Canadians misjudge retirement plans across immigration status
A study finds many Canadian workers misunderstand employer sponsored retirement options with 4 percent of private sector staff in 2001 incorrectly believing they had a plan. Immigrants from 1991 onward show higher misinformation. The report notes confusions between group RRSPs and RPPs and highlights asset distribution across RPPs RRSPs and C Q P P by 2001.
MENTIONED IN THIS ARTICLE
Canada
Quebec
Answers on saving for child education with RESPs
Parents asked about funding post secondary costs and options. An RESP offers tax deferral and CESG grants of 20 percent up to 400 yearly and 7200 lifetime per child, with rules on withdrawals and potential grant repayment. If unused, income may transfer or be taxed to the contributor with penalties. visit BMO for guidance.
MENTIONED IN THIS ARTICLE
Bank
BMO Bank of Montreal
The ABCs of GICs explained for all investors
GICs suit security minded and aggressive portfolios. Short and long term options from one day to ten years. cashable versus non cashable with varying rates. Registered GICs grow tax sheltered in accounts like RRIFs and RESPs, with planner guidance recommended.
MENTIONED IN THIS ARTICLE
Julie Sheen
BMO
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