Locked in RRSP Money that is in a locked in RRSP or other retirement investment usually comes from employer contributions to the employee pension plan. When the employee quits or is dismissed from the employer the money that has been contributed to the pension plan transfers to a locked...
Investing
-
-
RRSP Calculator to Calculate RRSP Deductions and Earnings
RRSP Tax Refund Calculator RRSP Calculators are an easy method to calculate the amount of money an individual will have by retirement. There are many different calculators on the Internet to determine how much an individual should save to make a certain amount after retirement. Almost every major bank...
-
No RRSP Contribution Room and still Want to Contribute more?
Long term savings are a solid portion of most Canadians over all investing portfolio. In the long term savings bucket, RRSP are usually the most effective way to gain safe returns for future needs. RRSPs are government registered tax deferred savings plans, which enable Canadians to efficiently and securely...
-
How to access RRSP funds to Buy or Build a new Home
RRSPs are a great vehicle for reducing current year’s income tax, while saving for retirement. RRSP are registered retirement savings plans, which enable Canadians to access tax benefits for joining in the plan. RRSP contributions made by a tax payer decreases their current year taxable income and the savings...
-
Contribute to Spouse or Common-law Partner RRSP
The rules of the spousal contributions apply to spouses and common-law partners. The contributions made to a spouse’s RRSP reduce the limit on the individual’s contributions. This means that the contribution limit is combined when an individual contributes into multiple RRSPs. The amount contributed into the combined RRSPs cannot...
-
TFSA Contribution Limit for the 2020 Tax Year
The annual Tax-Free Savings Account also known as TFSA gets indexed to inflation each year. Then the government rounds that amount to the nearest $500. Although the reported indexation increases for 2020 is 1.9%, the new contribution limit amount for the year is still $6,000. The total contribution room...
