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A
Message From Terry |
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Main
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Financial
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About
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This newsletter is courtesy of Terry Fay and RetirementByDesign.ca. Please remember that while strategies outlined within this newsletter may be appropriate for some investors, you should always consult a financial advisor to determine if they are appropriate for you.
Sincerely,
Terry
Hello:
Last day to invest in your RRSP for 2005 is March 1st.
After a very busy first two months Lucie and I will be heading away for a two week vacation in Mexico. Covering for us will be John and co-worker Ron. If you need assistance while we are away please contact them at 604-687-1038.
We are away from March 4th to the 20th.
Terry
Missed
Opportunities
Despite their attractiveness, RRSP’s aren't utilized to their
full capacity by Canadians.
Here are some statistics:
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Many people don't use them
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Low RRSP savings won't provide enough income in retirement
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You will need more money than that to provide a decent retirement income.
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An RRSP contribution at age 20 is worth more than one made at age 30.
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Too-much-money myth
Click here to learn more about investing in your RRSP.
Little Known Fact
No contributions can be made to a deceased individual's RRSP after the date of death. However, the deceased individual's legal representative can make contributions to the surviving spouse's RRSP or common-law partner's RRSP in the year of death or during the first 60 days after the end of that year. Contributions made to a spouse's RRSP or common-law partner's RRSP can be claimed on the deceased individual's return, up to that individual's RRSP deduction limit for the year of death.
Bob died in August 2005. His 2005 RRSP deduction limit is $7,000. Before he died, Bob did not contribute to either his RRSP or his wife's RRSP for 2005. His wife Sue is 66 years old in 2005. On Bob's behalf, his legal representative can contribute up to $7,000 to Sue's RRSP for 2005. The legal representative can then claim an RRSP deduction of up to $7,000 on line 208 of Bob's 2005 final return.
After a
taxpayer dies, his or her legal representative can make a spousal RRSP
contribution on his or her behalf in the year of death, or within 60
days of the end of the taxation year in which the taxpayer's death occurs.
An RRSP deduction, up to his or her RRSP deduction limit for the year
of death, may be claimed on his or her final tax return.
All you really need to know is that we are committed to helping our clients achieve financial security and peace of mind.
Our Mission: Enhancing peoples lives by creating a positive life vision and the money to support it through our unique approach to financial planning.
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Mutual Fund Products Offered Through Dundee Securities Corporation.
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