February 8, 2013
Tax season is in the air – and along with it, the deadline for RRSP contributions. These savings vehicles are the top way to prepare for retirement, and offer one of the biggest tax breaks out there – but are you using yours to its full potential?
Check out our RRSP planning guide, full of answers to all of your retirement savings questions.
Understanding RRSP Contribution Limits
It’s RRSP time – but do you know how much to contribute? If not, you’re in good company – a recent BMO poll found that while two thirds of Canadians have RRSPs, only one third fully understood their contribution options.
Should You Get an RRSP Loan?
4 Tips: Get the Most Out of RRSP Tax Savings
Did you know RRSPs offer the biggest tax break? Not only that, but contributing to them can affect your tax bracket, leading you to pay even less in taxes?
That’s just one of our great tips on how to use RRSPs to make the most of your money. Read on to learn more!
Read Melanie’s Blog | 4 Tips: RRSP Tax Savings
And in this week’s finance news…
Turns Out You CAN Put a Price On Love
Can you put a price on love? According to the latest numbers from RateSupermarket.ca, you certainly can. The sweetheart study crunched the costs associated with a romantic relationship from wooing to weddings and has determined that the list price of love is a wallet whopping $43,842.08!
Read Kelvin’s Blog | A Price On Love
Low Interest Rates Pose Challenge to Retirees
Low interest rates may be a good thing for mortgage shoppers and credit borrowers, but they post a challenge to the long term savings plans of retirees.
Read Sean’s Blog | Low Interest Rates Pose Challenge
Should You Use the Home Buyers’ Plan?
The Home Buyers Plan allows first time buyers to pull up to $25,000 from their RRSPs for their home’s down payment. It’s an option that opens doors for buyers other wise shut out of the market – but are they worth the risk to your retirement plan?
Read Penelope’s Blog | Should You Use the Home Buyers’ Plan?
Say Goodbye to the Canadian Penny
This Monday marked the end of production for the Canadian penny, Canada’s oldest form of currency. What does this mean for both consumers and businesses?
Read Rubina’s Blog | Say Goodbye to the Canadian Penny
Should You Pay Your RRSP Or Mortgage?
Should you pay your RRSP or the mortgage? It’s a question facing all Canadian investors. We’ve crunched the numbers from the past 15 years to find the real payoff.
Read George’s Blog | RRSP or Mortgage?
RRSP Season: Teaching Kids About Finance
A new study from TD shows RRSP season is a perfect time to introduce kids to the basics of money management – and for parents to lead by example.
Read Andrew’s Blog | Teaching Kids About Finance
This week on Money Wise we asked Canadians:
Would you rather contribute to your RRSP or pay the mortgage?
43.4% choose contributing to their RRSP, saying saving for retirement takes top priority.
34.9% pick paying down their mortgage, preferring to cut down on interest charged over time.
21.7% , however, say other financial priorities take top spot, such as debt repayment.
Want to win a $25 gift certificate? All you need to do is answer this week’s poll to be in the running: