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Financial Library

New Year. Fresh Start.

With the holidays behind us, and the credit card bills arriving as testimony to your celebrations, perhaps now is a good time to reflect upon some potential Resolutions for the coming year.

Goal setting is best done when goals resonate with your life plan! You need to be specific about what, when, where and who is involved in achieving the goal. The goal must also have an emotional component to it to motivate you to get the result you want.

Five Common RRSP Mistakes

The following are relatively common mistakes that Canadians make annually when contributing to their Registered Retirement Savings Plans.

1. Reporting RRSP contributions based on a calendar year.

While your taxes are based on a calendar year, the reporting of your RRSP contributions extends 60 days into the New Year. Imagine, for RRSP purposes, that you have your own fiscal year that begins in early March or 60 days after January 1. RRSP receipts for the first 60 days of 2020 should be reported on your 2019 income tax return.

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The Three Levels of Retirement Resources

A survey conducted by a big bank some years ago* revealed that over 30% of Canadians were hoping for a lottery win to help fund their retirement. This raises the question, "If you were to paint a picture of your retirement, what would it look like?" Many would let dreams take over and envision lots of travel, a vacation home in an exotic location, spoiling their grandchildren, perhaps several year-long world cruises.

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