RRSP

Have an RRSP? Well, one day —depending on how close you are to retirement — it’ll have to become an RRIF. What do you think about when you hear the word ‘retirement‘? [If you’re daydreaming now, we’ll wait…] Certainly no more early mornings or commutes, but how about more travel? Maybe fully immersing yourself in what was once a weekend hobby like crafting, gardening, or writing. Alas, a key piece in the retirement puzzle is, of course, money. You save and save and save for it —dutifully contributing to an RRSP. Then what? That’s where RRIFs come into play. What is a RRIF? RRIF stands for Registered Retirement Income Fund. Much like its name suggests, it gives you a steady income in retirement. Even better, they’re one of the most flexible and tax-effective ways of generating income in retirement. Three reasons why RRIFs are great: Your money grows, tax-free How you invest the funds in your RRIF is totally up

A Registered Retirement Savings Plan (RRSP) is one of the best ways to save for retirement. It offers so many long- and short-term benefits. However, it’s important to understand exactly how much contribution room you have in any given year.

Funding post-secondary education in Canada is becoming more and more costly. Long gone are the days when working a summer job paid for a year of school. If higher education is in your future, ideally you or your family invest in an RESP — and have been for a while.

RRSPs exist as a way to help Canadians save for the future. And as an added bonus, it shelters your income in a savings vehicle the government doesn’t touch until you’re ready to retire. However, what if you want penalty-free access to the money before then? The Lifelong Learning Plan is one way to safely unlock those funds.

Are you one of the all-too-rare, but lucky, people with a solid pension waiting for you in retirement? For those of us who aren’t so lucky, it’s wise to start investing in RRSPs as soon as work-life begins.

Planning for retirement is a key aspect of any financial plan. One of the best ways to make sure you have enough money to retire on is to invest in a Registered Retirement Savings Plan (RRSP). Then, watch your nest egg grow. But it’s important to understand your RRSP contribution limit to maximize the benefit.

Buying your first home is exciting if not an overwhelming, exercise. You save and visualize that dream home, then, you search and select your options. And with fingers crossed, you put in your offer.

We know we should save money, and we know the best way is to earn money on our savings and to diligently set aside a certain amount each year.

Registered Retirement Savings Plans (RRSPs) help you save for your future. But many Canadians may want or even need, access to that pot of funds early. If that’s you, it’s important to understand RRSP withdrawal rules so you can make the best decision for your situation.

Take full advantage of your RRSP. With proper planning and an understanding of what you can and can’t contribute, and when, you can reap the rewards in retirement.

What exactly is an RRSP? How do you know how much to invest, and where? Do you understand what an RRSP is and what it’s used for?