Former Bloc leader Gilles Duceppe, 63 $140,765 per year Former Toronto Liberal MP Joe Volpe, 63 $120, 392 per year Former Liberal MP Ujjal Dosanjh $40,197 per year from federal government $35,000 per year from BC government Former Liberal leader Michael Ignatieff $ ??? per year Those pensions for retired/defeated MPs are NOT small...
Thinking about retirement? Are you financially sound? Debt free or still fully loaded?! Want to retire and yet can’t afford to? How much need you save to retire comfortably? Check the following statistics and see if you are on par with or better than other senior retirees. Retired Seniors aged 55 and over Average...
Income taxes are the biggest expense for most Canadian. If you have your own business or professional corporation, your company can help generate tax savings to accelerate your mortgage repayment or boost your retirement savings. Use Capital Gains Instead of Dividends If you are planning large cash withdrawals from your company, consider taking the...
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...
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 month on...
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...
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...
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 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...
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...
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