Retirement Income Planning
What Does the RRSP Deadline Mean? Quite simply, the “RRSP Deadline” is the last day this year that you can make a contribution to your Registered Retirement Savings Plan (RRSP) but claim the tax credit on the previous year’s taxes. The RRSP deadline for the 2014 tax year is March 2, 2015. But do you have unused RRSP contribution room? […]
The Simple Rule That’s Not So Simple I came across an article recently entitled “The simple rule that keeps income flowing during retirement “ and thought I would present an alternate solution for the retiree using a life annuity. To ensure that the retiree doesn’t run out of money over their lifespan (from age 65 to age […]
Annuity Payment Estimator This article provides a rough guide on how much an annuity pays based on several factors. Step by step instructions for the annuity payment estimator are provided below the table plus a example. Please note that this information is current as of the date and time posted and is subject to change without notice. […]
The Value of Financial Planning Study I am a member of the Financial Planning Standards Council (FPSC®). It develops, promotes and enforces professional standards in financial planning through the Certified Financial Planner®/CFP® certification, and raises Canadians’ awareness of the importance of financial planning. FPSC’s vision is to see Canadians improve their lives by engaging in financial planning. A study […]
Pros and Cons: Withdrawals from RRSP or RRIF I often get questions about “how to begin payments from an RRSP?” or “when to start a RRIF”? What follows is a high level overview when contemplating withdrawals for either type of plan. RRSP = Registered Retirement Savings Plan (sometimes just called RSP for short) RRIF = […]