What Do I Need To Retire?

Contrary to the popular belief of many Canadians, collecting CPP and OAS isn’t quite enough to retire on. That’s because the maximum benefit for CPP is only slightly more than $1,100 and the OAS supplement is around $540. That means the maximum amount the government will give you when you’re wrinkly and retired is around…

Should You Borrow Money For RRSP

Just a couple of weeks ago I received a letter in the mail from my friendly neighbourhood bank. “Get the money you need to build your RSP”. I was pretty much given a pre-approved $20,000 credit from the bank at a low interest rate of prime + 0%. Only prime plus 0%? That’s ridiculous. It’s…

Time’s Running Out!

It’s that time of the year again!  The RRSP contribution deadline is coming up next week.  March 3rd is the absolute last day that money can be added to your account to count towards your 2013 tax return.  Unfortunately for the majority of Canadians, contributing to an RRSP account is completely an afterthought after mortgage…