RRSP
When is the contribution deadline?
March 1, 2019
Who can contribute to RESPs?
Parents, grandparents, aunts and uncles, other family members and anyone else who wants to contribute to a child's education can participate, subject to the annual and lifetime limits
TFSA's are NOT savings accounts.
Who is the longest active member of Networking Powers?
Nate Browm
Should you avoid emotional investing?
Yes. Negative headlines and market volatility can make it tempting to change a well-designed investment plan but you need to stay the course.
Should I change my RRSP investments as I get older?
Yes. As a general rule, the closer you are to retirement, the safer your portfolio should be.
What does a RESP cover?
RESP money can be used to cover student's tuition, housing, transportation, books, supplies.
What was the first year you could contribute to a TFSA?
2009
What is the givers gain philosophy?
Givers Gain is the underlying philosophy of BNI. It simply means that by giving business to others, you will get business in return.
Should you start investing early in life?
Yes. Getting an early start on investing is one of the best ways to build wealth. Investing for a longer period of time is largely recognized as a more effective strategy than waiting until you have a large amount of savings or cash flow to invest.
Is the money in my RRSP really tax-free?
No, the government will get its pound of flesh later.
Can there be more than one RESP per child?
Yes. There may be more than one RESP per child, but the total contributed cannot exceed the contribution limit.
What is the lifetime TFSA contribution limit?
The lifetime limit for 2019 is $63,500.
Who is the founder of BNI?
Dr. Ivan Misner
Is it important to diversify your portfolio?
Yes.
When it comes to investing, one of the easiest ways that you can manage risk and improve your probability of success is to take advantage of diversification opportunities through different asset classes, geographical markets and industries.
Can I take money out of my RRSP without a penalty?
Yes, if you’re using it to buy your first home or head back to school.Under the federal Home Buyers Plan, you can withdraw up to $25,000 from RRSPs without paying tax. The catch is you have to repay the full amount within 15 years. You can also withdraw $20,000 from your RRSPs tax-free to finance your education.
How much is the Basic Canada Education saving grant per year?
20% The maximum CESG payment is $500.00 on a contribution of $2500.00.
Can you be penalized for over-contributing to your TFSA?
Yes. Over-contributions to TFSAs are subject to a 1% penalty tax per month (only on the over-contribution amount
Who is the Executive Director at BNI Golden Horsehoe?
Christel Wintels
Should you have a plan?
Yes.
With a well-structured plan in place, you can confidently remain committed to retirement.
Is it true that if you withdraw money from your RRSP, you lose your old age pension?
Yes you could. The money you withdraw from an RRSP counts as income for the year. In 2019, your total annual income has to be $125,696 or more to lose your old age security (OAS) pension completely. You start to lose a portion of your OAS pension if your personal income is higher than $77,580.
Does the CESG room accumulate for every child even if an RESP does not exist?
Yes. Room accumulates for for each child who resides in Canada from birth.
No, only individual accounts are allowed.
When was BNI founded?
1985
Where does the smart money go?
Igneski Financial!!!!!!!!!!