If you are a prudent investor, then you have a financial retirement plan that will ensure you have sufficient funds for the lifestyle you envision after you stop working. What constitutes sufficient depends on your ambitions and your hobbies, and also on how long you live. People are living longer, and it's not unreasonable to think that you could live into your 90s.
During any given time period, either greed or fear drive investment prices up or down depending on the mood of the majority of investors. During 2011, various global events have continued to weigh on investor confidence as the world watches and waits for the U.S. economy to regain it's prominence as the world's primary engine of growth.
Starting in 2011, the registered disabled savings plan (RDSP), which is open to Canadians who qualify for the disability tax credit, offers a tremendous bonus to those who are eligible.
The RDSP is a savings plan that you contribute to after-tax, with earnings and growth accumulating tax-deferred. The maximum amount that you can invest is up to $200,000. Contributions can be taken out tax-free, with the growth and other funds when withdrawn being reckoned as part of your income for tax purposes.
A letter arrives from Canada Revenue Agency (CRA). You are being audited. Panic ensues as you wonder what you did wrong and why the CRA is targeting you. 'There must be bigger fish to fry,' you might say to yourself.
The first thing you need to do is relax and take a few deep breaths. If you have a qualified tax advisor on your team, you have nothing to worry about. If you don't, now is a good time to contact a professional tax planner to review your returns and assist you with the audit.
Bob and Lisa are wondering just how their retirement will turn out. After all that's happened over the past few of years, their RRSP accounts aren't what they used to be. Even in the best of times, the accounts weren't as large as they could have been, at least for all their post-retirement desires.
Insurance surrounds each of us every day: When you get in your car, when you come home to your residence, and while you work. Insurance is always in the background discreetly doing its job. Most of us, however, do not think about it much or realize the very important function that all types of insurance provide. In fact, the role of insurance is so important that it is the focal point of a wise financial strategy.