Financial Literacy Month-BMO's Tip of the Day: Be Tax-Smart to Maximize Your Old Age Security Benefits
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/22/11 -- To mark Financial Literacy Month, which was launched by Finance Minister Jim Flaherty, BMO is releasing a series of financial tips throughout November. As part of Making Money Make Sense and BMO SmartSteps, BMO's tips are designed to help individuals and families save and manage their day to day finances more effectively.
BMO's Tip of the Day: Maximize your Old Age Security (OAS) benefits by adopting the right tax strategies.
"It is critical that retirees be tax-smart and adopt a long-term approach that will allow them to pull their income from the most advantageous sources," said , Head of the BMO Retirement Institute and author of the recently released bestseller 52 Ways to Wreck Your Retirement... and How to Rescue It. "Doing so will ensure that those with a higher retirement income don't exceed the thresholds that allow them to continue to receive government benefits and credits, which could have a significant impact on their total annual income."
BMO Financial Literacy Month Tips
: Pay more than the minimum payment on a credit card balance.
: Choose a shorter amortization for your mortgage.
: Contribute to a child's Registered Education Savings Plan (RESP) as early as possible.
: Invest in a Tax-Free Savings Account (TFSA) to maximize your savings.
: Switch to weekly mortgage payments to save interest and become debt-free faster.
: Take advantage of credit card travel insurance to lower costs.
: Start early and contribute often to your investment account, rather than waiting to invest.
: Use a line of credit to consolidate high-interest debt and save on interest costs.
: Canadians can give the gift of securities and benefit at tax time.
: Students, pay off your credit card balances and take advantage of student discounts to save money.
: Pay an extra five per cent on your mortgage every year to reduce interest costs.
Secure your retirement by starting to save early and taking advantage of compounding growth.
Students can save money by ensuring they are in a no-fee student banking plan.
: The Registered Disability Savings Plan (RDSP) is a powerful investment option that can offer long-term financial security for persons living with a disability.
For more on financial literacy, BMO encourages Canadians to visit and .
Contacts:
Media Contacts:
Amanda Robinson, Toronto
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
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Datum: 22.11.2011 - 14:39 Uhr
Sprache: Deutsch
News-ID 90202
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Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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"Financial Literacy Month-BMO's Tip of the Day: Be Tax-Smart to Maximize Your Old Age Security Benefits"
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