DANIEL ENAYATZADEH FINANCIAL SECURITY ADVISOR
  • Home
  • About Me
  • Services Offered
  • Blog
  • Contact Me
  • Privacy Officer

DO YOU REALLY NEED AN RRSP?

3/17/2017

0 Comments

 
Picture
By: Daniel Enayatzadeh
​
Many Canadians were scrambling to make a last minute RRSP contribution before the March 1st RRSP contribution deadline. The deadline was the last day in 2017 where an RRSP contribution can count towards a deduction for the 2016 tax year. An RRSP (Registered Retirement Savings Account) is an account which provides Canadians the opportunity to invest in a tax sheltered vehicle while affording them a tax deduction for every dollar that is contributed in the RRSP account.

BUT…do you really need an RRSP?

Many people jump on the RRSP bandwagon without taking a closer look at their personal financial situation and determining if contributing to an RRSP is the right call.

Depending on where you stand financially, contributing to an RRSP next year and not this year may be more appropriate. Depending on your income, especially if you foresee a growth in income, delaying an RRSP deposit may be more tax advantageous. Everyone’s situation is unique and it’s important to consult with your financial advisor and your accountant to determine the best course of action.

There is a reason RRSP’s are wildly popular, they have MANY advantages.

Here are a few:
  • The money you invest will grow tax free, until you make a withdrawal.
  • It’s a great way to build up a retirement nest egg, especially if your employer does not offer retirement benefits.
  • You can use it to place a down payment on your first home.

​In conclusion, RRSP’s are a great tool which most Canadians should be taking advantage of, the question really is HOW they incorporate it into their financial plan.

If you enjoyed this article, please share it!

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] 

0 Comments

INVESTING FOR NEWBIES! ​

1/2/2017

0 Comments

 
Picture
By: Daniel Enayatzadeh

What should I do if I only have a few thousand dollars to invest? Where should I start? This is a common question and a very important one.

​Every multi-million dollar investment account begun with someone saving only a few hundred or a few thousand dollars. There is no minimum amount required to invest your money and if you’ve been thinking about it, then there’s no time like the present to start exploring your options!

Before you begin, ask yourself this:  What is your goal, do you want to invest this money and forget it about it; or are you planning on using the money in the short term?
​
Depending on your objectives, this should help you determine how much risk you should take. If you don’t really have a goal, that’s okay too. Not having a goal usually means you may need the money in the short to medium term so keeping things less risky is probably a good idea. Less risky or "safer" investment options are generally referred to in the investment industry, as ‘’conservative’’.

Let’s assume that you will need the money in the short term. This usually means you don’t want to take on too much risk because you don’t have time on your side to make your money back in the event of a large loss.

A licensed financial advisor can guide you on the conservative investment options available to you.

These options may include but are not limited to:
​
  • G.I.C’s (Guaranteed investment contracts) & other guaranteed investment products
  • High interest savings accounts
  • A wide variety of conservative mutual funds and segregated funds

The above options requires a conversation with your financial advisor to determine the inner workings of each product and if they fit your particular needs.

I leave you with the encouragement to begin exploring your investment options, no matter how little you start with!


Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​


0 Comments

YOUR VERY LAST RRSP CONTRIBUTION

11/7/2016

2 Comments

 
Picture
By: Daniel Enayatzadeh

Most people fail to realize that the tax deduction you receive from contributing to your RRSP can be carried forward to later in life, even when you’re no longer eligible to contribute. Age 71 is the final year in which you can contribute to an RRSP and receive a deduction. Therefore, this final year can be utilized to lower your income later in retirement and by consequence reducing the potential clawback of government benefits, like Old Age Security.  

If you are approaching age 71 and will be shutting down your RRSP for good, it's advisable to consult with your financial and tax professionals to inquire if this strategy is right for you.

Your final RRSP contribution must be made by December 31st of the year you turn 71. 

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at [email protected] ​
2 Comments

    Personal finance blog covering topics such as saving, budgeting, investing and insurance planning

    Archives

    August 2017
    July 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016

    Categories

    All
    Beginner
    Budgeting
    Disability Insurance
    Family
    Fraud Prevention
    Insurance
    Investing
    Life Insurance
    Real Estate
    Relationships
    RRIF
    RRSP
    Saving
    Travel Insurance

    RSS Feed