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One in five Canadians have withdrawn money from an RRSP to make ends meet.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...