Rules to Financial Planning

Many people ask us what they should do to create wealth for themselves and their children. Here are four rules that we have come across that are essential to Financial Planning, regardless of someone’s income:

1. Get rid of Non-deductible Debt
2. Accumulate Assets for Retirement
3. Find opportunities to split income with your spouse or children
4. Prepare for the Unexpected

Now that you know the rules here is a brief insight into what they mean:

What is a RRSP?

A Registered Retirement Savings Plan (RRSP) is a savings plan that is registered with the Canadian government. Contributions to your RRSP reduce your taxable income, which allows you to pay less tax now and build a larger retirement fund for the future.