Question. Hi, I recently received an inheritance of $50,000. Currently, I have about $107,000 in my RRSP, and since I’ve never been able to maximize my contributions, I have a contribution limit of over $60,000. Also, I owe $220,000 on my mortgage. My question is, what should I do with the $50,000 inheritance? Should I contribute it to my RRSP, […]
Question. I’ve been fairly diligent about saving, and have contributed to my RRSP every year. I’m not ready to retire just yet, but I do plan to retire within the next few years. I guess after all these years of saving, I hadn’t really thought much about it, but now I’m wondering, what happens to my RRSP after I retire? […]
Question. Hi, I guess it’s that time of year again because I keep hearing about RRSPs these days. I know it’s important, and I know I should contribute to mine. And I want to, but I just don’t have the cash available. I feel like I’m neglecting my RRSP and want to be more responsible, but it always seems to […]
‘Tis the season! RRSP season, that is. Time to get ready for the media’s annual dose of advertisements about saving for retirement. While we all need to be smart about planning for retirement, the reality is that there are a lot of myths and misconceptions about the RRSP – Canada’s most popular retirement savings plan. Rather than focus on a […]
As we head into the holidays and the home stretch of 2016, now’s the perfect time to make sure you’ve covered your financial bases for year end. Here are our top tips for getting your financial house in order before the new year. Look at your capital losses. If you sold investments earlier in the year at a profit and don’t […]
1. What is a RRIF? So you’ve been contributing to your RRSP for many years and are now ready to retire. What do you do with your RRSP now? That is where RRIFs come in. RRIFs (Registered Retirement Income Funds) are basically the successor to RRSPs. You can convert some or all of an RRSP to a RRIF at any time, […]
RRSP contributions can increase your income tax refund Get those sweet, sweet tax savings. Time is running out to contribute to your RRSP for the 2015 2016 tax year. Why should you care? Read on. But first – do you: Have any outstanding high-interest debt, like credit cards? Unless you have a contribution-matching program through your employer (hello, free money!), the […]
Studies* have shown that 80 to 90% of investors’ return comes from asset allocation, so it is much more important than most investors realize. The main idea behind asset allocation is to reduce risk. By including asset classes with investment returns that move in different directions you can protect your portfolio from significant losses. If you have too much of […]
