What is better than tax-free? RRSPs first started in 1957 to assist self-employed individuals and employees who were not members of a registered pension plan (RPP) save for their own retirement. Quite simply, a RRSP is an investment plan that you register with the Canada Revenue Agency (CRA)....
Read PostHow to Invest a Cash Lump Sum
Increasing our savings and making good investments helps us increase our wealth. While this is true, we also become wealthy from a sudden cash lump sum.This usually occurs 1 of 3 ways:1) Selling a BusinessAt some point, entrepreneurs sell their business (hopefully for a large amount)....
Read PostRetirement Mistake No.38: Thinking that Estate Planning is About Dying
Talking about estate planning can be as exciting as watching paint dry. But it doesn’t have to be all about dying. Here are four reasons why you should consider estate planning.You want to pay less income tax today. Each time you withdraw from your retirement plan, you pay tax. There...
Read PostRetirement Mistake No.37: Second Marriage Mistakes
Let me tell you a secret about estate planning. One day last month, Mick and Tracy walked into my office to discuss estate planning. Mick introduced me to his second wife and joked about the challenges in joining two different families. He said, “When I die, I want to leave enough for my children...
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