Category: Retirement Planning for Entrepreneurs

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)....

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...

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...

What if you died today? Thinking about it seems odd, but we all want to have peace of  mind about the answer to that question. When answering from a financial perspective, it’s natural to want to do the best you can with the finances you have. Dean’s Estate Planning In the last few...

Did you hear the story of the retiree who had his accounts cleaned out by his son? It can easily happen if you put your investments and bank accounts in joint accounts. If you become mentally incapacitated, your children can take the money, leaving you broke at a time you need help. Most couples...

Are you one of those investors who doesn’t mind risk inside your registered plan, RRSP, or RRIF but want the money that you have outside of your RRSP to be safe and liquid? Several retirees I have seen have made this common mistake. They are generating capital gains income inside their...

I get calls every week from investors wanting to know the best place to invest money. It’s a reasonable question. Still, I often find that the investor is focused on the wrong part of his or her financial situation. Does it really matter if an investor can get a 12% return if the plan gets...

Estate planning and wealth transfers are just like planning a trip: Leave proper instructions, including keys, to people you trust. If  you have been an executor, you know the kind of  patience you need in dealing with an estate. Rarely is it easy; and when it is, something usually gets missed....

What happens when you turn 71? You must collapse your RSP into an approved retirement income option by the end of the calendar year when you turn 71. It’s important to remember that if you do not take action, the financial institution that holds your RSP will be required to collapse it for you...