Do what most Canadians
are not doing before retirement

Are you paying your “retirement tax”?

As a Canadian consumer, you pay quite a bit in taxes.

If you live in the province of Ontario, for example, in addition to income and other types of taxes, you’re paying 13% in HST on the majority of your purchases.

For the most part, we accept paying sales tax as inevitable. Unless there’s a change to the tax rate, we don’t think much about that extra 13% that disappears from our wallets at the till.

Here’s a novel idea: what if we had a “tax” that we paid to ourselves?

Let’s call it our Personal Retirenment Tax (PRT).

What if we decided on a certain percentage to automatically put aside for our retirement.

The idea behind this is that there are many costs that we bear without question, simply because “that’s the way it is.” And yet when it comes to retirement, many experts suggest that Canadians aren’t financially prepared. Yet if we were forced to put aside a percentage of our income to finance retirement, we would simply accept that as inevitable.

So why not start paying yourself a
Personal Retirement Tax?

If your net income is $40,000, for example, and you set your PRT at 13%, that’s $5,200 a year that you’d contribute to your retirement. Over time — say, 20 years — even with modest compound interest or returns on your investment, that could add up to a tidy nest egg of $160,000.*

In order to accumulate that nest egg, you’d only need to save $100 a week. Make it automatic — the same way you would if it were an actual tax being deducted from your pay — by setting up a savings plan to transfer the money each payday from your chequing account into your high-interest savings or your RRSP.

Being a good saver is a state of mind. And making up your mind to pay yourself a PRT could just be the ticket to a leisurely retirement.

Let’s create a plan that can help you incorporate your PRT into your plans, I’m here to help you win financially.

Be part of the group of pro-active Canadians that are taking action.

Book a Free Consultation today!

Discover the benefits of Registered Retirement Savings Plans

Here are some questions I can help you answer on our next meeting:

  • Do you need tax deductions?
  • What is your RRSP contribution limit?
  • Do you have any unused RRSP contribution room?
  • Should you apply for a loan?
  • How will you make contributions next year?

Investing in an RRSP is a common Canadian tax strategy. It’s also one of the quickest (and easiest) ways for clients to include tax deductions with their personal income tax filing. It’s important to note that deductions can be used against income, but they can’t bring income into the negative.

  • Help you invest your savings tax-free during your working years to supplement your income during retirement
  • Are transferable to your spouse on a tax-deferred basis if you die
  • Can be used toward the purchase of a home.
  • Can be used to finance your education if you decide to go back to school.
  • Must be transferred to a (registered retirement income fund) by December 31 of the year in which you turn 71

An RRSP is such a powerful savings vehicle because your contributions are tax deductible, and the taxes on any investment growth are deferred until you take your money out. Tax-deductible contributions mean you’ll have more of your income available for your current needs, even while you’re saving for the future. And tax-deferred investment growth (interest, dividends, capital gains) keeps more of your money working for you.

When you withdraw money from your RRSP, it is taxed at your tax rate at the time you take it out. But if you’re like most people, you’ll be retired when you start to take withdrawals, so your tax rate will likely be lower than when you were employed, and you’ll be able to keep more of your hard-earned money.

Speak to your advisor and learn if RRSP’s are right for you.

An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.

Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.

Deductible contributions: You get immediate tax break by deducting your RRSP contributions from your income each year. Effectively, your contributions are made with pre-tax dollars.

Tax-sheltered earnings: The money you make on your RRSP investments is not taxed as long as it stays in the plan.

Tax deferral: You’ll pay tax on your RRSP savings when you withdraw them from the plan. That includes both your investment earnings and your contributions. But you have deferred this tax liability to the future when it’s possible that your marginal tax rate will be lower in retirement than it was during your contributing years.

Making an RRSP contribution helps you save on taxes – you may even get a tax refund. But what if you don’t have enough money to make a contribution? Should you borrow? Here are some factors to consider before deciding. Here are 4 factors to consider:

  1. Interest rates
  2. Paying back the loan
  3. Your level of debt
  4. Your taxable income

Two other strategies to consider are, instead of borrowing a large amount to make an RRSP contribution; you may want to use 1 of these strategies:

  1. Contribute what you would have paid to service the loan
  2. Take out a series of 1-year loans instead of 1 big loan

Key questions to ask:

  1. Are interest rates low?
  2. Can you pay off the loan quickly?
  3. Do you have the other high-interest debt?

Take a look at ways to boost your retirement income with a loan:

*Based on saving $100 a week and earning 4%, compounded monthly for 20 years, without factoring inflation. Example for illustrative purposes only.

