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Without the forced savings of a mortgage, here's how much you should be putting away.
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One in five Canadians have withdrawn money from an RRSP to make ends meet.
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And 39 per cent are "overwhelmed" by debt.
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Savour the moment: This is the first public pension reform in a generation and will go a long way to improving retirement security for today's workforce, 11 million of whom have no workplace pension plan to help them save. Younger voters, given credit for the Trudeau election win, might not have known it at the time but this is for them!
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The Trudeau government's first budget offered hope but little change on increasing the CPP in our lifetime. After extolling the virtues of the Canada Pension Plan, we're told that the finance ministers talked about enhancing the CPP last December and set a goal of making a collective decision before the end of 2016.
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When most working Canadians hear "RRSP," they think of their retirement savings. Or maybe even a nice winter home on the shores of sunny Florida. However, a Registered Retirement Savings Plan (RRSP) is more than just a retirement savings plan. It also has an impact on your tax obligation and can save you hard earned dollars come tax time.
Today, it takes more brains and effort to make out the income-tax form than it does to make the income. - Alfred E. Neuman 1) Prioritize Three Contributions RRSP Offers best tax sheltering option for...
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But those who are contributing, are contributing a little bit more.
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Some said they would even take on debt to help their children.
Parliament will reconvene on December 3. While the priority focus will be on marginal tax rates for the middle class and those making more than $200,000, it's worth paying attention to a proposal that was a key promise from the Liberals: rolling back TFSA contribution limits from $10,000 to $5,500.
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Retirement savers and pension funds should be prepared for lower investment returns than they had before the financial crisis.
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40 per cent of Albertans feel overhwelmed by their debt.
TORONTO — A new poll suggests adult children are draining their parents' retirement nest eggs. The CIBC survey has found that two-thirds of Canadian parents polled say they're feeling the financial im...
Retirement planning is multi-dimensional. Consideration has to be given to both the quantitative and qualitative factors. Framed another way, it's almost like a tale of mathematics and emotions. Both are equally important as they guide you through the next phase of your life.
OTTAWA - Canadians are saving enough and are reasonably well-prepared for life after work, said a report Thursday by the C.D. Howe Institute, which challenges some of the common assumptions about reti...
With another RRSP season squarely behind us, now is as good a time as any for reflection. The last-minute mad dash to make a contribution is generally at odds with proper savings discipline. You can turn anxiety around by extending your savings plan beyond the RRSP season. Here are a few other tips to keep in mind.
TORONTO - A new survey of Canadians found almost 20 per cent of respondents didn't put aside a dime in 2014 and a further 40 per cent felt they were not saving enough.This year's household savings rep...
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Are you an investor? Although this might seem like a simple question, the answer isn't so straightforward. One way is to ask some fundamental questions about your financial decisions, what's informing your strategy and how you're putting a plan into place. In other words, think about attitude, aptitude and action.
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If you remove money from that account, you're stripping tax-free compounding of some of its power. For example, you have $13,980 in your RRSP. Instead of letting it sit, you remove $5,000 for a trip to Vegas and some credit card debt, leaving a balance of $8,980. After 20 years you will have $16,220. That is (very basically) a difference of $9,000.
Some people greet the topic of retirement planning with the same enthusiasm as dental appointments. It doesn’t have to be like that. The good news is that investing for your future does not have to be...
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It is laughable that the Ontario Liberals are scolding residents of the province for not putting enough away for their own retirements when the Government has so chronically underfunded it's own defined benefit pension plans that they look more like Ponzi schemes than retirement benefits.
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Nearly one in five Canadians say they will never retire, according to a new survey that finds a majority of Canadians concerned about their retirement prospects. The survey from the Conference Board o...
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TORONTO - A new poll suggests more than half of Canadians aged between 45 to 64 belong to a "sandwich generation" that's feeling financially squeezed by the needs of their children, aging parents — or...
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Over the past few years, numerous articles and studies have begun to report that Baby Boomers aren’t saving enough. In fact, a 2012 survey found that 42 per cent of boomers wish they had saved more. S...
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Graduating students have high debts and the chance of finding a good paying job appears to be low, according to the leading pundits. This may all seem very daunting if you're a grad with two or three part-time jobs who's barely scraping enough together for rent. Here are some suggestions on how you can achieve these goals with careful planning and creativity.
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Do you become a different person when you retire? Will your values, sense of humour, and pastimes change? Probably not. So why do many investors focus on amassing as much money as possible for retirement instead of considering what their liabilities will be and planning appropriately?
In my 20 years working in the financial services industry, I have never heard someone say the less money you have at retirement the better. Some people can and will certainly make do with less, but one thing is sure; the more money you have saved when you retire, the more choices you will have in retirement. Follow these steps to start the ball rolling:
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Still unsure about the differences between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP)? The fact is it's all about the tax. Here's a quick refresher of the tax-free registered savings account.
The fact is, we're all living longer than past generations and we have to make sure we don't run out of our retirement money. Even though it's sometimes hard to do, we need to save more during our working years. Here's what you can do to feel better: create a plan that includes an automatic retirement savings program.
Because saving for retirement is the responsible thing to do and paying less tax always sounds great, you wouldn't be blamed for thinking that topping up your RRSP is a no-brainer. But is it? And is getting an investment loan a "good debt" to acquire in order to get it done? Here are some things to consider and speak about with your financial adviser.
How would you rate your retirement planning confidence on a scale of one to five? Are you like the majority who find it very confusing? What would it take to overcome your fear and finally start investing in your future? You can set up a plain and simple saving plan that is so automatic, you won't even notice you're saving.
There are many different ways to invest the money inside your RESP. As a parent, my rule was simple: I did not want to take any significant risks with the money I was saving for my children's learning. I was satisfied with receiving the 20 per cent government grant, and a modest return on my money. For me, it was more important that the money be there when I needed it.