Figuring out how much to contribute to your RRSP is important. Do it right, and you maximize your tax savings now, while setting yourself up for a good income after retirement. Do it wrong, and you could find yourself paying more taxes than you have to. Luckily, planning how ...
TFSAs and RRSPs are both savings vehicles with tax advantages, but they serve different purposes. Contributions to an RRSP are tax-deductible, which means they can reduce your taxable income for the year you contribute. Investments within an RRSP grow tax-deferred until withdrawn. Meanwhile, cont...
DPSPs are often combined with pension plans or a Group RRSP to provide employees with retirement income later in life. When an individual leaves an employer, they can transfer their DPSP money to another registered plan or use it to purchase anannuity, while maintaining its tax-deferred status...
TFSA contribution limit for 2025 is $7,000 — an annual ceiling for how much you can contribute to a tax-free savings account. However, over-contributing, can cost you a tax penalty. Siddhi Bagwe FHSA, TFSA or HBP: Which Is Best for Hopeful Homeowners? Here’s how to choose between...
in assets. Each person would be entitled to $600,000, which means Sam would need to make an equalization payment of $100,000 to Jennifer. Sam could transfer $100,000 of his registered retirement savings plan (RRSP) to Jennifer’s RRSP tax free, regardless of how much contribution room Je...
How much does an engagement ring cost? There’s an old rule of thumb that says you should spend three months’ worth of your salary on an engagement ring. In reality, many people spend less. In 2021, Weddingstats.org reported that the average cost of a wedding ring in Canada was $3,...
This will ultimately determine how much interest you’ll pay over time, in addition to repaying the principal amount you borrowed. What is the prime rate? The prime rate, also referred to as the prime lending rate, is an interest rate set by large Canadian financial institutions, such as ...
Afterall, it doesn’t really matter what the average expenses in a Canadian retirement are, or how much the average Canadian has in their RRSP the day they retire – it’s really about your personal plan and your unique circumstances!
How much life insurance do I need to protect my savings? Do you have anysavings? Whether it’s in your bank account, an investment portfolio, anRRSPyou opened at 19, or wads of cash stuffed under your mattress, any assets you’ve stored away can help reduce your life insur...
The cost of living outside of the major urban centres is very affordable (not so much in the big famous cities), the weather and safety are better than the vast majority of Canada. When it comes to the ease of getting residency and/or the overall tax situation, Portugal has been an ...