RRSP/RRIF
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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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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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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DO YOU REMEMBER THE EXCITEMENT of being a kid on allowance day? Whether dashing to the corner store for treats or carefully saving that money for something special, those were some of our first experiences with saving our money and planning our spending. Today we still look forward to payday, but after paying the bills,…
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By Brenda Spiering RRIF minimum withdrawal rates were lowered last year. If you withdrew more than required, you have till the end of February to put it back and claim a tax deduction. A Registered Retirement Income Fund (RRIF) is one of the options for converting a Registered Retirement Savings Plan (RRSP) into income, as…
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By Dave Dineen, BrighterLife.ca It’s hard to argue with the old saying, “you can’t take it with you.” Since you can’t take your money with you at the end of your life, you might expect more Canadians would name a beneficiary — the person they want to leave their money behind to — for all their financial…
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It’s more important than ever to have the financial literacy skills needed to manage your money and investments wisely. To help Canadians find the resources they need, a coalition of seven non-profit organizations have joined together to organize this November’s Financial Literacy Month. What better time to take a quick quiz to test your knowledge…
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