Many of us set New Year’s resolutions for ourselves and often those resolutions have to do with finances. January is the month we say, “Ok, this year I am going to save more and spend less”. This article won’t tell you how to spend less, but it will outline two government sponsored programs available to help you save for retirement or even just a rainy day! Of course these are not the only vehicles you can accumulate money with – those include anything from putting dollars under the mattress to the most sophisticated tax shelter schemes – but these two are the most popular. Read more
If you have been accumulating wealth in a Registered Savings Plan and are turning 71 this year or next, you should be aware of the decisions you have to make. The Income Tax Act says that you have to terminate your RSP’s by December 31st in the year you turn age 71. In doing so, you basically have three options: Read more
I just learned that my father-in-law was ahead of his time as a “Workamper” twenty years ago. He was your typical Prairie “snowbird” when he left his home in Winnipeg and headed south to either Texas or Florida – far away from the frigid winter months in his recreational vehicle (RV). He would often talk about doing small jobs around the RV Park while he was down south a few times a week and getting paid for it. We didn’t think much of it except that it was good to introduce additional activities into his weeks and months in the sun.
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