Subject: Are you ready for retirement?

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The Moir Team
Trustworthy, enduring financial advice!
February 2007
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Dear Bev,

Studies show that a large number of Canadians don’t contribute to an RRSP. A recent Globe and Mail article by Harry Koza reported that Canadians have accumulated $491 billion of unused RRSP contribution room.

That’s an alarming statistic given that a study done by the BMO Financial Group and Ipsos Reid in November 2006 reported that 70% of boomers (aged 45 – 60) feel they have not saved enough for retirement and 81% wished they had started saving earlier. 83% of Canadians aren’t sure how much they will need in retirement.

The RRSP deadline for the 2006 taxation year is Thursday March 1, 2007. The contribution limit is 18% of earned income (minus pension adjustment) or $18,000. For 2007, the maximum contribution is $19,000.
Please take a look at the diagram below to see where you fit in and how you relate to the questions.

Retirement Planning Questions


We’re here to help. Our Retirement Readiness Assessment Tool allows you to visualize your retirement and determine your retirement readiness. Take a few moments to check it out and, depending on your results, you may wish to schedule a retirement planning meeting with me or have us send you a retirement planning kit.
It makes more sense to contribute to your RRSP than to pay income taxes! Here are two simple strategies for coming up with the cash for your RRSP contribution:

1) Call us and we’ll refer you to one of our banking specialists to arrange a RRSP loan at prime. Based on your contribution and the amount of your loan, your tax refund may be sufficient to pay off the RRSP loan, or

2) you can make an “in kind” contribution of unregistered assets such as stocks or Canada Savings Bonds. When you contribute shares from an unregistered to a registered account, it’s a deemed disposition and there may be tax consequences - you should get professional advice first.
Bev and Fred Ketchen
Please check out three media spots I’m currently involved in:

The latest Scotiabank Podcast where Fred Ketchen interviews me about RRSPs and,
The Canoe Money 2007 RRSP Financial Fitness Show where I respond online to questions from across Canada, and
The Global Help Line where I answer RRSP questions with several of my colleagues.
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice.

Ingrid and I are very grateful for your patronage and are available to assist you at anytime.

Sincerely,

 Bev Moir Signature
Beverley J. Moir, MHSA, FCSI, CIMA
Sr. Investment Executive
ScotiaMcLeod, Head Office Branch

phone: (416) 862-3911

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The Moir Team | ScotiaMcLeod, Head Office Branch | 40 King Street West | Suite 1500 | Toronto | ON | M5H 3Y2 | Canada