RRSP

RRSP FACTS AND DEADLINE FOR MAKING YOUR 2017 CONTRIBUTION

      The RRSP contribution limit for 2017 is 18% of your 2016 income or $26,010, whichever is less. The contribution limit for 2018 is $26,230. If you are a member of a registered pension plan, then you need to deduct your pension adjustment (the amount on ...

Comments Off on RRSP FACTS AND DEADLINE FOR MAKING YOUR 2017 CONTRIBUTION   |   Posted in Latest News,Retirement Planning,RRSP January 24, 2018

RRSP CONTRIBUTION LIMIT AND DEADLINE FOR 2016

  The RRSP contribution limit for 2016 is 18% of your 2015 income or $25,370, whichever is less. If you are a member of a registered pension plan, then you need to deduct your pension adjustment (the amount on line 52 of your T4 slip) from ...

Comments Off on RRSP CONTRIBUTION LIMIT AND DEADLINE FOR 2016   |   Posted in Investments,Latest News,Retirement Planning,RRSP February 06, 2016

UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS

  Naming your spouse as a beneficiary of your RRSPs, RRIFs, LIFs and LIRAs is usually a good idea as these assets can rollover on a tax deferred basis only to your spouse or common law partner. However, in cases where you may not be married, ...

Comments Off on UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS   |   Posted in Estate Planning,Latest News,Retirement Planning,RRIF,RRSP,Tax Free Savings Accounts April 16, 2015

Gifting Your RRSP or RRIF

If you have more than enough sources of income for your retirement and do not need the income from your RRIF then you may consider donating your RRSPs or the income from your RRIF to a charity of your choice and can receive a charitable ...

Comments Off on Gifting Your RRSP or RRIF   |   Posted in Charitable Giving,Estate Planning,Financial Planning for Business Owners,Investments,Latest News,Retirement Planning,RRIF,RRSP July 24, 2013

Reduce Taxes By Philanthropy And Planned Giving

  ¬†While you may support different charities because you believe in their cause and your donation may be entirely based on your emotions, when it comes to your philanthropy, by having a strategic approach you can substantially reduce taxes on your income and the estate taxes ...

Comments Off on Reduce Taxes By Philanthropy And Planned Giving   |   Posted in Business Succession Planning,Charitable Giving,Financial Planning for Business Owners,Retirement Planning,RRIF,RRSP June 05, 2013

RRSP Crammers Can Seek Temporary Solutions

By: Evelyn Juan FEBRUARY 25, 2013 Deciding on a long-term investment in a few short days can be a mistake. For Canadians rushing to meet the March 1 deadline for 2012 contributions to Registered Retirement Savings Plan, there are some temporary solutions to ease the pressure. Serge ...

Comments Off on RRSP Crammers Can Seek Temporary Solutions   |   Posted in Estate Planning,Latest News,Retirement Planning,RRSP,Savings and Investments,Tax Planning May 17, 2013

RRSP Contributions – Facts & Figures

With the March 1st deadline for RRSP contributions for 2010 looming, here are some facts and figures to help you organize and ensure that you reap the maximum benefits from your RRSP contributions: The maximum RRSP contribution limit for 2010 is the lower of 18% of ...

Comments Off on RRSP Contributions – Facts & Figures   |   Posted in Retirement Planning,RRSP,Tax Planning February 25, 2011

Changes to the Rules for Ontario Locked-In Accounts

On June 19, 2009, numerous important changes were made to the rules governing locked-in accounts. Locked-in accounts include Locked-In Retirement Accounts (LIRAs), Old Life Income Funds (Old LIFs), New Life Income Funds (New LIFs) and Locked-In Retirement Income Funds (LRIFS). The following points ...

Comments Off on Changes to the Rules for Ontario Locked-In Accounts   |   Posted in Financial Planning for Business Owners,Retirement Planning,RRIF,RRSP,Savings and Investments,Tax Planning April 04, 2010

End Pension Discrimination for Business Owners with an RCA

If you are an executive working for a large Canadian company, most likely you have a generous pension plan that funds your retirement based on a formula that allows you to have an income equivalent to 70% of your final average earnings. If you are a ...

Comments Off on End Pension Discrimination for Business Owners with an RCA   |   Posted in Financial Planning for Business Owners,IPP,Retirement Planning,RRSP,Tax Planning March 07, 2010

Quick RRSP Facts

The RRSP season is upon us once again and it is time to take stock of your income in 2009, your RRSP contribution room and the optimal amount that you need to contribute to your RRSP before the March 1st, 2010 deadline, in order to ...

Comments Off on Quick RRSP Facts   |   Posted in Financial Planning for Business Owners,Retirement Planning,RRSP,Savings and Investments,Tax Planning January 17, 2010