TORONTO, Oct. 17, 2011 /CNW/ -
WHICH… are the top 5 concerns Canadians have about their finances?
- How can I save AND pay down my debt?
- Should I have an RSP or a TFSA…or both?
- Should I pay down my mortgage, or contribute to my RSP or my TFSA?
- How can I pay for my children's education?
- When will I be able to afford to retire?
WHAT… are the top 5 tips RBC Financial Planning recommends to help Canadians deal with their financial concerns?
- Pay yourself first - a simple but very effective lifelong approach.
- Have a plan - and write/type it out, so you can share it to gain advice about the best ways to make your plan work for you.
- Learn about tax-saving options - RSPs, TFSAs, HISAs, RESPs, RDSPs.
- Make regular contributions to the tax-savings options that are best for you.
- Reduce your most expensive debts as much and as quickly as you can.
HOW… important are financial plans, RSPs, TFSAs to Canadians?
- 1-in-5 Canadians (19 per cent) has a formal financial plan
- 70 per cent of these Canadians feel they are better off because of their plan
- 61 per cent of Canadians have an RSP
- The average RSP contribution in 2010 was $4,525
- Top 2010 RSP investments: Mutual funds; GICs/Term deposits; Savings accounts
- 36 per cent of Canadians have opened TFSAs
- Top three reasons Canadians have TFSAs: Tax shelter (37 per cent); emergency savings (36 per cent); long-term retirement savings (36 per cent)
WHO… can Ontario Southwest media talk to about financial planning advice?
- Dean Foster Manager Financial Planning, RBC Financial Planning, St. Catharines
- Sandra Abdool Regional Financial Planning Consultant, RBC Financial Planning, Burlington
- Susan Howe Regional Financial Planning Consultant, RBC Financial Planning, Tillsonburg
WHERE…can Ontario Southwest media find more information?
Please call or e-mail:
Greg Skinner, RBC, greg.skinner@rbc.com, 416-974-5904
Kathy Bevan, RBC, kathy.bevan@rbc.com, 416-974-2727
* "Life is what happens to you while you're busy making other plans…" John Lennon
