswealth]

At Allswealth, we believe everyone should be able to get a financial plan, not just the 1%. We built our app to do just that; build optimal and dynamic plans that will act as a GPS for your finances. Try it for yourself with a no-obligation 30-day trial. https://t.co/UDU1K8gYEp

[Allswealth @tryAllswealth]

Thinking about incorporating? Only go down this road if your income > spending.

[Allswealth @tryAllswealth]

If you live in Toronto, the news today that house prices are down is bittersweet. 14% lower prices is great but mortgage rates have gone from ~3% last year to ~6% today. So your overall purchase price might be lower but monthly carrying costs have gone way up.

[Allswealth @tryAllswealth]

Pro tip: if you are making an RRSP contribution, take the tax refund and fund your TFSA. Both accounts can work for you by starting with the RRSP.

/3

[Allswealth @tryAllswealth]

If your income is less than $100,000 but is likely to rise in the future, consider TFSA now and let your RRSP contribution room accumulate. That way, we you are earning more, you will be in a higher tax bracket and have larger tax savings from RRSP contributions.

/2

[Allswealth @tryAllswealth]

Should you contribute to RRSP or TFSA?

It comes down to current and future earnings. If your income is $100,000 today, a $10,000 contribution will create tax savings of $3,050 (Alberta) to $3,790 (Manitoba).

/1

[Allswealth @tryAllswealth]

January is almost over, have you contributed to your TFSA?

If you started 2023 with a fully topped up TFSA, you can contribute $6,500 this year. Why not transfer in $100 to start?

[Allswealth @tryAllswealth]

@derekethier2484 At the start of the month, after the initial account setup, we will prompt you with a question to determine if you've made any further contributions in the past month.
2/2

[Allswealth @tryAllswealth]

@derekethier2484 That's true, but you can use your contribution limit minutes how much you've contributed this year as an input to that cell to properly track how much you have left.
1/2

[Allswealth @tryAllswealth]

@derekethier2484 Let me know if you have any other issues and I'll help as soon as I can😀

4/4

[Allswealth @tryAllswealth]

@derekethier2484 You can also configure this for your spouse (if any) on the Family Members page from the same menu.

For gross vs net, it depends on how the income was setup. If you configured it through the tutorial, it'll be net but this can be changed from the Financial Position screen.

3/4

[Allswealth @tryAllswealth]

The cost of living is increasing massively but our salaries stay the same: that's why so many people want to increase their total income. Discover these simple investing strategies for passive income.
https://t.co/Eagf8oNsdr

[Allswealth @tryAllswealth]

Summer is almost over and since school is restarting, we're tackling harder topics for the next year. Hide your smartphones and pull out your calculators!
https://t.co/M9Z3duhIxn

[Allswealth @tryAllswealth]

The barebone basics about investing in 15 minutes, a low-risk option strategy and how to save hours of research when buying stocks.
https://t.co/mX0ftAs4JO

[Allswealth @tryAllswealth]

How to start investing by yourself, without a financial background or a large sum of money.
https://t.co/fSaFly8l14

[Allswealth @tryAllswealth]

Learn why you possibly need 1 Million to retire, how to leverage credit cards to save big, and what the hell is the rule of 72?
https://t.co/3GG9nvrrO5

[Allswealth @tryAllswealth]

What's the deal with mutual funds? Should you use them or not?
https://t.co/8umrF8yrCR

[Allswealth @tryAllswealth]

How to take advantage of the first home savings account?

https://t.co/RkUYnjzIcp

[Allswealth @tryAllswealth]

How to invest when everything is on fire?

https://t.co/4Loqwvh9N9