3,013 thoughts on “Do what most Canadians
are not doing before retirement

  1. a course in miracles lesson 1 says:

    Thank you for the sensible critique. Me & my neighbor were just preparing to do some research on this. We got a grab a book from our area library but I think I learned more clear from this post. I’m very glad to see such magnificent information being shared freely out there.

  2. videos says:

    naturally like your web site but you have to check the spelling on quite a few of your posts. A number of them are rife with spelling problems and I find it very troublesome to tell the truth nevertheless I’ll definitely come back again.

  3. best CBD Oil says:

    Hi, I think your site might be having browser compatibility issues. When I look at your blog site in Chrome, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, excellent blog!|

  4. Davidexido says:

    dad forced telugu 10 cartoon sexy moms cum with wife indo kontol gede high body swap japani mom strip dance girl radha fodi gay slave fuck enjoy boss fuck on male my big black girls bihar school teacher sex father sex indian vilage black rough casting abg sex indian truth or girl hindu girl bath birthday gift fuck videos .
    tamil aunty boobs rub nurse and survent small boy 18th blackmail with public assam girls pissing breast game breaker hindi dialogue dirty blonde is dog cum shots complications horny teen creampie massage porn star 1 bridgette as mother red hot song xxxii. animal new sex video angela white shower force girls open crazy girl fuck sex mom boobs telugu young erotic video 2019 letest passionate sex club threesome sexy aunty bathrooms young couple nighty office servant maid sex sperm in hindi language desi hard sex scene indian licking pussyk love sonia and brother ngentot istri bayar see to study home .

  5. cbd sex lube says:

    Hello there, You have done a great job. I’ll definitely digg it and in my opinion suggest to my friends. I’m confident they will be benefited from this website.|

  6. best cbd oil companies says:

    Great beat ! I would like to apprentice while you amend your site, how could i subscribe for a blog web site? The account helped me a acceptable deal. I had been a little bit acquainted of this your broadcast provided bright clear idea|

  7. onkkjfub says:

    tadalafil biogaran prix tadalafil generique tadalafil 20 mg tadalafil mylan cialis generic tadalafil

    tadalafil online generic cialis tadalafil 20 mg from india tadalafil dosage tadalafil vs sildenafil tadalafil 40 mg – buy tadalafil online

    tadalafil biogaran prix tadalafil 20mg tadalafil liquid tadalafil online canadian pharmacy side effects for tadalafil

    tadalafil pronunciation tadalafil side effects tadalafil cialis tadalafil biogaran prix tadalafil reviews – cheap tadalafil

  8. csmhcfub says:

    tadalafil 10mg tadalafil online tadalafil 20 mg buy tadalafil online tadalafila

    generic for cialis tadalafil sildenafil vs tadalafil generic tadalafil tadalafil online canadian pharmacy mylan tadalafil – cialis tadalafil

    tadalafil online buy tadalafil 20mg price generic cialis tadalafil tadalafil prix tadalafil generique

    tadalafil en ligne generic cialis tadalafil best buys tadalafil cialis tadalafil online canadian pharmacy tadalafil 20 mg best price – liquid tadalafil

  9. flnabfub says:

    cialis vs tadalafil generic cialis generic tadalafil tadalafil 20 mg generic cialis tadalafil generic cialis tadalafil 20 mg from india

    side effects for tadalafil tadalafil prix generic cialis tadalafil tadalafil cost tadalafil prix – tadalafil 20 mg

    generic cialis tadalafil best buys tadalafil 5mg prix liquid tadalafil tadalafil prix en pharmacie tadalafil cost cvs

    prix tadalafil tadalafil prix en pharmacie cheap tadalafil mylan tadalafil tadalafil 20mg – tadalafil 20 mg

  10. czleefub says:

    tadalafil powder tadalafil dosage tadalafil cialis tadalafil prix en pharmacie tadalafil en ligne

    buy tadalafil tablets tadalafil generic tadalafil dosage tadalafil 5mg tadalafil canadian pharmacy – tadalafil reviews

    tadalafil cialis tadalafil 20 mg tadalafil cialis cialis vs tadalafil generic tadalafil mylan

    tadalafil generic usa tadalafil online canadian pharmacy liquid tadalafil cialis tadalafil tadalafil 10mg prix – tadalafil 5mg

  11. Royal CBD says:

    You are so awesome! I don’t believe I’ve truly read through something like this before.

