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David Reekie: Unusual RRSP Facts That You Should Know

posted by My Saskatoon    |   February 12, 2016 17:09

 

 

                                                                                

 Here's what you probably already know about RRSPs: You regularly contribute to RRSP-eligible investments, the contributions are tax-deductible and the RRSP is tax-sheltered until you make withdrawals in retirement and you enjoy the considerable benefits of compound growth over the longer term of your time in the plan.

 

Here are a couple RRSP facts that you may not know- but knowing them will help you get the most from your RRSP-eligible investments:


The Home Buyer's Plan allows you to borrow from investments held in your RRSP for the purchase of your first home. You and your spouse can each borrow up to $25,000 if you are considered first-time home buyers and you must repay investments held in your RRSP over the next fifteen years or you'll pay tax on any amounts not repaid.

The Lifelong Learning Plan allows you to use funds held within your RRSP to pay for training or education. If you qualify, you can withdraw up to $10,000 in a calendar year with the total withdrawal amount capped at $20,000 over a maximum of four consecutive years. You must repay within ten years to avoid tax penalties. 

 

 

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David Reekie: The Super Seven Ways To Save & Grow

posted by My Saskatoon    |   January 25, 2016 14:34

You already know that one of the best retirement savings strategies for most Canadians is a Registered Retirement Savings Plan (RSSP)-- and, as this year's RRSP contribution deadline nears, here is a Super Seven list of some of the best ways to get the most of your RRSP.

 

1. Beat the deadline

This year's RRSP contribution deadline is February 29, 2016- don't miss it!

2. Maximize

Always make your maximum contribution each year- that's how to get the most in immediate tax savings and in long-term growth. You will find your contribution room on your most recent notice of assessment from the Canada Revenue Agency (CRA).

3. Catch Up

Fill up unused contribution room. You can do that in a single year or over a number of years until you reach age seventy-one.

4. Rise Up

To have more money in retirement, raise your RRSP contributions as your income rises.

5. Borrow To Save

An RRSP loan can be a good option for maximizing this year's contribution or catching up on past contributions- but only if the interest rate is low and you can pay it back as quickly as possible. A good way to do that: Use your RRSP tax savings to help pay off the loan.

6. Diversify For Growth

Your maximum RRSP contributions are capped by the government-so to get the additional income you'll likely need to enjoy the retirement of your dreams, be sure to invest in a Tax-Free Savings Account (TFSA) and a wel- balanced non-registered portfolio based on an asset allocation plan that matches your rise profile and time horizon.

7. Designate

Choose a beneficiary for your RRSP. Generally, RRSP assets with a beneficiary designation do not form part of your estate and do not attract probate fees. If your beneficiary is your spouse/partner or a disabled child/grandchild, your RRSP can be transferred tax-deferred to your beneficiary's registered plan.

 

Saving for retirement is an absolute necessity- and an RRSP is a great way to do just that when it's part of an overall financial plan tailored to achieve your retirement dreams. 

 

 

 

                                 

 

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5 Things: Fri-YAY! What's Happening In YXE, Fall Foodies & Chic Pumpkin Decor

posted by My Saskatoon    |   October 23, 2015 09:30
Saskatoon Fall Home Show
 
If you are a homeowner looking to do some renovations or simply wanting to check it out, head down to Prairieland Park for the Fall Home Show. Hours are Friday- 2pm-9pm, Saturday-10am-6pm and Sunday-10am-5pm with a $10.00 entrance fee.
 
You can find the experts of Haven Builders at the Home Show. Specializing in home building and renovations, the Haven team has the information that you need to know when customizing your home. 
 
 
 
 
 
 
Personal Insurance Help?
Its that time of year when people get back to looking at their personal insurance coverages, life, critical illness and disability. If you are looking to see if you are properly insured or if it is your first time then give David Reekie of Investors Group a call. He would be happy to sit down with you and discuss all available options.
 
 
 
 
 
Harvest Cobb Salad  Recipe  
 
Bacon and pears might be the best combination for salad ingredients. When we saw this recipe and noticed that these two food items were in the salad, it was a must share in our Fall Foodie Friday blog! Don't worry, the almonds and eggs are the good fats that make up for the bad!
 
 
 

 

 

Ingredients:
 
  • 4 slices bacon, diced
  • 2 large eggs
  • 6 cups chopped romaine lettuce
  • 1 apple, diced
  • 1 pear, diced
  • 1/2 cup Fisher Nuts Pecan Halves
  • 1/3 cup dried cranberries
  • 1/3 cup crumbled goat cheese
      
       Poppy Seed Dressing
  • 1/3 cup mayonnaise
  • 1/4 cup milk
  • 2 tablespoons sugar
  • 1 tablespoon apple cider vinegar
  • 1 tablespoon poppy seeds

INSTRUCTIONS

  • To make the poppy seed dressing, whisk together mayonnaise, milk, sugar, apple cider vinegar and poppy seeds in a small bowl; set aside.
  • Heat a large skillet over medium high heat. Add bacon and cook until brown and crispy, about 6-8 minutes. Transfer to a paper towel-lined plate; set aside.
  • Place eggs in a large saucepan and cover with cold water by 1 inch. Bring to a boil and cook for 1 minute. Cover eggs with a tight-fitting lid and remove from heat; set aside for 8-10 minutes. Drain well and let cool before peeling and dicing.
  • To assemble the salad, place romaine lettuce in a large bowl; top with arranged rows of bacon, eggs, apple, pear, pecans, cranberries and goat cheese.
  • Serve immediately with poppy seed dressing.
 
 
Sleeping Beauty

Are you looking for a family fun activity this weekend? The Newman Players of St. Thomas Moore College is presenting Sleeping Beauty. An amusing and tasteful version of the Perrault romance with a balance of suspense and a touch of dance. The play runs for just over an hour with a ten minute break in between. Tickets are $5 at the door or you can buy online.  For show times click here.
 
 

Chic Pumpkins
 
Carving pumpkins is one of the best parts of Halloween festivities! However, if you are looking for a more "chic" way to decorate your porch this year, try these DIY pumpkins!
 
 
 

 

 

 

 

 

photo source: stylecaster.com

 The My Saskatoon Team

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