Rick and Taylor opened up TFSAs and will be depositing $13,000 into each over the next few months.

• These are their only TFSA's and no previous contributions have ever been made
• They will be seeking advice on how to invest inside the TFSA.
• Rick's most recent NOA states an unused RRSP room of $104,000.
• Taylor's most recent NOA states an unused RRSP room of $64,000.
• Rick has a DB pension plan that is based on his last 3 year's average earnings with a 2% pay-out per year of pensionable service.
• Rick's 2021 PA = $10,819.

1. Taylor's Group RRSP plan
2. Rick's RRSP Plan
3. Taylor's Spousal RRSP
4. Rick and Taylor's Net Worth Statement
5. Long-Term Assets $1,577,005
6. Total Assets $1,607,835
7. Total Long-Term Liabilties $726,566
8. Total Liabilities $730,056

Are there any tax advantages they can gain by restructuring areas of their finances (More contributions to their RRSPs)

Answer rating: 100% (QA)

Yes there are tax advantages to restructuring their finances by contributing more to their RRSPs By ... View the full answer