Registered Retirement Savings Plans (RRSPs) are an important part of your overall financial plan. They allow you to invest funds that will grow on a tax-free basis until they are withdrawn. To get the most out of your RRSPs for 2014, you need to understand how they will benefit you.
The RRSP deadline for the 2014 tax year is approaching quickly. If you have not made your contribution for the year or you want to catch up on your unused contribution room, you may be wondering whether it makes sense to take out an RRSP loan.
Having a good financial strategy is an essential part of preparing for a comfortable retirement. Contributing to a Registered Retirement Savings Plan (RRSP) should be part of your plan. Unfortunately, there are a number of common RRSP myths which can get in the way of taxpayers getting the maximum benefit from these long-term savings […]
Do you find the term “RRSP carry-forwards” confusing? If you do, you’re not alone. A Registered Retirement Savings Plan (RRSP) is a way for taxpayers to put money aside which can provide a source of income later in life, as well as provide a tax deduction now. The “carry-forward” part of that term simply means […]
Your registered funds are an important financial asset, and it’s essential to understand what happens to them when you pass away. With proper estate planning there are ways that you can pass on your assets to your beneficiaries while determining how to minimize tax payable on your RRSP or RRIF.
To play any game, it is important to know the rules and how they may affect the outcome or result of the game. The last thing I would want to suggest is that planning for retirement is a game, but knowing how RRSP rules can affect your retirement planning is very important. It’s important to […]
As they say, “Life happens when you’re busy making other plans” and it tends to cost money. Having enough money put aside for unexpected events make the difference between staying afloat or sinking financially. It’s important for you to make sure that you have an emergency financial plan in place. The sooner you can start […]
While the ideal situation would be for all Canadians to be able to retire debt-free, a CIBC poll conducted in July 2012 found that nearly 60 percent of retired Canadians have some debt. Retired Canadians may hold less debt than people who are still in the workforce, but the more debt that you carry in […]
At one point, we stopped working at age 65 and lived out our few remaining years in leisure (if we were one of the lucky ones who lived past 65). If you are 65 or older today, living to age 80 is not unrealistic. Have you given much thought to how you plan to spending […]