Lower Rates for AGF Trust RSP Loans

AGF Trust announced that on January 2, 2010 they have reduced their lending rates for the RSP Loan Program.

RSP Loan Pre-Approvals

RSP Loan Pre-approvals will be available to your advisor on January 5, 2010.

For more information on using an AGF Trust RSP Loan for your RRSP contribution this year, please contact us.

One of the more popular tax programs introduced in 2009 was the Home Renovation Tax Credit which allows a tax credit of up to $1,350 for eligible expenses up to $10,000 incurred after January 27, 2009 and before February 1, 2010. This benefit is only available for one month after year end.

A taxpayer cannot hold an RRSP beyond the end of the year in which they turn 71. Therefore, if you turn 71 in 2009 you must transition your RRSP by December 31. The two most common options are to establish a Registered Retirement Income Fund (RRIF) or to purchase an annuity. Contact us to have a discussion to determine the best option for you.

All of us at timetoinvest.ca extend our warmest wishes to you and yours for a happy holiday season.

It's been our pleasure to serve you for your life insurance and investment needs in 2009 and we wish you the very best and a prosperous new year!

If you are planning to make a withdrawal from your RRSP under the Home Buyers' Plan you should consider delaying the withdrawal until 2010 if possible. By doing this you will be able to defer the initial repayment of the withdrawal by one year, until 2013.