New Year’s resolutions often come and go with limited success but a resolution to increase our personal or household wealth is one that can be measured over time.When it comes to the total value of our investments there’s not much we can do when markets tank as they did in 2022, but there are three sure-fire ways to boost our net worth without taking on risk.
A good tax strategy can divert more hard-earned dollars from Ottawa to your investment portfolio, which can grow over time. It’s important to know RRSP contributions and the gains they generate are fully taxed when withdrawn; ideally at a low marginal rate in retirement. Developing a good investment tax strategy can be difficult, so it might be wise to speak with a qualified advisor. While you’re speaking with an advisor, consider a conversation about fees. The investment fee structure in Canada is a twisted labyrinth despite feeble attempts by regulators to make them more transparent.