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A vaccine against personal financial chaos

Key financial planning principles and resolutions for the New Year This year will go down in the books as one of the strangest, and perhaps most stressful, on record. The Covid-19 pandemic and resulting disruptions to our normal lives has been challenging for all...

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Important RRSP information if you are turning 71

What you must do before Dec. 31 Registered Retirement Savings Plans do not last indefinitely. In fact, they must be closed down by the end of the year in which you turn 71. So if you are in that age group this year, you have until Dec. 31 to convert your RRSP into...

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Power up your RRSP planning now!

Make the most of this wealth-creation tool all year Many investors only think about their Registered Retirement Savings Plan (RRSP) in February. But that’s really just a conditioned reflex, spurred on by financial institutions to get you to give them money in the...

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Creating an income stream when your RRSP matures

Three basic RRSP maturity options Unlike a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) does not last forever. In fact, it has a specific date by which you must collapse the plan and choose one of three main options for what to do...

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Six rules for RRSP success

Key investment principles This year, the RRSP contribution deadline for getting a 2018 tax deduction is March 1. You still have four weeks to make a contribution, and that’s plenty of time to discuss the best strategy with your financial advisor. To make sure you...

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RRSP contribution rules

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...

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Now’s the time for RRSP planning

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...

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Annuities as an RRSP maturity option

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...

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Stocks and bonds and RRSPs, oh my!

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....

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RRSP limits and investments

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...

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Important information about RRSP maturity options

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....

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Your RRSP is not insured against loss

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...