Snapshot: Canadian Mindset on RSPs, One-third of Canadians report having dipped into their RSPs

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Toronto, ON (11/19/2012) – A recent Scotiabank poll found that more Canadians are willing to take money from their RSP to pay off other expenses than in past years. However, the top reason cited for withdrawing the money from an RSP was to buy a first home (40 per cent). That said, taking money out of RSPs has been on the rise, with one-third of RSP holders (36 per cent) reporting taking money out of their RSP this year, up ...

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Shaun Paul Brockley asked Scotiabank Retirement expert Bev Moir…

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Shaun Paul Brockley asked Scotiabank Retirement expert Bev Moir if he should use his RRSP to pay off his credit card debt before getting a mortgage. Watch Bev’s response, and post your own retirement planning questions here on our Wall. One more day to get Bev’s response to your question ….
Bev Moir Answers Questions about Retirement on Facebook

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Determining the right mix of savings between TFSA, RRSP, and employer pension

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In the second video of our series, Scotiabank Retirement Expert Bev Moir answered a question from Chris Gillis on how one can determine the right mix of savings – between TFSA, RRSP, an employer pension – also factoring in OAS and CPP. Watch Bev’s response and post your retirement planning questions here on our Wall. Bev will be responding to your questions all week.

Determining the right mix of savings between TFSA, RRSP, and employer pension

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Advice for Last Minute RRSP Contributors

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With the RRSP contribution deadline approaching on Monday March 2, it’s important not to miss the opportunity of contributing to save taxes on your 2008 income filing. If you don’t have the cash to contribute, consider taking out an RRSP loan. Rates are low and if you expect a refund, you can use it to substantially reduce the loan amount. If no cash, consider an “in kind” contribution of securities or investments held outside of a registered ...

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Where’s the Money Being Invested in 2009?

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Investors are scared and discouraged as they head into 2009. The rapid economic downturn experienced in 2008 combined with very dismal market returns has left many wishing they had saved more and had retreated from the capital markets in 2008. With the start of a new year, investors get another opportunity to re-evaluate their investment goals, their investment time frame, and their risk tolerance/return profile.

If an individual is close to retirement and needs to draw income from their ...

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Employer RRSP Plans

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Some employers support their employees’ retirement savings by matching the employee’s RRSP contributions to an RRSP of their choice or to a company-sponsored group registered savings plan. Usually this benefit is voluntary and companies usually match a portion of their employees’ savings. For example, if an employee contributes $1.00, the employer will match by $0.50 up to a certain percentage or dollar amount of the employee’s salary.

An employer-sponsored RRSP is a helpful benefit and one that employees should ...

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Finding the Money to Make an RRSP Contribution

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Perhaps this year more than previously, people saving for their retirement may be thinking of not making a contribution. Last year’s poor equity market returns heightened investors’ fear and, many investors are concerned about earning sufficient income this year or worried about their job security to feel comfortable maximizing their RRSPs.

Clearly one’s personal situation in the face of these economic conditions will determine if a contribution is made or not. However, even making a partial allowable RRSP contribution ...

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RRSP Contribution Limits and Deadlines

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Who can contribute to an RRSP?
Anyone who has earned income can contribute to an RRSP up until the year they turn 71.

Contributions made in the first 60 days of 2009 can be applied against either your 2008 or your 2009 income taxes. This year, the 60th day falls on March 2, 2009.

How much can you contribute?
The contribution limit for 2008 is $20,000 and for 2009 it’s $21,000.

For the 2008 tax year, take the lesser of ...

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