What it’s like to work with a financial advisor + MORE Apr 6th

All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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 registered retirement savings plan

Do bonds still make sense for retirement savings? + MORE Apr 27th

Now that it’s clear interest rates bottomed some time ago and are well on an upwards trajectory, we’re seeing headlines declaring the “death of bonds.” Notable was the Globe & Mail article by veteran columnist and author Gordon Pape, announcing he was “getting out of bonds.” W.... More »

Can I withdraw from RRSPs to pay bills? + MORE Apr 20th

What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous Withdrawing RRSPs when you’re not retired Ahh, the unexpected bills. Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »

How does an executor pay estate expenses during the probate process? + MORE May 4th

I’ve realized that my large RRSP would generate a very large income tax bill if I die in the near future. I don’t have a spouse, or anyone who qualifies as a beneficiary to my RRSP on a tax-deferred basis. How can my executor pay my income taxes if it takes a year to get probated?—Carol  .... More »
I just read your article on “How do the RRSP contribution carry forward rules work?” Thanks for putting it out there. 

I am new to Canada and have little knowledge about the RRSP system. Would you be able to guide me? I overcontributed by more than $2,000. What is my best option to avoid a penalty?—Mo

What is the RRSP contribution room?

The room to contribute to your registered retirement savings plan (RRSP) is generated each year, based on your earned income for the previous year. For most people, earned income is employment or self-employment income, but it can also include other sources like net rental income. This year’s RRSP room is 18% of last year’s earned income, up to a limit of $29,210 for 2022. 

RRSP room is cumulative and carries forward each year.

How much is too much?

You are allowed to overcontribute to your RRSP–a contribution in excess of this year’s RRSP room–by up to $2,000. If you have more than $2,000 extra contributed to your RRSP, Mo, you are subject to a penalty…

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How can I protect my retirement income against inflation?Over time you want to make sure your income can keep pace with the rising cost of expenses, our expert says.

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If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an inheritance, or you’re planning your financial future as you approach retirement.

A financial advisor can be an invaluable resource in taking stock of what you currently have—and in developing strategies to protect and grow those assets. An advisor can provide a blueprint for your financial goals, identify what insurance products you need, help with tax planning and offer advice regarding your investments, savings and budgeting strategies.

What’s also important is that you find someone reputable who you can trust—a person who will be a good fit for you. Here’s how to ensure that process goes smoothly.

Narrow down your search

To find potential advisors, you can ask around for recommendations, or you can use MoneySense’s Find a Qualified Advisor tool. All of the advisors listed in the tool are members of the Financial Planning Association of Canada (FPAC)…

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