There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
5 reasons to buy life insurance—right now Aug 24th
If you’re working to improve your financial situation, a few strategies may come to mind: paying down debt, building an emergency fund, investing inside a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), or putting your money in other savings vehicles. These are all .... More »
I’m decades from retirement. Do I really need to contribute to my RRSP? + MORE Mar 15th
The biggest issue with contributing to an RRSP too early is the need down the road to withdraw the money for expenses other than retirement that come along, says experts.... More »
Can you receive a government pension if you live outside of Canada? Jul 20th
Q. My father, who was born in 1945, left Canada to live in Thailand when was 26 years old. That was 50 years ago and he has never returned. If he comes back to Canada for one year to apply for his OAS, would he be eligible to receive a full pension? And would they be able to calculate his pension an.... More »
Ladies, start saving 20 per cent for retirement Apr 28th
Women can unlock their financial potential by growing their financial confidence..... More »
What to do with U.S. dollar RRSPs in retirement + MORE Jun 8th
Ask MoneySense
I am 70 and have already turned my RSP into a RIF. However, I also have a U.S. RSP which will need to be dealt with next year at the latest. What do I do with it? Roll it into my Canadian RIF within the next year? Leave it as a separate RIF and take the necessary money from each .... More »
How to ‘find’ cash for your RRSP contribution
– moneysense.ca
RRSP ContributionYou don’t necessarily need new money in order to come up with the cash to maximize your 2017 RRSP contribution.
That should come as welcome news after all the holiday spending. January makes some big demands on cash flow as credit-card bills come due. Add to that the opportunity to top up your TFSA (as detailed last column), and you probably don’t want to be reminded that the annual RRSP deadline is already looming if you wish to minimize taxes for the just-completed 2017.
First, a quick fact check and reminder on deadlines. This year’s deadline is March 1st, which falls on a Thursday. The maximum you can contribute for 2017 is $26,010 (it will be $26,230 for calendar 2018), assuming you earned sufficient income to get that much room, and that you’re not in a good employer pension plan that chops RRSP room down by the amount of the Pension Adjustment (PA) shown on your T-4. Yes, Virginia, tax time is looming, so brace yourself for the annual blitz of T-4 slips, T-3s and T-5s…