    So wonderful to discover another person with a few genuine thoughts on this
    issue. Seriously.. thanks for starting this up.
    This site is something that’s needed on the web, someone with a
    bit of originality!

  12. bnwfifub says:

    tadalafil online canadian pharmacy cialis generic cialis tadalafil generic cialis tadalafil tadalafil 20 mg wirkungsdauer tadalafil 5 mg

    tadalafil prix cheap tadalafil tadalafil 5mg tadalafil 20 generic cialis tadalafil – generic tadalafil

    tadalafil lilly 5mg prix tadalafil 10mg prix cialis tadalafil cialis generic tadalafil tadalafil avis

    tadalafil vs sildenafil tadalafila 20mg tadalafil reviews tadalafil liquid tadalafil liquid – tadalafil liquid

  13. uaxdufub says:

    tadalafil generic usa tadalafil cost tadalafil 20 mg generic for cialis tadalafil tadalafil 10 mg

    tadalafila cialis generic cialis tadalafil cialis tadalafil tadalafil 20 generic tadalafil – tadalafil cialis

    cialis generic cialis tadalafil tadalafil tablets cheap tadalafil mylan tadalafil tadalafil reviews

    tadalafil vs vardenafil tadalafil cost liquid tadalafil tadalafil 40 mg tadalafil generic vs cialis – tadalafil generic

  14. cbd oil for pets says:

    Please let me know if you’re looking for a article author for your site. You have some really good posts and I feel I would be a good asset. If you ever want to take some of the load off, I’d really like to write some content for your blog in exchange for a link back to mine. Please blast me an email if interested. Regards!|

  15. xfyyufub says:

    tadalafil 20 mg tablet cialis generic tadalafil tadalafil 5mg tadalafil generic usa tadalafil 40 mg

    mylan tadalafil tadalafil 20 mg best price buy tadalafil online tadalafil 10mg tadalafila – buy tadalafil online

    interactions for tadalafil tadalafil side effects tadalafil dosage tadalafil 10mg prix tadalafil 5mg prix

    cialis generic cialis tadalafil generic cialis tadalafil liquid tadalafil tadalafil generic cialis 20 mg tadalafil generic usa – tadalafil reviews

  16. cbd oil uk says:

    Hello There. I found your blog using msn. This is a really well written article. I’ll make sure to bookmark it and return to read more of your useful information. Thanks for the post. I will definitely comeback.|

  17. yuuprfub says:

    tadalafil vs vardenafil tadalafil 20 mg cialis tadalafil tadalafil canadian pharmacy tadalafil side effects

    tadalafil generique en pharmacie tadalafil canadian pharmacy cialis tadalafil tadalafil reviews sildenafil vs tadalafil – tadalafil reviews

    generic cialis tadalafil best buys interactions for tadalafil tadalafil reviews tadalafil citrate buy tadalafil online

    generic cialis tadalafil 20 mg from india tadalafil prix tadalafil generic tadalafil generic vs cialis cialis vs tadalafil generic – generic cialis tadalafil

  18. ncdcefub says:

    vardenafil vs tadalafil tadalafil vs viagra cheap tadalafil adcirca tadalafil tadalafil generic vs cialis

    tadalafil generique generic tadalafil liquid tadalafil tadalafil biogaran prix tadalafil 20 mg – tadalafil cialis

    mylan tadalafil interactions for tadalafil generic tadalafil prix tadalafil tadalafil vs sildenafil

    tadalafil liquid tadalafil 20 tadalafil cialis generic cialis tadalafil tadalafil 40 mg – liquid tadalafil

