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  • Indian Society of Calgary , Indians in Calgary Alberta

    Indian Society of Calgary A home away from home Scan this QR Code to join our Facebook group Our Mission Our Goal, Vision & Commitment Our Events Register & Help Make Change Get Involved Volunteer, Participate, or Donate PARTHTHEWANDERER PATEL Dec 22, 2020 Winter driving FAQ 0 0 Arpi Patel Oct 14, 2020 Summer 2020 ---- hikes, hikes, and more hikes!!! 1 0 Ankita Narang Sep 28, 2020 Blog 12 for Newcomers: Personal experience on Winter Clothing and Shopping in Canada! 0 1 Latest News No posts published in this language yet Stay tuned... Read More There is no power for change greater than a community discovering what it cares about Margaret J Wheatley Charlotte Events 05 ਸ਼ਨਿੱਚਰ ਸਤੰ ISC Annual Walk 2020 / Baker Park Details 05 ਸਤੰ 2020, 1:00 ਬਾ.ਦੁ. – 4:00 ਬਾ.ਦੁ. GMT-6 Baker Park, Northwest Calgary, Calgary, AB T3L, Canada Share 15 ਸ਼ਨਿੱਚਰ ਅਗ Indian Independence Day Celebration / North Glenmore Park Details 15 ਅਗ 2020, 10:30 ਪੂ.ਦੁ. – 1:30 ਬਾ.ਦੁ. GMT-6 North Glenmore Park, 7305 Crowchild Trail SW, Calgary, AB T3E 5N5, Canada Private event through personal invitation only. Share 21 ਐਤ ਜੂਨ Webinar: Schooling system in Calgary / Details 21 ਜੂਨ 2020, 4:00 ਬਾ.ਦੁ. – 6:00 ਬਾ.ਦੁ. GMT-6 An interactive session for parents to understand the various schooling options available in Calgary, the process involved in the admissions and schooling experiences. The panel will comprise a diverse group of parents who send their kids to various schools (public, private and charter) Share 07 ਸ਼ਨਿੱਚਰ ਸਤੰ Career Development Workshop / Giuffre Family Library Details 07 ਸਤੰ 2019, 1:00 ਬਾ.ਦੁ. – 3:00 ਬਾ.ਦੁ. GMT-6 Giuffre Family Library, 3223 14 Street Southwest, Calgary, AB T2T 3V8, Canada Share 31 ਸ਼ਨਿੱਚਰ ਅਗ Potluck Day / Prince's Island Park Details 31 ਅਗ 2019, 11:00 ਪੂ.ਦੁ. – 2:00 ਬਾ.ਦੁ. Prince's Island Park, 698 Eau Claire Ave SW, Calgary, AB T2P, Canada Potluck and entertainment. Socialize and make new friends over food and games. Share 22 ਮੰਗਲ ਅਕਤੂ Utsav - A Diwali Celebration (1) / Falconridge Community Association Details 22 ਅਕਤੂ 2019, 6:00 ਬਾ.ਦੁ. – 10:00 ਬਾ.ਦੁ. Falconridge Community Association, 95 Falshire Dr NE, Calgary, AB T3J 1P7, Canada This is a ticketed event. A paid ticket is required for anyone over 5 years. Kids 5 years and under are allowed free entry but a free ticket needs to be booked. Share Gallery To play, press and hold the enter key. To stop, release the enter key. Phone Our Partners and Funders Calgary East Indian Organization What Members Say Out of gallery Join Us Empower Your community Donate Now

  • Seniors Well being and Engagement | ISC

    Grocery help for COVID-19 affected families If you have lost your job/income, and struggling to pay for groceries, we can help you. Please fill the form below to provide us with information about your needs

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Forum Posts (58)


