Huge RRSP Mistake to AVOID - You will LOSE 40% of Your RRSP
The most overlooked area of retirement planning in Canada are taxes owing to the Canada Revenue Agency due to your remaining Registered Retirement Income Fund (RRIF) balance.
When a person passes away with an RRSP or RRIF and they have no surviving spouse, the balance of your RRSP or RRIF is deemed to have been paid in full. The result is a high income in the year of your passing. You will lose at least 40 percent of your RRSP or RRIF to tax.
If you're like most people, each year you try to keep more of your hard earned money by contributing to an RRSP. Your RRSP contribution reduces the income tax payable to CRA.
Eliminating or reducing the taxes on your estate is actually very simple. A life insurance policy where the cash value and the death benefit grows over time to meet the needs of the of paying your final needs expenses (funeral, debts, taxes, beneficiaries & charities)
Participating or Whole Life insurance will provide this solution for you in addition to being an alternative to your fixed income investments.
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Huge RRSP Mistake to AVOID - You will LOSE 40% of Your RRSP
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