Sentences with phrase «strategies for high income earners»

Not exact matches

One note for high earners, however: A backdoor Roth IRA strategy, which involves converting a traditional IRA into a Roth IRA, may allow you to sidestep these income limits.

Given that the average income of UKIP voters is lower than that of supporters of the other main parties, and that households with incomes of # 30,000 a year or more are amongst those least likely to vote UKIP, the emphasis on tax cuts for middle and higher earners seems like an odd strategy.

If you plan to use this strategy, be aware that the Canada Revenue Agency (CRA) insists that you leave the money in the spousal RRSP for up to three years after the higher - income spouse has made a deposit, otherwise, it's taxed in the higher earner's hands.

One note for high earners, however: A backdoor Roth IRA strategy, which involves converting a traditional IRA into a Roth IRA, may allow you to sidestep these income limits.

I think part of why the government is so eager to crank minimum wage isn't only socialist ideology and desire to buy votes, it also pushes more Canadian wages into a taxable range, or even higher tax brackets, and low - income earners are unlikely to use tax - avoidance strategies (which means guaranteed additional income for the government.)

The backdoor Roth IRA is a strategy that has been used for higher income earners to take advantage of tax - free growth by making a contribution directly into a traditional IRA (step 1) and then converting it into a Roth (step 2).

But for high - income earners who do save on taxes by itemizing their deductions, Jariwala believes the loss of such strategies will probably outweigh any «relatively small» hike in standard deductions.