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What is the point of RRSPs?

What is the point of RRSPs?
If you’re reading this, there’s a good chance you – like millions of other Canadians– have a registered retirement savings plan. But how much do you really know about RRSPs? With the March 3 contribution deadline fast approaching, I’ve put together a list of five fun RRSP facts designed to take your knowledge to the next level. For handy reference, I’ve structured the information in an easily digestible Q & A format. Study these questions on your own. Share them with friends and family members. Write them on cards and pass them around at your next dinner party – it’s more fun than...
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Wise to borrow for an RRSP?

Wise to borrow for an RRSP?
Are you thinking about your taxes yet? While tax planning may not be top of mind in the midst of holiday planning and gift shopping, now is a good time to give some thought to RRSP contributions, well in advance of the March 1 deadline. If you’re staring at an abundance of RRSP contribution room, but you’re short on funds to invest in an RRSP, you may be considering getting a loan to take advantage of that room. While borrowing to invest in an RRSP can be a wise choice for some people, it could be a wrong move for others, says Marc Lamontagne, a certified financial planner and founding partner at...
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Six tips to help you build wealth in 2014

Six tips to help you build wealth in 2014
1. Find out where your retirement savings stand At the heart of the debate over expanding the Canada Pension Plan is concern that people aren’t saving enough for retirement. See whether you’re in that group. Gather up all your registered retirement savings plan and tax-free savings account statements to see what you have. Then, find out how much CPP you’re in line to receive. Maximum CPP and Old Age Security payments – combined – were worth roughly $18,700 this year Next, add any pension income you have and use an online calculator like the one offered by Globeinvestor.com to see how far...
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5 Situations Where You Need an Emergency Fund:

5 Situations Where You Need an Emergency Fund:
1. You or Your Spouse Loses a Job: A job loss can happen to anyone at any time. Regardless of the circumstances behind the redundancy, it’s crucial to have enough money in savings to cover your expenses for three to six months. This will keep you current on your bills while you cut back on expenses and find new employment. 2. Emergency Medical or Dental Bills: Even if you have health insurance, emergencies, unexpected expenses and high deductibles can put you in a financial rut if you don’t have enough money saved to cover the bill. A healthy savings account can help you through when you’re not...
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Investing Guide For Gen Y

Investing Guide For Gen Y
It’s a well known fact that the more money you have, the more attention you will likely get from the investing industry. Young investors are pretty much invisible to Bay Street, then. Bank branches will sell mutual funds to anyone with a pulse and $500 to spend, and investment advisers will often take their clients’ kids on as a courtesy. But no one is reaching out to people who are starting out in the work force and looking for ways to start investing. That’s where the Globe and Mail Gen Y Investing Guide comes in. It’s designed to help 20- and 30-somethings get situated as investors...
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