Registered Retirement Savings Plan - Financial IQ by Susie Q

A type of Defined Contribution PlanA form of retirement plan under which you and possibly your employer contribute to an account. You are able to withdraw money from the account after you attain a certain age. The name “defined contr... More available in Canada. No taxes are paid on the contributions or any changes in the market value of the investments in the account until the money is withdrawn. That is, your salary is reduced by the amount of your RRSPA type of Defined Contribution Plan available in Canada. No taxes are paid on the contributions or any changes in the market value of the investments in the account until the money is withdrawn. That ... More contributions in the year the contributions are made. Group RRSPs can be established by employers as part of a defined contribution planA form of retirement plan under which you and possibly your employer contribute to an account. You are able to withdraw money from the account after you attain a certain age. The name “defined contr... More, while individual RRSPs can be set up by individuals.

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Annual Retirement Savings Targets September 12, 2019

Once you know how much you want to save for retirement, you need a plan for building that savings. Your annual retirement savings target depends on your total savings target, how many years you have until you want to retire and how much risk you are willing to take in your portfolio. In this post, […]

Susie Q

Retirement Savings: How Much Do You Need August 27, 2019

Retiring is one of the riskiest financial decisions you will make. On the day you retire, you can calculate your net worth. You won’t know, however, how much retirement savings you need because you don’t know: how much you will actually spend on day-to-day expenses how much those expenses will be impacted by inflation whether […]

Susie Q

The Best Ways to Pay Off Your Debt August 15, 2019

The best way to pay off your short-term and revolving debt depends on your priorities and what motivates you. Two of the common approaches for determining the order in which to re-pay your loans discussed in financial literacy circles are the Debt Snowball and Debt Avalanche approaches. Both of these methods apply when you have […]

Susie Q

Credit Cards: What You Need to Know July 30, 2019

Credit cards are a terrific convenience but also can be very costly. Effective use of a credit card can make life easier and improve your credit score. On the other hand, it is easy to buy more than you can afford using a credit card, leading to high interest charges and a lower credit score. […]

Susie Q

Tax-Efficient Investing Strategies – Canada July 9, 2019

You can increase your savings through tax-efficient investing. Tax-efficient investing is the process of maximizing your after-tax investment returns by buying your invested assets in the “best” account from a tax perspective. You may have savings in a taxable account and/or in one or more types of tax-sheltered retirement accounts. Your investment returns are taxed […]

Susie Q