How much should I have in my RRSP? + MORE Feb 26th

It depends on how luxurious a retirement you want. To get a rough idea, start by adding up how much annual income you think you’ll need in retirement; then subtract the amount of money you expect to get from your company pension, Canada Pension Plan and Old Age Security. Then multiply that amount by 30. That’s how much you need to have saved by the time you retire, says Jim Otar, founder of RetirementOptimizer.com.
Here’s an example: You and your spouse are together earning $100,000 a year. Most retirees can live comfortably on half their pre-retirement income. That’s $50,000. Many couples in that situation will get about $33,500 a year in retirement income from the Canada Pension Plan, workplace pensions and Old Age Security, so you’ll need an additional $16,500 a year from your own savings. Multiply that by 30 and you get close to $500,000. That’s the amount you need to have banked by the time you retire.
How do you know whether you’re on track to reach your goal? The chart below offers some sample numbers, based on a few realistic assumptions…

This GIC rate is offered by Oaken Financial and was updated on 2014-12-19. Click on the link above to get more details or apply online.

TORONTO – Leon’s Furniture Ltd. (TSX:LNF) has reported an 11.8 per cent increase in fourth-quarter net income as sales at both corporate and franchise stores improved.
The Toronto-based furniture, appliance and electronics retailer that also operates The Brick chain, says net income was $29.9 million or 38 cents per diluted share in the three months ended Dec. 31.
That was up from $26.3 million or 34 cents in the prior-year quarter, the company said in an earnings release issued after markets closed.
System-wide sales in the fourth quarter were $649.4 million, including $107.2 million of franchise sales, up from $633.8 million, including $110.8 million of franchise sales in 2013.
Same-store corporate sales increased by 4.3 per cent year over year in the quarter.
For the year ended December 31, 2014, total system wide sales were $2.35 billion, including almost $374 million in franchise sales, versus $2.04 billion, including $344.8 million of franchise sales, in 2013.
Full-year net income was $75…

CIBC increased its quarterly dividend Thursday as it reported a first-quarter profit of $923 million, higher than analysts had expected.

CALGARY – Pembina Pipeline Corp. (TSX:PPL) has reported lower earnings and revenue in the fourth quarter in what was otherwise the company’s “most successful year” ever.
The Calgary-based concern says net income in the three months ended Dec. 31 was $84 million or 22 cents per diluted share, down from $95 million or 29 cents in the comparable year-earlier period.
Revenue was $1.26 billion, down from $1.29 billion.
For the full year, Pembina reported net earnings of $383 million or $1.06 per diluted share, up from $351 million or $1.12 per share in 2013 as revenue improved to $6.07 billion from $5.01 billion.
“I’m very happy to report that 2014 was another record year for Pembina and the most successful year in the history of our company,” president and CEO Mick Dilger said in an earnings release Thursday after markets closed.
“Driven by strong operational performance, we achieved record operating margin, which increased nearly 14 per cent over 2013…