The new Liberal government has moved quickly to fulfill two major election promises that will directly affect your pocketbook. Effective Jan. 1, 2016, the contribution to your tax-free savings account has been reduced from $10,000 to the previous limit of $5,500. Further, the income tax rate for those earning between $45,000 and $90,000 a year […]
Tag: RRSP
Different approaches to retirement
This column continues retirement planning examples from the Nov. 29 issue of Beach Metro News. In this issue, we will look at the individual who has no pension; one is an employee and the other is an individual who has run his own business for the last 32 years. As in the previous article, both […]
Learn the options for inheriting a RRIF
Ever wondered what the difference is between a ‘successor annuitant’ and a named ‘beneficiary designation’ when transferring from a Registered Retirement Savings Plan to a Registered Retirement Income Fund? Probably not, but the distinction is important. A RRSP (Registered Retirement Savings Plan) is a tax deferred savings plan to save for your retirement. At age […]
