Canada

RRSPs and RRIFs are intended to provide retirement income. But the tactics are very different

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RRSPs and RRIFs are intended to provide retirement income. But the tactics are very different

I’ve heard people say that a RRIF is just an extension of an RRSP. It’s not true! These two plans are linked in that they are both designed to save for retirement. But their goals are different, which means that the tactics involved must be the same. The purpose of an RRSP is to build … Read more

Celebrity money advice can ruin Canadians’ finances – why millions are getting it wrong.

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A driver of money

A driver of money Millionaires and financial influencers love to give money advice. But not all of it is sustainable – and in some cases, following it can ruin your finances. Take Suze Orman’s claim (1) that skipping coffee can make you $1 million. The idea is based on investing in a sustainable way to … Read more