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The proper use of RRSPs: the one formula approach
No matter what time of the year it is, one of the most popular questions I get is whether it makes sense to buy a RRSP? I remember coming out of University and my father telling me I should invest in...
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TFSA or RRSP: A case study
I’ve written about choosing between a TFSA or RRSP in the past but I thought I would share a real case study on someone I recently met.Richard is 32 years of age. He is married with one four-year-old...
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2013 Online RRSP Guide: Helping your with RRSPs
http://www.youtube.com/watch?v=vLjA6p8aC1IThe 2013 RRSP season is here and here’s a list of my articles to help you make good decisions and plan for retirement. I’ve been writing about this topic for...
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RRSP Deadline is fast approaching
Every year, Canadians go through a financial ritual – the RRSP season. In the first 60 days of the year, Canadians can make contributions to their RRSPs and use these contributions as tax deductions...
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The Improper use of RRSPs
The whole point of RRSPs is to encourage Canadians to save for their retirement. At a time when government benefits will be under pressure as the baby boomers head into their retirement years,...
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Stages of Investing
When it comes to choosing an investment, sometimes your choice will depend on what stage of investing you are at. In this article I explore investing as a progression or evolution of how much money...
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Understanding Withholding Tax in Retirement
Withholding tax is a reality for all working Canadians. Withholding tax is simply the amount of tax that was taken off each paycheque and remitted to Canada Revenue Agency (CRA) on your behalf.Well,...
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The Lifelong Learning Plan
In today’s world we are faced with constantly changing work realities. People change jobs/careers more than ever before and with uncertainty in the job market we are also susceptible to lay-offs and...
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Developing RRSP withdrawal strategies
The RRSP is one of the key pillars of retirement savings. Although many people contribute to RRSPs because of the immediate tax savings, it’s also one of the best accounts for long term retirement...
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Income Options for Registered Retirement Plans
In my financial education programs for the workplace, I always get lots of questions on how to draw income from registered plans whether that’s RRSPs or Pension plans. Here’s a list of income options...
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RRSPs are not short term savings accounts.
This week, I received a phone call from a client. He asked how much he could take out of his RRSP. I explained the withholding tax on ad hoc withdrawals and the negative effect it will have on his...
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RRSP Quick Facts 2014
It’s that time again when Canadians go out and buy RRSPs for the past year. Here are some of the rules and regulations for RRSPs so you can make good RRSP decisions this year.Who is eligible to buy...
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2014 Online RRSP Guide: Helping your with RRSPs
The 2014 RRSP season is here and here’s a list of my articles to help you make good decisions and plan for retirement. I’ve been writing about this topic for a long time so I warn you, there is a lot...
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RRSP and RRIF tax traps
The designation of beneficiaries is a very important component of estate planning especially when it comes to the RRSPs and RRIFs. It has been regular practice for financial advisors and institutions...
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Differences between LIRAs and RRSPs
In dealing with Workplace Savings Programs, there can be a lot of confusion with the difference acronyms in the financial industry. One of the common misunderstandings is knowing the difference...
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The differences between LIFs and RRIFs
Recently I wrote about the differences between a LIRA and a RRSP. In this article I want to follow up and discuss the difference between LIFs and RRIFs.What is a RRIF?A Registered Retirement Income...
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Should New Canadians join a Group RRSPs?
“Life is what happens to you while you’re busy making other plans.” – Allen SaundersCanada is a truly multi-cultural country, one that is built on immigration. In fact, without the steady stream of...
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Stop raiding your RRSPs before retirement
One of the best parts of my job is when I can help people with their retirement plans. Unfortunately too often, I get humbled from these face to face meetings because I realize that not all...
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RRSP Quick Facts 2015
It’s that time again when Canadians go out and buy RRSPs for the past year. Here are some of the rules and regulations for RRSPs so you can make good RRSP decisions this year.Who is eligible to buy...
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TFSA or RRSP: Why not do both?
Since TFSAs were introduced in 2009, there has been a lot of great debates over the RRSP and the TFSA. Here are some examples of the TFSA or RRSP debate:My article on the new debate between RRSPs and...
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