Important information about RRSP maturity options

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You must act by Dec. 31!

If you turned 71 this year, and you still have an RRSP, you have until Dec. 31 this year to convert it into another type of tax-sheltered plan. If you don’t, the Canada Revenue Agency can take away up to half of whatever is in your RRSP. Here’s what you absolutely need to know about RRSP maturity options. READ MORE

Individual Pension Plan can boost your nest egg

Ideal for professionals, executives, business owners

Looking for ways to enhance your retirement savings beyond a Registered Retirement Savings Plan (RRSP)? If you don’t already have a pension plan through your employer, and you’re a business owner or executive, or an incorporated professional (physician, dentist, lawyer, accountant, and so on), you might consider the benefits of setting up an Individual Pension Plan (IPP). In this era of financial uncertainty, with many businesses increasingly unable to fulfill their group pension funding obligations, and with defined benefit pension plans going the way of the dodo, an IPP can make a lot of sense. READ MORE

Divorced and ready to start over

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at Joanne, divorced with 4 children. Joanne has limited savings and some leftover debt, but with her children leaving the nest, she can start saving for retirement.

Don’t neglect your RRSP!

Here’s what you can contribute to get a tax deduction

We’ve heard much about the Trudeau Liberal government’s rollback of Tax-Free Savings Account contribution limits. We’ve haven’t heard so much about Registered Retirement Savings Plans (RRSPs). And that’s a good thing. Thankfully, the RRSP rules are one thing the government hasn’t changed. But don’t neglect your RRSP. It’s still one of the best tax shelters we have, and a great way to save for retirement. So with RRSP season now upon us, here’s a refresher on how much you can contribute, and a summary of qualified investments. READ MORE

They’ve handled one surprise. Could they handle another?

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at Zachary and Diana, both 50; and five years ago, Diana was diagnosed with multiple sclerosis. The couple worries about their future once they turn 65.

Year-end personal planning tips

Time’s running out for these 4 financial strategies

It’s already getting rather late in the year to set up financial strategies that will have a tax-saving or other impact for 2015. However, there are a number of items you can attend to before the year is out, including deductible payments, tax-loss selling, portfolio rebalancing, and RRSP maturity options. Here’s what you need to do. READ MORE

It’s a matter of priorities

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at how Mike and Constance can juggle their dreams for a home, a family and the future.

Locked-in retirement plans not easy to break

Provincial regulations vary across Canada

When you leave an employer, any pension money in a registered plan will be transferred to a Locked-In Retirement Account (LIRA), or Locked-In Retirement Savings Plan (LRSP). Those funds are “locked in” and not available for use until you retire. There are exceptions, but these are tightly regulated. Here’s a look at the rules for locked-in retirement plans. READ MORE

How to create a secure income stream for life

“Pensionize” your retirement income

Will you outlive your money? That’s the big question a lot of pre-retirees are asking. I am a firm believer in “pensioning your retirement income,” which means creating a secure stream of income from a variety of sources that will last as long as you do. And fortunately, there are a number of planning strategies that will let you do just that. READ MORE

IPPs for the maxed out and taxed out

Individual pension plans ideal for professionals, executives, business owners

If you’re a high-bracket professional, executive, or businessperson, and you’ve maxed out your RRSP, you may be surprised to learn that there are other tax-efficient retirement plans available that let you enhance your retirement saving. One of the best is the Individual Pension Plans (IPP), which is in fact an excellent way to increase your retirement nest-egg, while having your company make large tax-deductible contributions. READ MORE

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