A recent survey that was commissioned by the tax preparation company H&R Block Canada found that more than half of Canadians say they are behind on their retirement savings.
According to the survey, which was released on April 3, 52% of Canadians don’t feel like they have enough money left over at the end of the month to save for retirement. 50 percent of them say they intend to have a “side job” when they retire.
According to H&R Block Canada president Peter Bruno, Canadians now have an “evolved” concept of retirement.
A “weighty dependence” on manager supported enlisted benefits (37%) and government-helped retirement plans (19%) was likewise noted among the respondents, the overview found.
“Regardless of your personal situation, having a good understanding of your options and how tax-friendly savings plans work is key,” Bruno stated. “There is no one-size-fits-all retirement plan or strategy for Canadians.”
“With regards to burden recording time, it’s likewise significant you see any progressions that could affect how to amplify your government form and limit your available pay.”
According to the release, this filing season’s changes to retirement savings plans include raising RRSP and TFSA limits, altering Old Age Security limits, and raising the maximum contributions to the Canada Pension Plan.
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