RRSPs & Retirement Planning 

There are two distinct road maps when thinking about retirement.   

  • The first to help you plan a path to the goals you wish to reach and the time frame to which you wish to reach them.
  • The other plots out how you will generate a monthly fixed income in retirement that meets your anticipated needs and leaves you enough left over to bequest as a legacy to your family. 

Most of us have grown up understanding the importance of a Registered Retirement Savings Plan (RRSP) and how it complements our Canada Pension Plan (CPP), Old Age Security (OAS) and for some, our company pension plans.  However, it takes a strong discipline and responsibility to save for one’s own retirement and the early we start the less painful it becomes. The first question becomes, "Do I Have a  Plan?"

The last Canadian Baby Boomer turns 50 in 2015; therefore we have record numbers of individuals retiring and living longer. CPP is now paying more retirees while receiving fewer contributions, so changes became necessary.  

It seems each year, another survey shares the results that Canadians are stressed about their retirement dollars, stressed about contributions by the March deadline or stressed about the performance of their retirement dollars.


Ask us about:

  • RRSP planning
  • Spousal RRSPs
  • After age 71
  • Turning age 71 — Time it right to contribute or top up 
  • Earned income after age 71
  • Beneficiaries with disabilities
  • Canadian residents working in the U.S. 
  • Early retirement and pension plan options
  • Using a portion of your severance payment as a contribution to your RRSP
  • Company pension plans — defined contribution pension plans vs. defined benefit pension plans
  • Commuted value and how it is calculated
  • Locked-in accounts and how they’re treated differently than a RRIF
  • Pension income splitting 

Common questions and considerations of retirement:

  • Severance — I have been asked to retire early and receiving a severance payment, can I use a portion of it as a contribution to my RRSP?
  • Company Pension Plans – What is the difference between a Defined Contribution Pension Plan and a Defined Benefit Pension Plan? Are they treated differently at retirement?
  • Commuted Value — I understand that is a commuted value is a lump-sum amount that I may be entitled to instead of my benefit under my employer pension plan, but how is it calculated.
  • Locked-in accounts — How are locked-in accounts treated differently than a RRIF?
  • Pension Income Splitting — What exactly is the benefit to Pension Income Splitting? Can my spouse and I do this with our CPP?  

All of these questions do not come with simple answers and deserve a conversation.

Approaching retirement and having the savings to enjoy the lifestyle you have worked for, is only one step in the process. During our regular client meetings, we will continue to work with you to help obtain your financial retirement goal. Our meetings continue throughout the transition of your retirement, assisting you with the decisions along the way, and at the same time keeping in mind your concerns of do you have enough fixed income to meet your expenses. 

Contact us for more detailed information in context of your unique circumstances and needs.


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