Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking... »
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My Networth: August 2009
Am I excited to calculate my networth again, since last month’s financial statement? No! I don’t think it will get better. As you can see, my income tax and CPP tax combined are already $52,000 as of today (not even counting the income for Sept to Dec). Is this normal??? [Compare to... »
Home Buyers’ Plan (HBP) – how to maximize this plan
Before we begin this topic, we will briefly discuss how HBP works. Then we will talk about how to maximize this tax-saving strategy toward the end of this article. Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw RRSP to purchase or build a home without having to pay tax on the withdrawal. RRSP Withdrawal Limit... »
My Networth: July 2009
I got my cheque for July. After finishing my accounting, the result does NOT look very good. Overall Assets: +11% (down from +21% ) Liabilities: +2% (up from -1% ) Equity: +19% (down from +55% ) Being single is so hard. Aside from loneliness, it takes too long to build weath... »
My Networth: June 2009
I just got my cheque today. Let’s see what’s been changed during the month June. Overall Assets: +21% Liabilities: -1% Equity: +55% In terms of assets, I’ve contributed my maximum RRSP limit for year 2009 which is $21,000. As such, I put the remaining money in high interest savings accounts. I don’t have any plan yet to... »
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... »
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... »
My Networth: May 2009
It’s the end of May. Time to update my networth. My goal is to reach my first million dollar networth in 7 years after university study, which means I have 5 more years to accomplish it since I graduated in April, year 2007. Like I said in my previous networth report, I want to put... »