5 Things to Remember about RRSPs
There are many more than 5 things to remember about RRSPs, many more, however here is a short list of things you need to know about the RRSP system.
Gasoline Pushed Inflation to 2.1 % in January 2017
The price of gasoline in Canada has caused no end of issues for Inflation. It’s mercurial nature has skewed inflation numbers for years.
RRSP Season, Tax Time, and #MoneyTalk
Estimated reading time: 4 minutes
RRSP season is slowly coming to a close, if we are to believe the advertising campaigns from the banks and mutual funds. RRSP season is actually all year round, however March 1, 2017 is the deadline for contributing to an RRSP for the 2016 tax year.
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It is bad planning (in my opinion) to buy RRSPs at this stage of the game, but if you find money (and don’t have debt to pay off), it is an OK place to put found money. I have over the years written plenty of articles on RRSPs, and here are a few for you to read:
Image used without permission of JK Rowling or Warner Bros.
- The Spousal RRSP the Forgotten Savings Tool, is a useful tool.
- Are you getting tired of listening to all the financial jargon?RRSP Bingo is for those lucky folks who might be visiting their investment folks.
- RRSP Rebalance Season, if you are going to be looking at your retirement investments, maybe it is time to rebalance them too?
- Which do you do? RRSP then TFSA ? Of course I am assuming you have paid off your debt.
- In a more snarky line, TFSA Retirement Welfare Bums, is a discussion about all those rich folks who can put money in their TFSA for their retirement.
If this is RRSP season, remember that it is tax season as well. For folks in Ottawa who work for the Federal Government, there are tax problems. Over 50,000 have had issues with their T4 slips from the new Phoenix pay system. Ironically the CRA (who are also part of the Phoenix Pay system) say that there will be no dispensations for them. The CRA was kind enough to put up an FAQ Page for Tax Questions.
The ultimate concept in the #Fakenews? The status bar and how long it says it will take to install your software (several minutes, my arse!)
My Writings for Week Ending February 24th
Given we are in the RRSP Season, I had my own poke at the topic, which I borrowed from a discussion I had with Preet B. and Michael James about how so many folks seem to forget that an RRSP is a Tax Deferral Savings Plan. How many times have you heard someone tell you how much money they have in their RRSP and never mention the taxes they might have to pay on that sum?
Read More »RRSP Season, Tax Time, and #MoneyTalk
RRSP: Tax-Deferred Savings Plan
Your RRSP is a tax-deferred savings plan, you will eventually have to pay the CRA for your deposit, one way or another (yes death & taxes). #RRSP
Farewell Vinyl Cafe, Snow, Monopoly and #MoneyTalk
I was saddened to hear of the death of Stuart McLean, host of the Vinyle Cafe. That radio show was truly a slice of Canadiana , and the good nature and happiness in the stories told will be sorely lost. Now is a time when we could use more of Stuart’s stories, and less of the other things on the radio.
Really not sure whether this Joe Trudeau chap has the chops to be PM.
For those who have not watched the 5th Estate piece on Betrayal of Trust outlining the 220 lawyers disciplined over the past 6 years for misappropriating over $160M from clients, well worth watching. Do you trust the folks you entrust with your money?
So far, Ottawa has had snow pretty much every day in February (except one), so we are quite the winter wonderland. As the cardinal on my birdfeeder can see, no one seems that happy about all this snow.
For those lovers of Monopoly out there, note the passing of the Thimble as a piece for a player, it will be dropped in future Monopoly sets. I don’t know many folks who will miss it (my Mum used to like to be the thimble).
My Writings for the Week Ending February 17th
We did have a Surprising Job Picture in Canada in January, with jobs created when none were expected. The economy continues to create part-time jobs, but maybe that is what the economy needs.
A Money Thought
We need more kids asking for personal finance education at schools!
