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Media Advisory - Making Other Plans - 2014 Edition

TORONTO, November 14, 2014 -  RBC Financial Planning Tips and Facts for National Financial Planning Week

WHICH… are the 5 financial concerns that are top of mind for Canadians?

  1. Should I pay down my mortgage or invest in my RRSP?
  2. I can’t afford to save in both an RRSP and a TFSA – how do I know which one is right for me?
  3. When can I afford to retire?
  4. I have a Will, why do I need an estate plan?
  5. How can I help ensure my elderly parents are well cared for, financially and emotionally?

WHAT… are the 5 top tips RBC Financial Planning has for Canadians to help them manage their finances?

  1. Pay yourself first – this continues to be a simple but very effective approach to saving.
  2. Have a financial plan that you can share with your family and Financial Planner to help determine the best way to reach your goals.
  3. Review your financial goals on a regular basis and revise them as your life changes (marriage, children, yearly income, retirement).
  4. Reduce your most expensive debts as much and as quickly as you can.
  5. Learn about tax-saving options – RRSPs, TFSAs, RESPs, RDSPs – and make regular contributions to the tax-savings options that are best for you.

HOW… many Canadians have RRSPs and TFSAs?

  • 59 per cent have RRSPs
  • 54 per cent have TFSAs

WHO… can media talk to about financial planning advice for Canadians?

  • Richa Hingorani, Senior Manager, Financial Planning Support
    RBC Financial Planning

WHERE…can media find more information?

  • Please contact Kathy Bevan, RBC Communications, or 416-974-8820