Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking... »
Retirement
RRSP – Maximize Your Retirement Savings
What’s an RRSP Registered Retirement Savings Plan is a retirement plan that you or your spouse or common-law partner establish and contribute to. RRSP contributions are tax-deductible;ie, it can be used to reduce your income tax. RRSP vs CPP Why should I invest in RRSP when I can get CPP (Canada Pension Plan) benefit at retirement? Reason: CPP... »
CPP: small plan, big potential?!
I checked my CPP Statement of Contributions just now. Sadly enough, I discover that I’m only eligible to receive a monthly retirement pension of $240, if I turned 65 this year and decided to receive CPP benefit. How am I supposed to survive with that petty amount. I spend about $200 each... »
IPP – Supersize Your Retirement Savings
Many Canadians have seen their RRSPs take a significant toll in the markets during this Global Recession. Most can do little more than hope for a quick recovery. But there is another option. It’s called Individual Pension Plan (IPP). What’s IPP? IPP stands for Individual Pension Plan. It is perhaps the least known, yet most effective... »
RRSP vs TFSA
Which investment is better—RRSP or TFSA? This article will highlight some important differences, flexibilities, and restrictions. Registered Retirement Savings Plan (RRSP) Eligibility: Any Canadian residents with earned income. Contribution Limit: 18% of earned income to an annual maximum ($21,000 for year 2009; $22,000 for year 2010); unused contribution room is carried forward and accumulates in future years.... »
Average Annual Household Income Canada
The other day I posted an article on Average Annual RRSP Contribution in Canada for Year 2007. The maximum RRSP contribution limit was $19,000 for year 2007; however, the national median contribution that year was only $2,780. Because of such a huge discrepancy, I decided to do a search on how much an average... »
How to Calculate RRSP Contribution Room
How is RRSP Deduction Limit / Contribution Room Calculated? Long Definition: a taxpayer’s RRSP deduction limit for a year is equal to 18% of the taxpayer’s earned income for the previous year (to a maximum amount) minus an amount in respect of benefits that accrued to the taxpayer under registered pension plans (RPPs) and deferred... »
RRSP – national average annual contribution
Is your RRSP contribution up to par? According to Statistics Canada, RRSP contributions rose 5.3 per cent to $34.1 billion in 2007 with the following trends. Newfoundland and Labrador The highest percentage increase in the number of RRSP investors (up 5.3 per cent) Quebec The largest increase in absolute number of RRSP investors, at almost 25,700 contributors, or... »
Canadian High Interest Rate Savings Accounts
Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking money into RRSP, real estate, and/or other investments, high interest rate savings accounts provide a way to grow your investment and at the same time maintain high cashflow (flexibility of... »