Entries by Terry Greenard

When to stop contributing to an RRSP

Most articles are written about “contributing” to an RRSP. This one highlights that many people should either avoid RRSPs or stop contributing to them. Going a step further, calculations should be made to determine if you should withdraw funds from an RRSP. In many cases, we will recommend that people convert their RRSP to a […]

Many couples should consider spousal RRSPs

For couples that make approximately the same annual income, a spousal RRSP may not be necessary. The greater the disparity between incomes with couples, the more important it is to consider spousal RRSPs. This is especially true if one person is in an upper tax bracket and your spouse is in a lower tax bracket. […]

Investment options within your RRSP

The key word in Registered Retirement Savings Plan is savings. The government allows Canadians to defer up to 18 per cent of the previous years earned income, up to a maximum of $26,230 for the 2018 tax year. In order to reach the maximum, earned income would have to equal $145,722 or higher. If you […]

50 questions to consider before making an RRSP contribution

An RRSP could be an important vehicle in reducing the amount of tax you pay in your lifetime. However, an RRSP may not be for everyone. Last week, we reviewed marginal tax brackets and took a mathematical approach to determine whether you should contribute to an RRSP. Incomes below $39,676 in 2018 could save between […]