Your RRSP contribution limit caps the amount of money you can invest in your registered retirement savings plan; usually the limit is 18% of your reported income from the previous year.
Net Worth Update August 2010 (+1.56) – RRSP Contribution By FT August 30, 2010 33 Net Worth Update July 2010 (+1.49%) By FT August 2, 2010 21 Net Worth Update June 2010 (+1.45%) By FT June 30, 2010 28 Net Worth Update May 2010 (+2.67) – Sell in May and Go Away...
Net Worth Update August 2010 (+1.56) – RRSP Contribution By FT August 30, 2010 33 Net Worth Update July 2010 (+1.49%) By FT August 2, 2010 21 Net Worth Update June 2010 (+1.45%) By FT June 30, 2010 28 Net Worth Update May 2010 (+2.67) – Sell in May and Go Away...
Dividends may sound attractive, but they don’t provide RRSP contribution room. This is because they do not count as earned income. It may also be wise to evaluate whether a corporation is necessary. You may not experience many benefits from incorporation until your income reaches over $100k...
What Is a Registered Retirement Savings Plan (RRSP)? A registered retirement savings plan (RRSP) is a type ofdefined contribution retirement plan, much like a401(k)in the U.S. RRSPs can be either individual plans or employer-sponsored group plans. In the latter case, the employer may also...
Does it make any sense to continue an RRSP contribution strategy during your working years? Should the RRSP simply be held with no further contributions made? Should the RRSP be collapsed? Can you make a staged “long-term” exit from the RRSP before age 71 that will be tax-efficient?
–you accrue TFSA contribution room every year regardless of income so you can [today 2015] put $5.5K/yr of any RRSP withdrawals into your TFSA to shelter its growth. This money is never taxed again and does not impact any income tested old age benefits. –you will pay capital gains tax...
Heather: to be precise about it, I guess you’d need to consider your annual spending to be “how many dollars would I need to take out of my RRSP, to have my needs covered after tax”. In practice, I find that the tax rate is negligible for Mustache-level retirement incomes. Plus...