Tag: RRSP

Think twice before withdrawing money from your RRSP

Anyone with money saved in a group registered retirement savings plan (RRSP) has likely experienced the temptation to withdraw some of those savings for a new car or a tropical vacation. After all, retirement is so far off, a small withdrawal now won’t make any difference…will it? Wait! Before cashing in your RRSP, there are a couple of things to consider:...

The Canadian Retirement Landscape

In previous blog posts, we’ve discussed retirement payment options available to you as a member of an employer sponsored retirement plan. Your plan is one of the tools available to help you prepare for retirement. Overall, there are three levels of retirement plans available in Canada: government sponsored public plans, privately sponsored employer plans...

Understanding Your Options at Retirement

If you’re confused about retirement income alternatives, you’re not alone. How do you know what to choose? How do you know which product is right for you? Well, it all depends on the type of savings you have...read on. One of the most important factors in determining what products are available is whether the money was accumulated in a pension plan or a...

Factors to Consider When Choosing a Retirement Product

As you approach your retirement, you will find a range of different income options available that will allow you to draw on your retirement savings. The options range from flexible retirement plans, like Registered Retirement Income Funds (RRIF) – which allow you to withdraw any amount you want (subject to certain required minimums) – to fixed payment plans...

Retirement Plan Administration Updates for 2010

The 2010 limit for tax-deferred contributions to a registered pension plan is $22,450, which is equivalent to an income of $124,722.22. Persons below this limit will continue to be restricted to 18% of earnings. Click here for a table showing the 2010 limits for various retirement plan types. Click here for the 2010 limits for the Canada/Quebec Pension...