News

All items tagged with: retirement savings

Don’t Miss the RRSP Contribution Deadline: March 1

Posted: February 19, 2019
Posted in: Strategic Thinking, Current Issue , Evelyn Jacks, RRSP calculator, rrsp, retirement savings, retirement income, retirement income planning

The CRA officially began accepting electronically filed tax returns this week, but you may want to slow down and observe an important tax savings opportunity before you rush to file. Contributions to your Registered Retirement Savings Plan (RRSP) for the 2018 tax year ends on March 1, 2019. Besides reducing your tax bill, you could score even bigger returns: increased refundable and non-refundable tax credits.

Six Tax Tips for a Special Valentine: Acquiring a Spousal RRSP

Posted: February 12, 2019 By: Evelyn Jacks
Posted in: Strategic Thinking , Evelyn Jacks, tax tips, rrsp, spousal RRSP, Registered Retirement Savings Plan

Here’s a unique way to share some love with your sweetheart: make a spousal RRSP contribution by March 1. It’s a gift that’s a win-win to help secure your financial future together. Even better, it’s you, the contributor, who gets the RRSP deduction. Whether you have a spouse or common-law partner, here are six basic tips to know:

Young Generations at Risk: Increased Tax Burdens

Posted: February 05, 2019 By : Beth Graddon
Posted in: Strategic Thinking , retirement planning, retirement savings, wealth management, Millennials, Baby Boomers, tax burden, tax gap

New data shows that younger generations face a higher tax burden than the generations before them. In addition, they anticipate having to fund a higher proportion of their retirement with personal savings, as few will have pensions or inheritances to fall back on. They will need help from highly trained Real Wealth Managers who understand their fiscal plight and are willing to build long term relationships.

Options for Registered Pension Plans on Retirement

Posted: December 11, 2018 By: Walter Harder
Posted in: Strategic Thinking , rrsp, retirement savings, RPP, retirement income, CPP, RRIF, Walter Harder, Registered Pension Plan, annuity, life annuity, Registered Pension Plan Annuity Contracts, Retirement and Succession Services Specialist

What options do your clients have for receiving their Registered Pension Plan (RPP) entitlement, as they approach retirement? The Canada Revenue Agency has just released some guidelines that may help.

Shopping Spoiler Alert: Canadians Aren’t Saving Enough

Posted: December 04, 2018 By : Evelyn Jacks & Beth Graddon
Posted in: Strategic Thinking , Debt Management, statistics canada, interest rates, Bank of canada, retirement savings, Steven Poloz, household savings rate, disposable income, Financial Planning Standards

In the holiday spirit yet? This news might dampen it: on Friday November 30, Statistics Canada released a report on GDP, income and expenditure for the third quarter of 2018. The big news? In 2018, Canadians have had the worst household savings rate on an annual basis since 2005, averaging only 1.4% over the past year. For the third quarter of this year, the household savings rate was a mere 0.8%; the lowest quarterly level since early in 2017.

The Rising Costs of Elder Care: Tax Relief Helps

Posted: January 16, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , knowledge bureau, Evelyn Jacks, disability tax credit, tax courses, retirement savings, financial education, online education, eldercare, healthcare, senior falls, retirement management, caregivers in Canada, claims for medical expenses, Canada Caregiver Credit, online course

According to Statistics Canada, falls by seniors are the leading cause of injury-related hospitalizations in Canada. CBC reports that the number of Canadian seniors requiring continuing care will rise by 71 percent by 2026, adding more pressure to an over-burdened healthcare sector, and increased financial pressure on family and volunteer caregivers. Planning and proactivity can help at tax time.