Every average Canadian will eventually retire; leave the workforce and live off the income that they have saved. For most people, retirement will happen around the age of 65, and it usually comes with a significant drop in income. According to a Statistics Canada report that looked at incomes in 2012, 12% of all seniors are Read more about Simplified Retirement Planning[…]
At this time of year, there are advertisements from every financial institution reminding you that the RRSP deadline is March 2nd, 2015. Normally it would be March 1st, but that day falls on a weekend this year, so the deadline is extended to the next weekday. If you haven’t already, we encourage you to read Read more about RRSP Deadline: March 2nd[…]
Most people assume that the name Registered Retirement Savings Plan (RRSP) is a clear give-away for the preferential vehicle to use for retirement savings. It turns out that the distinction is not as clear-cut as the name would lead you to believe. This summary aims to touch on the important points that should guide you Read more about How to decide between an RRSP or TFSA[…]
RRSPs are a great savings vehicle, but they can’t stay as RRSPs forever. By the end of the year in which you turn 71, you must either cash out your RRSPs (and pay income tax on the full amount), purchase an annuity, or convert them to a Registered Retirement Income Fund (RRIF), or choose some Read more about Retire with an RRIF[…]
The Registered Retirement Savings Plan (RRSP) does not eliminate taxes; it defers them. What does that mean? In our ongoing blog, we recently covered how a Tax-Free Savings Account (TFSA) can help your investments grow by shielding them from taxes. An RRSP, also protects your investments from taxes, but does it in a subtly different Read more about Your RRSP: The Key to Your Retirement[…]