To start an RRSP, you must be less than 71 years old, be a Canadian resident, earn an income and file a tax return. Contribution limits Both TFSAs and RRSPs have contribution limits, or a maximum amount you can
What is RRSP matching? RRSP matching is a feature of some group retirement savings plans. In a matching program, the employer matches the employee’s contribution into the plan dollar for dollar, up to a certain amount, or up to a percentage of the employee’s salary. In some cases, RRSP...
Open to all Canadians with unused registered retirement savings plan (RRSP) room, SPP lets you contribute at your own pace to your plan. We do the heavy lifting of investing your hard-saved loonies in a pooled, low-cost, professionally managed fund. At retirement, you can select a lifeti...
Every dollar that you contribute to an RRSP will result in more CCB (providing that you aren’t super high income). However, if you are a high-income family that doesn’t qualify for CBB, a large contribution may bring your income low enough to qualify. How much you get would depend o...
intend for your CPP to start within the next 12 months have worked in Canada and made at least one valid CPP contribution OASUnlike CPP, OAS is completely funded by the federal government, so you don’t pay into it. Service Canada canautomatically enroll some people in OAS, but not others...
I think this myth might have been a bigger deal ten years ago, as most Canadians who I know aren’t exactly thrilled with the current state of their province’s healthcare system. Talk to people who have lived not only in “great healthcare countries” like Singapore and France – but ...
If taken as cash, AIPs are taxable income and subject to the regular income tax rate plus an additional federal penalty tax of 20%, or 12% in Quebec. To avoid taxation, the subscriber can roll over as much as $50,000 into an Registered Retirement Savings Plan (RRSP) or keep it open...
Registered retirement savings plan (RRSP)contribution limits are reduced by DPSP contributions.3 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 anot...
If you are paid salary or dividends from your corporation, the income needs to be reported. When your business starts to make money, it may be beneficial to take a combination of both salary and dividends. Dividends may sound attractive, but they don’t provide RRSP contribution room. This ...
And with our new Mortgage Payoff Plan in works, I’ll need a LOT less than $1Mil to be happy now… not to mention how much MORE I’ll have left over in 10 years once I’m 100% debt-free!! WOO!! Gotta keep tweaking our plans as life goes on :) ***UPDATE #2*** 5/20/...