Many people are being much more business like in the way they give. The desire to give comes from the heart, but some planning and effective use of matching grants can make your donation go much further. Giving wisely can not only increase the effectiveness of your gift but can provide significant tax relief as well.
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Every year, the Financial Institutions reveal the results of various studies on Investor Behavior. One study that caught our eye was how many people take money out of their RRSPs early. While there are plans for using RRSP savings for purchasing a first home or funding further education, over 20% of Canadians dip into their plans to cover day to day living expenses.
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Your RRSP (Registered Retirement Savings Plan) is a tax-deferred account to save for retirement. During your working years, the main objective is to grow your investment portfolio. But what about when you do retire? The focus has changed and the options are many.
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Retirement Planning is about more than money. It is a huge lifestyle change that many of us don't plan for. It is more than just taking time off. It is about maintaining a healthy and engaged life.
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This number is different for everyone. It really depends on your lifestyle but also takes into account what your various sources of retirement income will. Canada Pension Plan, Old Age Security, employment Pensions and savings all come into play. Taxes are also a factor, as you need to know your net income. And lets not forget about inflation either.
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