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| With the RRSP March 1st deadline on the
horizon, a little foresight... |
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 If you don't have a plan
or are concerned about future market conditions, then
the best place for this year's RRSP contribution is into
guaranteed investments such as term deposits or GICs until
you're comfortable with a long term decision.
Beyond the present, investors are still aiming for a comfortable
and enjoyable retirement, and whilst recognizing that
we all have unique objectives that determine what RSP
solutions to employ, perhaps now is a good time to review
your original portfilio objectives of our portfolio and
re-evaluate the decisions that went into its formation.
Use the Read More link to view the complete article. |
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| Quick Tip: Quick RRSP Tips |
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| How many RRSPs do you own? - Find it hard
to keep track? , need a better way?... |
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Consider consolidating your GIC/RRSPs to reduce the number
of separate terms. For stock and mutual funds investigate
the benefits of a self-directed plan. The most convenient
way to start an RRSP might be through your local financial
institution. However, when the size of your portfolio
and the number of RRSPs you own becomes too large to keep
track of - a self-directed plan could allow you more flexibility
and control over your investments within the plan. If
you think the task is daunting but beneficial, an Investment
Advisor can arrange for the consolidation of your
funds, and help you manage the plan. RRSP investment portfolios
must include at least 70 % Canadian content, with only
30% foreign content.
Check out some of the common features and benefits
in the IP-Profiles-Self-directed
RRSP as to the type of fees and services offered.
100% foreign content for your RRSP - Special mutual
funds use derivatives to replicate the performance of
foreign mutual funds and international stock indices.
They are not considered to be foreign property. As a result,
the holder of such funds can effectively increase their
foreign investment exposure to 100% of their RRSP. Consult
your Fiscal Agents advisor before investing.
Self-directed RRSP warning - Be careful that you
only place qualified investments into your SD-RRSP plan.
The income tax act imposes a one per cent per month penalty
on the value of the non-qualified investments placed into
the plan.
RRSP Contribution limits - for taxation year 2003
the limit is raised to $14,500. The limits are to increase
over the next few years. $15,500 in 2004 . $16,500 in
2005, and $18,000 in 2006. The RRSP limit will be indexed
annually to account for the average wage growth in 2007
RPP contributions limits will also increase to
a maximum of $15,500 in 2003. $16,500.for 2004 and $18,000
in 2005. After 2005, the $18,000 maximum will be indexed
annually to account for the average wage growth.
Defined-beneifit RPPs will be $1,722 per year of
service for 2003 and increasing in the ensuing years thereafter. |
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Quick Tip:
Turn your RSP savings into mortgage savings |
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| Reduce taxes at source |
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 While
many Canadians receive a chunky tax refund each year,
in most cases, that just means that they have been paying
too much tax during the year. After all, it makes more
sense to have $100.00 extra each month in your pocket,
rather than a refund cheque of $1,200 when your taxes
are processed (see Effects of Regular Contribution
chart at right).
Use the Read
More link to view the complete article. |
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Quick Tip:
Transferring investments to your RRSP |
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| RRSPs may be more than just about retirement
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 While
RRSPs are meant to help Canadians prepare for retirement,
some people may opt to use their plans to buy a home or
pursue an education. In this article we provide details
about plans that do just that - the Home Buyers Plan and
the Lifelong Learning Plan.
Use the Read
More link to view the complete article. |
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| Seasonal RRSP advertisements will be emerging
in the media very soon |
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 According
to Statistics Canada, in the 2002 tax year Canadians took
advantage of only 9 per cent of the nearly $274 billion
in available contribution room. That means a whole lot
of room for RRSP growth went unfilled – 'empty' contribution
space that will ultimately reduce the retirement income
of millions of Canadians by billions of dollars. Don't
be resigned to believing that its too far in the future
to worry about, or that saving a smaller amount will add
up to much.
Use the Read
More link to view the complete article. |
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Today's
Market Rates |
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| Term Deposits
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%
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Annually,
$50,000 |
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| GICs |
%
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,
Year,
$5,000 |
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| RRIFs |
%
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Annually,
Years,
$75,000 |
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| RRSPs |
%
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Annually,
Year,
$5000 |
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| Savings a/c |
%
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| Daily |
Provided below are links
to our best-offered rate table and our mutual fund section.
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Important Dates |
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March 1
If you participated in
the Home Buyer's Plan (HBP) prior to 2002, you have a repayment
due in the 2003 taxation year. A repayment made on or before
March 1, 2004 will be considered to have been made in the 2003
taxation year. A repayment is made by making a regular contribution
to your RRSP. When you file your 2003 tax return, you'll have
to complete Schedule 7. On this form, you'll designate that
the RRSP contribution is to be applied as an HBP repayment and
not a deductible contribution. If you have already made RRSP
contributions during 2003, you can designate an amount to cover
your required repayment. The CCRA generally sends an HBP notification
towards the end of each year. |
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