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How to plan and maximize your investments for retirement
This course will help you understand the concepts of retirement planning in Canada. When a person is working it is essential to save some money for the retirement objective through a regular contribution into various plans. Some plans are at the employer, such as registered pension plans, while some plans or accounts are at financial institutions such as a bank. As a resident of Canada, you are entitled to certain pensions from the Government of Canada. One such pension is the Canada Pension Plan where a certain percentage is deducted from your salary and the employer also contributes into it. The pension you receive in retirement depends on your contribution and employer’s contribution. The other government benefit is Old Age Security which depends on your years of residence in Canada. If you lived in Canada more than 40 years you will be entitled to the OAS payment. We discuss about these plans in detail and this course We will discuss about Government of Canada pensions such as Canada Pension Plan and Old Age Security. We discuss about company pensions such as Defined benefit, defined contribution, Individual pension Plans and Deferred Profit-Sharing Plans. Personal savings such as Registered Retirement Savings Plan are a useful way to save for a future as the profit grows tax free and you can qualify for a tax benefit in the year of contribution. Tax free savings plans are useful since the contribution and growth can be withdrawn tax-free. I show you how saving a little over a long time can add up to meet the needs of a decent lifestyle in retirement.