Wealth Management
You have a retirement plan set out and it includes your RRSP. Could a health interruption get in the way of your plan? If you need to withdraw money from your RRSP, not only can it affect your RRSP’s growth, it’s considered taxable income. In fact for every $1.00 you need, you’ll have to withdraw $2.00, based…
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By Susan Yellin In 2017, the venerable registered retirement savings plan (RRSP) turns 60. Like any 60-year-old, the RRSP has its strengths and weaknesses. Happy birthday, RRSPs. Introduced in 1957 (even before the Canada Pension Plan), registered retirement savings plans (RRSPs) were devised as and continue to be a way for Canadians who don’t…
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Here is a simple example to help explain. Joe: Annual Salary: $50,000 Income Tax Paid: – $11,036 After-Tax Income: $38,964 An allowable RRSP contribution can be deducted From your income. In other words your income will be lower when calculating how much income tax you owe for the year. If your income is…
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Everyone has that uncle, or best friend, who has a hot stock tip or who can get you in on the ground floor of the latest thing since the iPod. Are they right? Will they help make you financially secure? Maybe. But are you willing to risk your financial future on it? If you’re like…
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By Jo Coughlin brighterlife.ca Thanks to good nutrition and medical advances, Canadians are living longer than ever before. But will our savings last as long as we do? Today, many of us can expect to live into our 80s, 90s, and some us even into our 100s. . . When you add up today’s long…
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By BrighterLife.ca Understanding financial issues is challenging enough for adults, so it’s no wonder many parents struggle when it comes to teaching them to kids. According to a Harris/Decima Youth Financial Literacy Study for the Canadian Institute of Chartered Accountants, 84% of Canadians believe young people are ill-prepared to manage their finances when they enter the workforce.…
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Crunch the numbers with your advisor to see if an RRSP loan is right for you. AS THE CALENDAR YEAR WINDS DOWN, many Canadians start thinking about contributing to a Registered Retirement Savings Plan (RRSP). Whether they make a single lump-sum contribution each year or contribute year-round with a “top up” before the annual RRSP…
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