Tilted Forum Project Discussion Community - View Single Post

Janey · 02-23-2005, 06:57 AM

well, to start:

our registered retirement savings plans (RRSPs) = your 401K. I think that the principal (no pun intended!) is the same: contribute off your salary up to a cap, and put into a bond or mutual fund or GIC, where it and it's interest is income tax protected.

Most people our age rarely get the chance to save for these as we are concerned with saving for a house. I put all of my bonus money into it ($12,000 last year) so I don't get taxed on that amount.

We get old age security at 65 i think. My mom gets about 1200 month, and she never worked in the work force. Also we all contribute off of our salaries into the Canada Pension Plan (CPP). we are supposed to get this as a pension when we are 65.

Lots of companies also have pension plans which are tax deferred too.

here is the gov't tax web site: http://www.cra-arc.gc.ca/menu-e.html

it is very useful. look at the personal tab.

I think that these plans are quite fair. What I don't like doing (because i am lazy) is managing my money. it's quite angst ridden. I dont know mutual funds, and i always worry about my choices.

oh - when you buy a house here, the mortgage interest is not tax deductable like in the US. major letdown.

02-23-2005, 06:57 AM	#8 (permalink)
Janey Junkie Location: Toronto	well, to start: our registered retirement savings plans (RRSPs) = your 401K. I think that the principal (no pun intended!) is the same: contribute off your salary up to a cap, and put into a bond or mutual fund or GIC, where it and it's interest is income tax protected. Most people our age rarely get the chance to save for these as we are concerned with saving for a house. I put all of my bonus money into it ($12,000 last year) so I don't get taxed on that amount. We get old age security at 65 i think. My mom gets about 1200 month, and she never worked in the work force. Also we all contribute off of our salaries into the Canada Pension Plan (CPP). we are supposed to get this as a pension when we are 65. Lots of companies also have pension plans which are tax deferred too. here is the gov't tax web site: http://www.cra-arc.gc.ca/menu-e.html it is very useful. look at the personal tab. I think that these plans are quite fair. What I don't like doing (because i am lazy) is managing my money. it's quite angst ridden. I dont know mutual funds, and i always worry about my choices. oh - when you buy a house here, the mortgage interest is not tax deductable like in the US. major letdown.