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Monday, September 10, 2018

RSP Tip 10. Use an RRSP loan if you do not have the cash. With interest rates at all time lows, RRSP loans may be one of the best deals around. Just ask yourself the question would you borrow money in order to get a tax return of 25% or more? https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning

Posted at 09:01 AM

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Friday, September 7, 2018

RSP Tip 9. Utilize foreign content. Maximize your Self-directed RRSPs foreign holdings to diversify your investments. While the strength of the Canadian dollar has favored Canadian investments, do not lose sight of the many benefits of global investing. https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning

Posted at 09:00 AM

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Wednesday, September 5, 2018

RSP Tip 8. Make monthly contributions. There are so many documented advantages of making regular contributions to the RRSP. Dollar cost averaging is one of the best ways to create a forced investment plan. From an investment perspective, dollar cost averaging can help you to buy more units when prices are low and less units when prices are high. https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning #DollarCostAveraging

Posted at 09:10 AM

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Tuesday, September 4, 2018

RSP Tip 7. Consider a Self-directed RRSP. Self directed RRSPs could give you a broader range of investment options and provide you a better way to organize and manage your RRSP portfolio. Quadrus does not charge a trustee fee for self-directed account...and there are many benefits. https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning

Posted at 09:59 AM

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Friday, August 31, 2018

RSP Tip 6. Consider a Spousal RRSP. If you expect your spouse's retirement income to be lower than yours, then a Spousal RRSP may be the best form of future income splitting. Remember the effective use of Spousal RRSPs requires planning ahead. Don't wait until it is too late. https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning #TFSA #SpousalRSP

Posted at 09:00 AM

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Wednesday, August 29, 2018

RSP Tip 5. Understand investment income. Consider holding more conservative investments that create interest income inside the RRSP. Alternatively hold investments that produce tax preferred investment income like capital gains and dividends outside the RRSP or even in a Tax Free Savings Account (TFSA). https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning #TFSA

Posted at 09:00 AM

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Monday, August 27, 2018

RSP Tip 4. Start early. Rather than waiting until the March 2, 2019 deadline, consider making your contribution now, or as early as you can, to begin accumulating tax-free income on the contribution as soon as possible. https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning

Posted at 09:00 AM

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Saturday, August 25, 2018

RSP Tip 3. Watch your tax bracket threshold. If you're making a large RRSP catch-up contribution, consider only claiming enough of the resulting deduction to reduce your taxable income in the top tax bracket. You can carry forward the remaining deduction for greater tax savings in a future year against income that is taxed in the higher tax brackets. Your yearly notice of assessment will track your unused contribution. https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning... more

Posted at 09:00 AM

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Thursday, August 23, 2018

RSP Tip 2. Make your maximum allowable contribution for 2018. You can contribute 18% of your “earned income” in 2018 or $26,500; whichever is less (if you're a pension plan member, your maximum contribution may be reduced by a figure known as the pension adjustment – PA). https://www.freedom55financial.com/ #F55 #RSP #RetirementPlanning

Posted at 09:01 AM

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Tuesday, August 21, 2018

RSP Tip 1. Know you marginal tax rate. One of the most important benefits of the RRSP is the tax deduction for the current tax year. While most people put money into the RRSP to save tax, many do not know how much tax they are saving. The easiest way to determine the benefit of your RRSP contribution is to know what your current marginal tax rate is when you combine the federal and provincial taxes. #F55 #RSP #RetirementPlanning

Posted at 11:06 AM