A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government, that you use to save for retirement. There are a number of benefits to saving in an RRSP. Here are five:
While registered account holders don’t have to immediately decide how they want to invest the money, it has to be in their account by the deadline.
A Registered Retirement Savings Plan can be a powerful investment tool for your money. Canadians contributed over $36.8 billion to their RRSPs in 2014, according to Statistics Canada.
You can take money out of your RRSP before you retire. However, you will pay an immediate tax on the money you take out, and possibly more at tax time. Also, you’ll permanently lose the contribution room you originally used to make the contribution.
Continue reading Taking money out of your RRSP before retirement
It’s not widely discussed or known; however, you can actually take money out of your RRSP before you retire.
Morneau Shepell’s Fred Vettese explains CPP expansion as simplest remedy to unfavourable long-term economic and demographic trends
The ups and downs of the markets may have proven to be too much of a roller coaster ride for many young investors. Continue reading Fifty-one per cent of Millennial investors prefer less market volatility over higher returns
Far fewer Millennial and Generation X Canadians are confident they’ll meet their financial goals than they were just six months ago, finds the latest CIBC Quarterly Financial Confidence Poll. Continue reading Millennials and Gen Xers are far less confident they’ll meet financial goals
While just over half of current Canadian retirees (53%) say a government pension is helping fund their retirement, only 35% of working-age Canadians say that’s likely to be the case for them. Instead, an increasing number of pre-retirees in Canada say they expect personal pension schemes, cash savings, as well as property will fund their retirement.
After retirement, most people are going to have less income than before. But at the same time they’ll have the opportunity to do something about it–like move to a place with cheaper costs, or at least one more to their liking in terms of population.
Continue reading Five Great Places To Retire In The US
Saving for retirement means Continue reading Last Week Tonight with John Oliver: Retirement Plans