Still the most effective retirement savings plan there is The Registered Retirement Savings Plan (RRSP) is still the most effective retirement saving and tax deferral vehicle available to Canadians. Because it’s such a powerful savings tool, it makes sense for...
Don’t wait until the last day of February! Typically, you’ll get the RRSP contribution song and dance starting somewhere in January and lasting until the end of February. It’s really just a marketing push by financial institutions to scare you into giving them...
Is an annuity right for you? As a growing number of Baby Boomers retire, the question of what to do with maturing Registered Retirement Savings Plans is becoming more pressing. RRSPs must be shut down by the end of the year in which you turn 69, and the proceeds...
When to take advantage of the Home Buyer’s Plan First-time homebuyers who have RRSPs often look to supplement their down payment by taking advantage of the RRSP Home Buyer’s Plan. But frequently, they have only a sketchy idea of how it works and whether it’s even...
Proper asset diversification is key to long-term investment success With recent stock market uncertainty and fluctuating bond yields, many investors are wondering whether the tried-and-true principles for stock and bond allocations in an RRSP portfolio still hold....
How much you can contribute, what you can invest in Among the most common questions financial advisors are asked at this time of the year are, “How much can I contribute to an RRSP?” and “What can I invest in?” Registered Retirement Savings Plans are still the best...
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....
Caution: CDIC covers cash deposits and not much else The term “Registered Retirement Savings Plan” conjures up all sorts of visions of guarantees and “official” protection against loss. After all, it’s “registered,” isn’t it? Actually, investments held in your RRSP...
The many benefits of employer-sponsored Group RRSPs If you’re a recent graduate and you’ve landed a job, your employer may offer you a Group RRSP as one of the employment benefits. Should you sign up? It’s a good question, since you are probably still far away from...
The good news is it’s not an either-or decision Many investors are torn between contributing to an RRSP and putting funds into a TFSA. Is one plan better than the other? In fact, both vehicles are excellent tax shelters, but each serves a different purpose. Here’s...
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...
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,...