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PLANNING FOR RETIREMENT:
CALCULATORS AND TOOLS
The following are helpful tools in identifying your retirement needs
and potential investment strategies:
- Registered (RRSP or TFSA) vs. Non-Registered Comparison
This tool compares the benefits of an RRSP or Tax-Free Savings Account (TFSA) against a non-registered program. By comparing two identical investments with the only difference being that one is registered and the other is not, you can see the difference a RRSP or TFSA truly makes when it comes time to retire.
- RRSP Calculator
By identifying future income needs and the amount you intend to save
until retirement, the RRSP Calculator can help you identify any potential
shortfall and create a savings plan to help you achieve your financial
goal. The RRSP Calculator allows you to personalize the scenario by
accounting for a variety of factors such as inflation, rate of return
on your investment, and indexing.
- RRSP Illustrator
By providing a few details about your future investing plans, the
RRSP Illustrator can help illustrate the advantages of tax sheltered
growth
of a registered plan (RRSP) compared to the taxable growth of a
non-registered plan. By investing the tax refund received on RRSP
contributions,
an investor can take further advantage of the savings and growth
potential
that comes with investing in an RRSP. The RRSP Illustrator allows
you to personalize your scenario by accounting for a variety of factors
such as contribution amount, frequency, rate of return on your
investment,
and your marginal tax rate.
- RRSP Loan Planner
The RRSP Loan Planner helps illustrate two common scenarios:
- Maximizing your contribution with an RRSP Loan.
- Utilizing an RRSP Loan this year for your contributions and begin contributing
with your own money next year.
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