Are you confused about “RRSP carry-forwards”? If so, you’re not alone. A Registered Retirement Savings Plan (RRSP) is a way for taxpayers to save money, which can provide a source of future income, as well as provide an immediate tax deduction. The “carry-forward” part of that term simply means that taxpayers have some flexibility in […]
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 RRSP myths and misconceptions which can get in the way of your getting the maximum benefit from these financial vehicles. […]
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 They allow you to invest funds that will grow on a tax-free basis until they are withdrawn.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, you need to understand how they will benefit you.
A spousal RRSP is a savings vehicle where one spouse makes a contribution to a plan opened in the other spouse’s name. It allows couples to split income in retirement so that each person has a similar amount of income. This strategy helps to lower the income tax the couple pays in retirement.
You’re in your mid to late 50s, and are looking forward to the day when you can make some permanent life changes. You’re reached the peak of your career and highest earning years but you can’t seem to set aside any savings. You are hoping ‘retirement’ is around the corner but you know deep down […]
Are you in charge or just muddling along when it comes to the family finances? With busy lives, household chores are often divided up to help families muddle through the chaos of daily life. It is not uncommon for one partner in a relationship to manage the day to day household spending, savings and other […]
Do you want to improve your financial health in 2014? Start by ensuring these three essentials are in place.
Your Financial Must Do List for 2014
1. Update your Will I
It is important that everyone have an up-to-date Will and one that is properly drafted by a professional. This is especially important if you have young children. […]
The No. 1 New Year’s resolution people will make for2014 is to get out of debt. (Losing weight is No. 2 and getting more exercise comes in at No. 3.) As most of us already know through our own experience, when it comes to resolutions, more often than not we tend to start off with […]
Having a will is important regardless of your age or financial situation. You need to let others know what you want to happen to your personal and financial belongings after your death. Often the misconception is that someone needs to have a large estate to consider estate planning. Nothing could be further from the truth. […]
In this Holiday Season, you are no doubt thinking about finding the perfect gifts for your children. Whether you know it or not, you are teaching your kids every day about the value of money by how you spend it, save it, invest it or waste it. By giving them a good example of how […]