The Retirement Savings Plan has been the cornerstone of financial planning for Canadians for many years. However, despite it's popularity, the rules and regulations that must be followed to remain onside can sometimes be confusing. We've taken an FAQ approach to answer the most often asked questions at our office.
How many years can I contribute to my RSP?
You may continue to contribute to your RSP up to and including the end of the year in which you turn 71 years of age providing you have earned income.
I was at the mall over the Christmas holidays and ran into an old friend from my college days. Here’s how the dialogue broke down:
Me: Hey! Haven’t seen you in forever, how’ve you been?
Friend: Things have been great. Since graduating, I started my own business and things are really rolling now.
Me: That’s awesome! Once the holidays are over and family things slow down, we should reconnect and catch up.
Friend: That sounds good in theory, but I’m just heading into peak season and I’ll be super busy.
Getting control of your finances can be an overwhelming task. Start by implementing these 10 strategies into your routine and by making small changes on a daily basis, you'll start to notice changes.
1.Track your income and expenses.
Just like a diet, you’ve got to know your intakes and outputs if you want to make adjustments. There are plenty of apps on your phone to help track and tally your expenses. If your old school, use paper and pen. There’s really no excuse not to, especially if you are committed to getting control of your spending.
The moment that your first professional paycheck enters your bank account can be a euphoric experience. Finally you can trade in those frozen pizzas and microwavable popcorn for some real food! However, this new cash flow can also be overwhelming - post-university life comes with a host of additional financial and social responsibilities.
Let’s be honest – insurance is not always a fun topic to think about or discuss. But before closing this window and going back to Reddit or Facebook, hear me out. Even if it’s not fun, the insurance discussion is an important one to have, especially if you have someone that relies on your income.
You’re 25 and feeling alive. You’re settling into life after university, paying off your debts and slowly figuring how to “adult”. But with the responsibility of bills, rent, and even keeping up social appearances, prioritizing financial planning is something far too often pushed to the side. Of course the nagging idea that maybe starting an RRSP might not be the worst thing, however, it’s hard to fully take control of your financial future when the reality of everyday life is living paycheque to paycheque.
The decision to go forward with your plans to start a family is a joyous one, but it can also lead to increased stress especially if your financial house has not been child-proofed. Considering that, on average, the cost of raising a child now exceeds $250,000, there’s little margin for error for most young families that have other important financial goals to achieve. There’s no reason why you should get caught off guard or caught in cash crunch as long as you plan ahead.
Few consumer products are the object of a love/hate relationship as life insurance. The thought of buying life insurance is not something that most like to think about, yet, if it is done right, it can provide the greatest peace-of-mind a person can have. The key is to do it right. Following this helpful life insurance advice may ease the burden and have you feeling good about your purchase right from the beginning.