How to go about securing the best savings strategy in Canada.
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RRSPs: Your Essential Questions Answered + MORE Feb 22nd
At this time of year, it seems like the financial world is awash with information on what is a Registered Retirement Savings Plan (RRSP), the benefits of having one, and how to start one. But there are still a few planning points that Canadians either aren’t aware of or don’t know how to put t.... More »
How to choose a retirement date May 19th
(Getty Images / shapecharge)
Q: With $560,000 in RRSPs between my wife and I, $37,500 in TFSAs and another $120,000 in savings, is it wise to stop working now or continue to 65? I am currently collecting $870 from the Canada Pension Plan (CPP), but also working. I am on track to earn $100,000 or mo.... More »
The RRSP advantage + MORE Jan 27th
Financial planner Jason Heath is used to hearing from people who think an RRSP is a type of investment. “People say, ‘I don’t want to buy any RRSPs this year because I’m worried about the stock market.’” Whatthey don’t understand is RRSPs are simply a type of account: they can hold a l.... More »
Should you leave corporate savings in your company? + MORE Mar 6th
I have $1 million accumulated in my corporate account. I don’t need that money for my corporation. What is the best way to take that money out with minimal tax? I’m 39 and I’m not planning to retire soon.—Chris
Withdrawing money from a corporation to invest
One of the first things to i.... More »
How to change a past tax return + MORE Apr 9th
Ask MoneySense
I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now?
—Ian
How to change a tax filing to claim investment m.... More »
Will you contribute to an RRSP this year?
– moneysense.ca
Three in 10 (31%) of Canadians plan to contribute to their Registered Retirement Savings Plan (RRSP) this year, down from 39% in both 2012 and 2011, a new poll for Scotiabank ahead of this year’s March 3 deadline has found. Fourteen per cent are undecided.
With just eight weeks left to contribute and qualify for a tax deduction for the current tax year, roughly three-quarters of poll respondents with an RRSP said they’ve thought about contributing more but cite a lack of funds as the top reason for not contributing more.
The study also found that 40% of Canadians with an RRSP have withdrawn funds. Sixteen per cent did so to take advantage of the first-time Home Buyers Plan credit, which allows you to withdraw funds tax-free as long as you replace the amount within 15 years. Unfortunately, the study also revealed more people are dipping into their retirement savings to cover day-to-day living expenses (8% vs. 5% in 2012) pay down debt (8% vs. 6% in 2012) and pay for home renovations (5% vs…
With just eight weeks left to contribute and qualify for a tax deduction for the current tax year, roughly three-quarters of poll respondents with an RRSP said they’ve thought about contributing more but cite a lack of funds as the top reason for not contributing more.
The study also found that 40% of Canadians with an RRSP have withdrawn funds. Sixteen per cent did so to take advantage of the first-time Home Buyers Plan credit, which allows you to withdraw funds tax-free as long as you replace the amount within 15 years. Unfortunately, the study also revealed more people are dipping into their retirement savings to cover day-to-day living expenses (8% vs. 5% in 2012) pay down debt (8% vs. 6% in 2012) and pay for home renovations (5% vs…
Book Review: Stop Over-Thinking Your Money
– ratesupermarket.ca
Personal finance can be an intimidating topic, but it doesn’t have to be. With the hundreds of books out there, where is a reader to start? Some people would rather get a root canal than assess their financial situation. And while improving personal finances is one of the most common New Year’s Resolutions, by mid-January many have already given up on their holiday credit card statement. It’s these excuses author and Globe and Mail personal finance columnist Preet Banerjee skewers in his new book, Stop Over-Thinking Your Money.
Banerjee provides five simple rules to follow towards financial success. You’ll note investing isn’t one of them – why should you worry about investing, when you don’t have any money to invest? With household debt at record levels and personal savings rates at paltry levels, Canadians clearly aren’t getting the message. Banerjee’s rules are easy to grasp and actionable – you’ll achieve an “easy a” in personal finance in no time…