  19. gwingfub says:

    tadalafil vs viagra adcirca tadalafil liquid tadalafil buy tadalafil tablets tadalafil prix en pharmacie

    mylan tadalafil cialis generic cialis tadalafil buy tadalafil online tadalafil vs sildenafil buy tadalafil – tadalafil cialis

    purchase peptides tadalafil tadalafil tablets tadalafil generic side effects for tadalafil generic cialis tadalafil 40 mg

    adcirca tadalafil tadalafil cialis cheap tadalafil tadalafil biogaran prix tadalafil 5mg prix – buy tadalafil online

  20. best cbd oil says:

    Having read this I thought it was really enlightening. I appreciate you taking the time and effort to put this informative article together. I once again find myself personally spending a significant amount of time both reading and posting comments. But so what, it was still worth it!|

  21. best cbd oil says:

    I was curious if you ever thought of changing the structure of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or 2 pictures. Maybe you could space it out better?|

  22. Best fiverr Gigs says:

    Nice weblog here! Additionally your website a lot up fast! What host are you the usage of? Can I get your associate link in your host? I want my website loaded up as fast as yours lol|

  23. xxxhub says:

    I don’t even know how I ended up here, but I thought this post was great. I do not know who you are but certainly you’re going to a famous blogger if you aren’t already 😉 Cheers!|

  24. best cbd oil says:

    When someone writes an post he/she maintains the idea of a user in his/her brain that how a user can know it. So that’s why this piece of writing is great. Thanks!|

  25. Sang Horsley says:

    You have to take part in a competition for one of the most interesting blog sites on the web. I would endorse your blog!. I ‘m interested in your posts, and have bookmarked the website so that I can check back for future updates. If you have a second check out my web site. It’s a work in progress, but i expect that someday it will have nearly as good of content as yours kelly kosky

  26. macaw parrots near me says:

    Do you have a spam problem on this website; I also am a blogger, and I was wanting to know your situation; we have created some nice procedures and we are looking to swap techniques with other folks, please shoot me an e-mail if interested.|

  27. Shipping says:

    Hi there! Would you mind if I share your blog with my twitter group? There’s a lot of folks that I think would really appreciate your content. Please let me know. Thanks|

  28. film bokep says:

    It’s a shame you don’t have a donate button! I’d definitely donate to this brilliant blog! I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account. I look forward to fresh updates and will share this site with my Facebook group. Chat soon!|

  29. Cherie Tresch says:

    You decidedly put a new twist on a subject that’s been written about for years. Noteworthy material, just extraordinary! I enjoy reading a post that will make people think, thanks and we want more! Added to FeedBurner likewise. If you have a chance check out my website. It’s a work in progress, but I suppose that someday it will have nearly as good of content as yours. kelly kosky

  30. TerrePohoupt says:

    Great creating is actually important in a dissertation. However, good creating can certainly not make up for a paucity of suggestions or ideas. Rather the contrary, a very clear discussion regularly leaves open weak spots. Each specialized condition used in a treatise must be determined either by a recommendation to a recently posted interpretation (for common phrases along with their common meaning) or through a specific, unambiguous definition that seems prior to the condition is utilized (for a brand new phrase or even a standard phrase utilized in an uncommon technique).

    Visit Homepage

  31. best fiverr gigs says:

    Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You obviously know what youre talking about, why throw away your intelligence on just posting videos to your site when you could be giving us something informative to read?|

  32. TerrePohoupt says:

    Therefore, you are readying to compose a Ph. D. dissertation in an experimental area of Computer Science. Unless you have written a lot of formal documentations before, you remain in for an unpleasant surprise: it’s challenging! There are actually two feasible pathways to effectiveness: Preparation Ahead. Few take this road. Minority who perform leave behind the Educational institution therefore promptly that they are rarely noticed. Willpower. All you really need to perform is outlive your doctoral board. The bright side is actually that they are actually a lot more mature than you, so you may suppose who are going to eventually end first. The negative headlines is that they are even more performed at this video game (nevertheless, they saw it through despite their doctorate committee, didn’t they?).

  33. Willis Babst says:

    Real great web site, this really responded some of my questions. Thank you!. If you have a chance check out my web site. It’s a work in progress, but I assume that someday it will have nearly as good of substance as yours.