Early RRSP withdrawals could lead to a lifetime of regret

People always regret certain financial decisions they either made or didn’t make in the past. One of those regrets may be withdrawing from your RRSP too early. Personal Finance Columnist Dale Jackson explains why many will regret taking their RRSPs out while still working a full-time job. He says early withdrawals deny your investments time to grow and can be taxed at a higher rate.
 
Why young Canadians would benefit from estate planning

Many people don’t take estate planning seriously, especially younger generations. The COVID-19 pandemic; however, prompted some to think about the future and what they would want to happen in the event of death or serious illness, said Melanie McDonald, vice-president and regional director (Western Canada) of BMO Trust Company. McDonald also said that some, despite not having substantial holdings, would still benefit from having a plan in place for their meaningful items.
 
Realtors advise locking in leases before border reopens

With a reopening in sight for Canada’s border, many realtors are advising those still on the hunt for a home to lock in leases before demand increases. “Get a rental now before the border is open because you're going to have tons of competition,” said Terry Parkinson, an agent with Royal LePage Signature Realty in Toronto. Many international students and immigrants will be looking for a place to live which will only raise prices higher and tighten supply.
 
Canada’s labour market picks up after lockdowns

Statistics Canada released jobs data for the month of June that was better than many economists expected. The data revealed 230,700 positions were created last month as lockdowns in some areas of the country eased. The unemployment rate also fell to 7.8 per cent from 8.2 per cent further signalling an economic boom ahead.
 
Toronto housing sales slump in June

The Toronto Regional Real Estate Board (TRREB) is predicting the city’s housing market may have reached its peak after buying activity slowed in June. Property sales were at 11,106, a seven per cent drop from May and a steep drop from March where over 15,000 homes were sold. “The record pace of sales has run its course as pent-up demand has increasingly been satisfied in the absence of normal population growth," said TRREB Chief Market Analyst Jason Mercer in the release.

TIP JAR

“Once you make an early RRSP withdrawal, you lose that allowable contribution room if you are looking for a tax shelter in future, higher income, years.”

- Personal Finance Columnist Dale Jackson