How to Get Income Out of Your RRSP's
Posted on:Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs. Until now, Roger and Linda have been relying on their non-RRSP investments and government benefits so their…
Read MoreAvoid These Financial Mistakes
Posted on:Number One - Buying too much on credit. No matter what income level, more people get into financial trouble because of too much debt than any other reason. 'Too much' means different things to different people. Very few people go through life without making a purchase on credit. However, trying to 'keep up with the Joneses' rushes too many of us into lifestyles we simply can't afford. Buy some…
Read MoreHome Ownership Can Be Less Taxing Than You Think
Posted on:Front lawns across Canada are sprouting For Sale signs. That this annual phenomena occurs at about the same time as the tax refund season may be purely coincidental. Understanding the financial incentives for home ownership available in the Income Tax Act may save you thousands when buying a home. Home Buyer's Tax Credit: First introduced in 2009, this program provides first-time home buyers…
Read MoreI Want it All and I Want it Now
Posted on:The neighbors have a shiny new sport utility vehicle to tow their travel trailer. They take a two week tropical vacation every winter. Their family room is equipped with the latest large screen TV and surround sound stereo system. Many people believe this is a sign of wealth. In fact, this is usually a sign of consumption. More often than not, the above lifestyle is funded with huge amounts of…
Read MoreRRSPs & TFSAs - What's the Difference ?
Posted on:Tax Free Savings Accounts (TFSAs) were introduced in 2009 and they seem to be struggling to catch on. Registered Retirement Savings Plans (RRSPs), however, have been around for over fifty years and attract billions of dollars of deposits each year. If you are serious about saving for your future, it is important to know the differences between the two. While RRSPs and TFSAs seem to be very…
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