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The first 60 days of every year is known as RRSP season. March 1, 2011 is the RRSP deadline when Canadians can make contributions to an RRSP and have it eligible for a tax deduction for the previous year (2010). Before you make a RRSP contribution, here are some basics you need to know. What…
Have you ever heard people joke around about dying broke or spending your kids inheritance? It may not really be a joke but I can tell you for many people, it’s just not easy to do. The thought of spending your money may sound practical but it is actually very difficult to practice. Why? Because…
Many of the challenges in life can be resolved by the process of time, some are created instead. While the do nothing philosophy can work on certain challenges, investing and saving are not one of them. It has been my experience that Canadians end up doing themselves a financial disservice at times and can be…
If you’ve been saving part of your income in your RRSP, by the time you retire you’ll likely have a comfortable nest egg. While there are tips to reduce your taxes when withdrawing your income, there is something else you’ll want to plan ahead for… the Registered Retirement Income Fund. You must close out your…
While we all hope to have our personal finances in order all year long, a new year can give us a fresh start to change some of the areas that need improvement. This first post of the year should give you some ideas of what you can do to make 2010 the best year yet,…
If you are in a registered pension plan with your employer and leave that company, your pension will be transferred into a Locked-In Retirement Account (LIRA). Locked-In Retirement Accounts are sometimes referred to as the more appropriate name of Locked-In Retirement Savings Plans (LRSP). Image by rpongsaj LIRAs are similar to an RRSP, but as…
A spousal RRSP is an RRSP that you make contributions to but the plan is registered in your spouse’s name. You get to claim the tax deduction and the income will be withdrawn by your spouse at retirement. If your and your spouse’s income are about the same, and you both have similar pensions and…
