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Volume 6 Issue 2 February 2012
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Bernadette Laxamana & Team’s Home Newsletter
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Welcome to the February Edition of our Newsletter!
Don’t forget to spend some special time with your loved ones this Valentine’s Day.
Enjoy!
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-Bernadette, Charen & Leonor
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Living for today, saving for tomorrow
Saving for retirement may not be number one on your list of 2012 intentions, however it’s important to start saving as early in the year – and your lifetime – as you can. Canadians who haven’t yet set up their retirement savings can help secure their financial future by making this the year to begin saving in earnest, Saving money isn’t about giving up what you enjoy when you are young; it’s about planning wisely so you can afford the lifestyle you want in the future.
We suggest the following tips to help you save for your retirement easily and effectively.
2012 tips to help you save for retirement:
Determine your goals:
Consider building a plan that highlights your short- and long-term goals and priorities.
Contribute regularly to your RRSP:
Consider weekly, bi-weekly, or monthly contributions – this may be easier for you to do than making one large annual contribution.
Go automatic:
Consider taking advantage of an automatic RRSP contribution program or other regular investment program– this is a good way to establish a savings habit.
Manage your debt wisely:
Liberate funds for your savings goals by reducing your total interest costs – for example, consider paying down highest interest debt first, such as credit card balances.
(Source: News Canada)
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The legend of St. Valentine
The history of Valentine’s Day–and the story of its patron saint–is shrouded in mystery. We do know that February has long been celebrated as a month of romance, and that St. Valentine’s Day, as we know it today, contains vestiges of both Christian and ancient Roman tradition. But who was Saint Valentine, and how did he become associated with this ancient rite?
The Catholic Church recognizes at least three different saints named Valentine or Valentinus, all of whom were martyred. One legend contends that Valentine was a priest who served during the third century in Rome. When Emperor Claudius II decided that single men made better soldiers than those with wives and families, he outlawed marriage for young men. Valentine, realizing the injustice of the decree, defied Claudius and continued to perform marriages for young lovers in secret. When Valentine’s actions were discovered, Claudius ordered that he be put to death.
Other stories suggest that Valentine may have been killed for attempting to help Christians escape harsh Roman prisons, where they were often beaten and tortured. According to one legend, an imprisoned Valentine actually sent the first “valentine” greeting himself after he fell in love with a young girl–possibly his jailor’s daughter–who visited him during his confinement. Before his death, it is alleged that he wrote her a letter signed “From your Valentine,” an expression that is still in use today. Although the truth behind the Valentine legends is murky, the stories all emphasize his appeal as a sympathetic, heroic and–most importantly–romantic figure. By the Middle Ages, perhaps thanks to this reputation, Valentine would become one of the most popular saints in England and France.
(Source: History.com)
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4 tips for slashing your tax bill and maximizing your RRSP benefits.
1. Contribute to your spouse’s RRSP and benefit from income-splitting at retirement. The tax paid by a couple is often reduced when retirement income is evenly split, rather than being claimed by one spouse who would incur a higher tax rate.
2. Invest now but claim the RRSP deduction when you need it. RRSP deduction amounts can be accumulated and taken in future years. If you’re currently in a low tax bracket, make your investments but postpone claiming your deduction until you’re in a higher tax bracket.
3. Don’t wait until the deadline. The sooner you contribute, the longer your investment earns tax-deferred income. Early contributions may also allow you to have your source tax deductions reduced. The deadline for contributing this year is February 29.
4. Turn your contribution into a down payment for a home. You can borrow up to $20,000 from your RRSP to buy your first home. If you already have $20,000 and enough unused RRSP contribution room, make your contribution and receive your tax refund. Then borrow the $20,000 back from your RRSP and add your refund money to create a substantial down payment!
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Don’t forget…We’re never too busy for your referrals!
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“Providing Service Excellence in Educating Canadians on Building Wealth through Homeownership”
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This newsletter is intended for entertainment purposes only. Credit is given to the authors of various articles that are reprinted when the original author is known. Any omission of credit to an author is purely unintentional and should not be construed as plagiarism or literary theft.
Copyright 2012 Verico M&B Mortgage Solutions, Inc. This information is solely advisory, and should not be substituted for medical, legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified physician, attorney, financial advisor and/or CPA. We cannot be held responsible for actions you may take without proper medical, financial, legal or tax advice. |
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