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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: Superheroes, Shop Local & Save and DIY Fall Chalkboard

posted by My Saskatoon    |   October 13, 2015 10:39

 

 

David Reekie, Investors Group Consultant, has the information you need for your mortgage, insurance and investments. Born and raised in Saskatoon, David Reekie understands the importance of local and is excited to be a part of My Saskatoon! Read more about David Reekie in his Spotlight Profile

 


Add more Fall decor to your home with this DIY chalkboard sign. All you need is a wood round, chalkboard paint and a foam roller. You can use it as a "to-do list", menu board or even as a welcome home sign. 

                                              

                                                                               Photo Source: iheartnaptime.net 

 

Looking for a new duvet cover or comforter set?  Georgia Mills is having a 15% off  all regular priced items in the store so hurry in and save on taxes!  Whether you are re-styling your teen's bedroom or adding some colour to your master suite, Georgia Mills has your linens for this season.

 

  

                                                         

                                    Photo Source: Pinterest

 

 Did you know that local diner, Pink Cadillacs, is having a Superhero Weekend October 16th and 17th? Dress up as your favourite superhero and enter your name to win a prize package! Open at 10am on weekends, Pink Cadillacs is a must visit diner in YXE!

   

Braid Flooring  and Window Fashions is offering $.50/sqft rebate on Mirage flooring until the end of November. Mirage Hardwood Flooring, a Canadian producer, is Braid Flooring's number one choice of quality hardwood flooring. Their commitment to forest stewardship, quality lumber and finished products combine to create the best hardwood for your home.   

       

                      Photo Source: Braidflooring.com

 

 

 

 The My Saskatoon Team

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