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Stock news for investors: Iamgold expands, Teck advances merger talks, and Wealthsimple hits $100B milestone + MORE Oct 29th
Here’s a round-up of news for Canadian investors this week.
Iamgold
Teck Resources
Mullen Group
Wealthsimple
West Fraser Timber
Featured RRSP Accounts
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EQ Bank
Bu.... More »
Canada’s best credit cards 2020 Jan 4th
Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balanc.... More »
Paying yourself first + MORE Oct 31st
There is perhaps no single piece of financial advice more frequently repeated than “pay yourself first.” And with good reason. It’s tough to grow savings if you prioritize all your spending needs and wants ahead of putting money away. While some of us fully intend to stash whatever is left at .... More »
When Your Adult Kids Ask You for Money: Best Investment Advice + MORE May 3rd
You’re in your golden years and you and your spouse are enjoying retirement. But then one of your children asks for a loan. Should you tap into your savings to help them? Or, is it better to steer them towards a personal loan to help them get out of debt?
Use these tips to help you explore wh.... More »
6 Tips to Save on Your Holiday Budget Nov 8th
It seems like Fall is just getting started. But it’s already time to start thinking about the holidays — especially if you want to save money. Often, a little foresight and planning can reduce your spending. These are some tips to get you started on the way to a January free of holiday.... More »
RRSP top-ups in retirement could cost you
– moneysense.ca
Q: I retired in May 2009 and was under the impression that I could no longer contribute to an RRSP. I just found out I could, and my 2016 notice of assessment shows I have available contribution room for 2017 of $25,749. Also, my RRSP/PRPP deduction limit for 2017 is $25,749. My pension income for 2017 is roughly $50,000. I split with my wife $20,000 of that total. My question is can I purchase and claim RRSPs to the maximum amount
—Tom
A: Most people don’t envision contributing to their Registered Retirement Savings Plan (RRSP) in retirement, Tom. But usually that’s because most retirees don’t have money sitting around that could be used and are instead drawing down their RRSPs. It doesn’t mean you can’t contribute though.
First, I’d like to help you decipher your notice of assessment. Canada Revenue Agency (CRA) does a horrible job, in my opinion, of explaining RRSPs on an annual tax assessment. I find lots of people get confused and some even end up putting too much into their RRSPs because the CRA’s info is so unclear…
