In this issue:
- 65% of Canadians are saving for retirement
- RRSP Savings calculator
- 2018 Personal tax calendar
Almost two-thirds of Canadian households are saving for retirement, census data show, despite a national household savings rate that fell to 4.6 per cent in the second quarter of this year.
Of 14 million households, 65.2 per cent made a contribution to either a registered pension plan, an RRSP or a tax-free savings account (TFSA) in 2015, Statistics Canada said Wednesday.
That’s a surprising display of responsible saving from Canadians of all ages, at a time when experts have lamented household debt at record highs and savings rates that have fallen dramatically since the 1980s.
Estimate how much your registered retirement savings plan (RRSP) will be worth at retirement and how much income it will provide each year.
As you get closer to full retirement, your priorities usually shift from growing your money to spending your money. In response, you will need to shift your investment mix from higher- to lower-risk investments to preserve your money and provide income. This will mean there is less chance that your investments will lose money, but they may also yield a lower expected investment return.
While most Canadians are aware of the April 30 personal income tax filing deadline, there are other important tax deadlines that must be observed over the course of the year – especially if you want to take advantage of certain tax deductions and credits. This calendar summarizes several important dates on the tax calendar and offers some tips to help you with your overall wealth planning. Where a deadline falls on a weekend or a holiday recognized by the Canada Revenue Agency (“CRA”), the deadline is generally extended to the next business day.
Not considering tax planning until the end of the year – or when filing your annual tax return – may limit the opportunities available to help you minimize your overall tax bill.
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