Huge RRSP Mistake to AVOID – You will LOSE 40% of Your RRSP

The most overlooked area of retirement planning in Canada are taxes owing to the Canada Revenue Agency due to your remaining Registered Retirement Income Fund (RRIF) balance. When a person passes away with an RRSP or RRIF and they have no surviving spouse, the balance of your RRSP or RRIF is deemed to have been paid in full. The result is a high income in the year of your passing. You will lose at least 40 percent of your RRSP or RRIF to tax. If you’re like most people, each year you try to keep more of your hard earned money by contributing to an RRSP. Your RRSP contribution reduces the income tax payable to CRA.

Eliminating or reducing the taxes on your estate is actually very simple. A life insurance policy where the cash value and the death benefit grows over time to meet the needs of the of paying your final needs expenses (funeral, debts, taxes, beneficiaries & charities) Participating or Whole Life insurance will provide this solution for you in addition to being an alternative to your fixed income investments.

If you have any further questions about this video’s topic or any financial planning questions in general, I encourage you to schedule your confidential meeting with me.

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Whole Life Insurance offers tax-free investing in addition to a tax-free death benefit.

Most people are unaware that whole life insurance is one of the most stable investment vehicles available to anyone who is healthy enough and with stable cash flow to fund their policy.

As interest rates are predicted to climb steadily over the next few years, insurance companies will make billions in profits. These profits are partially translated into the annual dividends paid into the whole life policies.

It’s also very possible that the dividend scales of insurance companies will begin to increase as interest rates increase.

If you’re asking the question “How much money do I need to retire in Canada comfortably?” know that you’re not alone. This question happens to be the most asked question around retirement next to “When should I start receiving my CPP benefits?”

Everyone’s situation is different and there are a lot of factors that go into answering this question: your age at retirement, your lifestyle, your pension, your OAS amount, and of course a lot more.

In this video, I’ll show you:

✅ The #1 thing retirees do to have a successful retirement

✅ 3 steps you can take now to get back on track for retirement in Canada

✅ 3 areas to avoid that will Kill your retirement in Canada

✅ 2 case examples of actual client’s retirement experience in Canada

✅ The #1 step you need to take to have enough money to retire in Canada

Are you investing in an RRSP? We’re going to explain the proper use of an RRSP including what to do if you think you’re behind schedule with your savings goal.

✅ RRSP Contribution Limits

✅ What to do with your Refund RRSP is an acronym for “registered retirement savings plan.”

This definition sounds mighty dry when you consider how RRSPs are superheroes of modern retirement planning for Canadian — true tax-obliterating, retirement-enriching wonders of the modern world.

A Registered Retirement Savings Plan (RRSP) is a retirement account that’s existed since 1957. RRSPs were introduced by the government to help Canadians save for retirement. The main benefit of RRSPs is that tax on RRSP contributions is deferred until retirement.

If you’re a business owner, you’re probably focused on the day-to-day tasks with your business.  You may not be thinking about retirement – even if it’s a few years away. But don’t worry, you’re not alone.

More than three-quarters of small business owners don’t have retirement plans for themselves or their employees. Some working Canadians have company pensions or an employer-matching program to help with retirement.

These are generally benefits a small business owner doesn’t have. It’s up to you to plan your future and decide how to pay for your retirement. In this Livestream, I’ll discuss 3 retirement options for Business Owners.

1️⃣ RRSP

2️⃣ Individual Pension Plans

3️⃣ Enhanced Retirement Plan

Here’s How To Increase Your Retirement Account by a Whopping $400,000 Many people are simply not saving enough for Retirement. Learn how to find $5,000 in unnecessary expenses and how to generate $5,000 of additional income.