Here are links to the Canada Old Age Security OAS program and the Canada Pension Plan CPP: OAS (you can print the 10 page application from here) CPP If you start your pension at 60, your monthly payment is 30 percent lower than if you wait until you’re 65. However, by starting it sooner, you [...]
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Q. I’m allowed to make an RSP contribution for the 2006 tax year of $17,000. My problem is that I don’t have any extra cash after the holidays. Any suggestions? Maria J. Knowing the value of making an RSP contribution to reduce income taxes and for tax-sheltered growth on your RSP savings, it is important [...]
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Q. My husband and I are anticipating retirement in 10 to 15 years. He has $100,000 of unused RRSP contribution room and fortunately this year, we have some extra cash to invest due to an unexpected inheritance. We also don’t know how much we are each allowed to contribute this year? What should we do? [...]
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Q. Can I use my RRSP to finance either my mortgage or someone else’s mortgage (family or not)? I would therefore treat my RRSP as a mortgage lender and my RRSP would receive the principal and interest, allowing me to earn a market-based rate on my RRSP. – Philippe T. A. Your self-directed RRSP can [...]
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I made my RRSP contribution for 2005 and now the cash is sitting in my RRSP account. How should I invest the cash? Susan S. The first step is to review your Investment Plan to ensure it is still consistent with your long-term investment goals. Assuming that it is, invest the cash into the asset [...]
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Q. I would like to start building RRSP contribution room for my child. What is the youngest age allowed for a child to earn income? For example, can my two year old earn income for feeding the family cat? – Mark T. A. Now that’s planning ahead! While the minimum age to open an RRSP [...]
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Q. I have not yet made the maximum contribution to my RRSP for 2005. Should I borrow to make the full contribution? – Stacey G. A. While there is no simple answer that applies to everyone, it generally makes sense to borrow money to make your contribution if you can repay the RRSP loan within [...]
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Q. I’m concerned about the market going down and I don’t want to lose money in my RRSP. What is a good balance between stocks and bonds in my RRSP? Are there investments guaranteed not to lose money for me? – Kevin K. A. The appropriate balance between cash, bonds and equities in an RRSP [...]
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Q. As an incorporated professional over $100,000 a year, are there other options for my retirement savings than a RRSP? – Stuart S. A. If you are in your mid 40’s or older, as an incorporated professional with this level of annual income, an Individual Pension Plan (IPP) is something you may want to consider [...]
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Q. I am a stay at home mom. My husband is our primary breadwinner and works fulltime. Is a spousal Registered Savings Plans something we should consider in our situation? How do they work? – Judith S. A spousal RRSP is one of the few ways to split income between spouses and common-law partners. The [...]
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© 2012 Bev Moir, MHSA, FCSI, Toronto Investment Advisor and Financial Planner
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