Here’s a strategy to maximize your savings that requires minimal effort over a two- to three-year cycle.
Sophie Sylvain recommends using the savi[……]
Tag Archives: TFSA
The Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) are two savings products that each have their own objectives and[……]
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Savings Account (TFSA) are two savings vehicles that each have their own objectives and advantages. However, which one is best for you?
When should you choose an RRSP?
The RRSP is most often used to build savings, tax free, for use at retirement. Tax on earnings is deferred until the funds are withdrawn from the plan, generally at retirement age. The RRSP is an excellent way to defer a portion of your salary in order to make up for any shortfalls in your income after you retire. Also, RRSP contributions can be deducted from your taxable income, which could lead to potential tax refunds.
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According to TD Bank Group, the answer is no. “Even if selling your home is a great way to increase your retirement income, and unless you want to adopt a much simpler lifestyle, it probably won’t generate enough money for your entire retirement. It’s important to have access to savings funds and additional investments, such as an RRSP, a TFSA, pension benefits or shares,” states a press release where, in conjunction with a questionnaire, the institution unveils the results of a survey on beliefs about retirement in Quebec.
It’s true that the net worth of a home represents a significant amount. Until recently a house could provide the owner with a comfortable cushion, but that no longer holds true today. [……]