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Category: FYI/Blog

RESP: The tax-free account Canadian parents forgot about

Canadians can save more money tax-free than ever before but a new survey suggests only a small majority of parents are taking advantage of Ottawa’s primary vehicle for educational savings.

For questions about RESPs, call us today! We can help set this up for your family.

To read the full article click here.

Retirees can save money by trimming RRIFs and RRSPs, adding to TFSAs

The federal government says seniors will be prime beneficiaries of a move announced in this week’s budget to boost the annual TFSA ceiling to $10,000 from $5,500. One way to get your fair share if you’re just entering retirement is to start withdrawing money from your registered retirement plans and moving it into a TFSA.

To read the full article article, click here.

5 money secrets to a happy retirement

Once you’ve decided on what you’re going to do in retirement, you need to figure out how much money you need to save to achieve this… In a nutshell, Moss has developed a Thousand Bucks a Month Rule that says you need to save $240,000 for every $1,000 a month you will require in retirement income…

To read the full article click here.

Canada Revenue Agency clarifies timeline of new TFSA limit

The Canada Revenue Agency has issued a formal statement confirming that Canadians can immediately contribute to the new limit for tax-free savings accounts, a move that comes three days after the measure was announced in Tuesday’s budget…The Conservative government’s 2015 budget announced that the maximum annual contribution would be increased from $5,500 to $10,000, but Canadians have been asking financial institutions and Members of Parliament to clear up when they can start making the extra contributions.

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Retirement: It’s all in the timing

When you were younger, you may have focused on beating the market. But when you reach retirement, you need to ensure the market doesn’t beat you. Consider a simple “bucket strategy.” If you know you’ll need $20,000 in annual cash flow, you might hold that amount in cash, in a 1-year GIC and a 2-year GIC…

An annuity is a product that works like a traditional company pension, providing reliable cash flow for life in exchange for a lump sum. Annuities aren’t for everyone, but they provide excellent protection from sequence-of-returns risk, since your income is guaranteed, regardless of market conditions.

To read the full article click here.


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