If you currently have a Tax Free Savings Account (TFSA) at a financial institution but you would prefer to have it somewhere else, the good news is that you are able to transfer it; The bad news is that most (if not all) financial institutions will charge you a transfer out fee ranging from $50 to $100.
There are ways that you can avoid this transfer out fee. Check out the tips below to see if one of these will work for you.
I am reading through David Bach’s book entitled The Automatic Millionaire
One of the neat things Bach brings up in the book is the question: “How many hours did you work for yourself last week?” If you look back to last week and discover that you didn’t save a penny of your earnings, then that means you didn’t actually work for yourself at all.
If you had to withdraw funds from your RRSP in 2010, the good news is that you still have until March 1, 2011 to make a contribution to help offset your withdrawal. Although you will never get your contribution room back for the amount you took out, at least you won’t suffer as many tax penalties by putting some or all of the money back.
However, before you decide to put the money back, make sure that you can truly afford to do so. If you don’t already have some money set aside for emergencies, then it is probably better to refrain from adding any additional money into your RRSP. Why? Because you are just as likely to end up having to make another RRSP withdrawal and then it defeats the purpose of contributing to an RRSP altogether. Just be prepared to pay some tax in the Spring.
Have you ever stopped to think about how long your retirement may last? For some people, retirement can be as much as one third of their lives! That can be a daunting thought considering we need to prepare for retirement during our working years and hope we have saved enough.
Due to advanced technology in the healthcare field, it is much easier for many folks to live a lot longer than they might have anticipated. In order to prepare thoroughly, we must start saving for retirement as soon as possible.
There is a lot of dialogue these days about women and retirement. The word out there now is that women need to save a lot more than men for some key reasons. As a rule, women generally live longer than men, so for that reason women really should be tucking extra away in their RRSPs and other retirement savings accounts.
Another key reason is that women often earn less than men, partly because they take time off to have children, but also because there is still a disparity between men’s and women’s wages. Men are generally still paid more than women for the same work. This makes it harder for women to save as much as men for their retirement.