    The How, When and Where of Saving and Investing Money in Canada “Welcome to Canada!”- A phrase that excites many when they first arrive. Students come with big dreams of learning and earning while PR holders come to pay off their Indian debts and make a life here. All said and done, most things fall in place and many start seeing dollars. BUT, WHAT NEXT? How do you ensure that the money earned till you retire is going to suffice your needs for the rest of your 20-30 years of life without any earning? Let’s calculate: A simple meal costs 5$; that’s for a quick fix or a value meal as many of the fast-food joints call it. If you consider 3 meals a day, for 25 years, the meal expense alone comes close to 274,000$ just for a couple! Remember, we haven’t considered dire situations, job-market fluctuations, inflation in the economy, or any of the other everyday expenses. This is the reality we have to consider today for a better tomorrow! Saving up in banks is usually what a lot of us go for, which, by the way, isn’t a bad idea but is just not enough. It’s always better to plan and set goals, even if it means doing it in small ways, towards retirement. So, are there better methods of saving and investing our hard-earned money so it could grow decently but safely so, with time? Are there ways we could leave a “legacy” behind and something to bank upon for our future generations? To answer these basic questions and to make life easy for all of us, I had a little chat with Mr. Ravi Bale, who has been a Personal Financial Advisor for the past 5 years. He patiently walked me through the very basics of saving and investing in Canada. For a beginner, all this might sound too intimidating, but in reality, it’s not. Let us first understand the various steps involved in money management. These six steps are common to us no matter where we live. I’m pretty sure that the above chart is well understood by all. Let’s now dive a little deeper into some simple concepts of saving and investing money considering Canadian taxation rules. The Canadian financial system offers incentives in many ways to save money, reduce taxes and also grow the principal amount. There are four basic saving channels as per the Canadian taxation rules and the tax advantages under each one of them are different. Some have tax advantages in the investment year, most of them have tax advantages during the growth years, but these advantages vary enormously during the withdrawal stage after retirement. It’s important to be aware of the family’s age, mindset, and financial situation and gauge which channel(s) would be the most beneficial to suffice one’s needs and goals. In Mr. Bale’s words, “One size doesn’t fit all”. Now, we shall take a look at these channels individually: 1. RRSP (Registered Retirement Savings Plan) People living and earning in Canada are mostly aware of this scheme. It’s the easiest way to save up and the most chosen one. As per the Government of Canada; an RRSP is a retirement saving plan that you establish, that they register, and to which you or your spouse or common-law partner contribute. RRSP contributions can be used to reduce your tax by deducting the allowed amount from the individual’s taxable income from his or her highest tax slab. The RRSP can be set-up through your financial institution such as the bank, credit union, trust, or an insurance company. It can be in term deposits, mutual funds, segregated funds, etc. You may also want to check the “available contribution room” through your CRA account. Bear in mind, income earned in the RRSP is also exempt from tax as long as the funds remain in the account. Any amount (principal and growth) that you take out from your RRSP before or after retirement will become part of taxable income, with tax withheld at source. Withdrawals without tax are allowed by the CRA in cases of buying a home in Canada for the first time and continued education with rules and restrictions applied. For more information, please check: 2. TFSA (Tax-Free Savings Account) The name says it all! Any individual above 18 years with a Social Insurance Number can open a TFSA account. There is, of course, a defined limit to your contribution decided by the government and if exceeded, you may be penalized. However, TFSA contributions are not subject to any deductions from the income tax, but any income earned in the account is tax-free, even when it is withdrawn anytime, for any reason. Types of investment under TFSA include cash, mutual funds, segregated funds, securities listed on a designated stock exchange, guaranteed investment certificates, bonds, and shares of small business corporations. Here’s where you can get more information about TFSA- 3. Open Investment Accounts or Non-Registered Accounts Unlike registered bank accounts, open investment accounts are non-registered accounts as they’re not registered with the Canadian federal government. Accounts like these are flexible, offer tax advantages on the growth portion, have potential tax write-offs and there is no contribution limit. The main attraction of a Non-Registered investment account is that upon redemption only half of the growth portion is taken into taxable income for that year. This is due to the principal of capital gains. Capital losses can be carried forward to offset it with capital growth of another year. Dividends will be reported separately and taxed at a lower tax rate. 4. PTS (Permanent Tax Shelter) / Universal Life Insurance / Whole Life Insurance Similar to life insurance back in India, one can apply for PTS insurance through an insurance company or financial advisor. Mr. Bale believes that these life-long insurances, when invested-in with the right prescription and withdrawal plans, can yield substantial tax advantages to self, family and the company operated by individual owners. The cost of insurance is quite nominal with a larger contribution room created as an investment vehicle with tax advantages for self and dependants in the family. One can choose to make it a joint or a single policy depending on the family's needs and situation. The death benefit is non-taxable and there’s also an option to take a loan against the insurance policy at a nominal rate. The policy money keeps growing and you also don’t have to pay tax. In certain policies, a portion of the fund value can be withdrawn tax-free in case of critical illnesses that are mentioned in the policy. Again, if you choose to withdraw some amount for personal use, the growth or dividend portion shall be treated as taxable income. These policies with investment advantages are not only for beneficiaries benefitting out of it, but also for the policyholder in situations such as retirement, critical illness, children's higher education, etc. “A smart way to manage your money is to diversify your investments and also strategize your withdrawals.” – Mr. Ravi Bale. Another advantage that these insurance policies boast of is the “Dollar-Cost Averaging”. Dollar-cost averaging is a strategy in which an investor places a fixed dollar amount on a regular basis. The investment generally takes place every month, regardless of what is occurring in the financial markets. So, when the market is low, you buy more stocks for lesser money and when the market is high, you buy lesser stocks, but then, the price of each stock under your investment is averaged out, taking the guesswork out of your way, especially with the kind of wild fluctuations we are witnessing in the COVID-19 period. To complement this strategic periodical investment for the long term, tactical investment is advised in some situations to make a lump - sum contribution when the mutual fund unit values are lying low and are on the recovery path. 5. Segregated Funds Insurance companies also offer certain additional benefits with TFSA, RRSP and OPEN accounts; they offer “segregated funds”. Segregated funds are