Wealth management and insurance are two distinct financial concepts that serve different purposes.

Wealth management is a comprehensive approach to managing an individual's financial assets and investments to help them achieve their financial goals. It involves various services such as investment management, financial planning, retirement planning, estate planning, tax planning, and more. Wealth management typically focuses on creating and preserving wealth through strategic investment and financial planning strategies.

On the other hand, insurance is a form of risk management that protects against potential financial losses due to unexpected events. Insurance involves transferring the risk of loss from an individual or entity to an insurance company in exchange for a premium. Insurance policies come in various forms, such as life insurance, health insurance, property and casualty insurance (e.g., auto insurance, home insurance), and liability insurance (e.g., professional liability insurance, general liability insurance). Insurance is designed to provide financial protection and mitigate risk by providing compensation or coverage in case of covered events, such as illness, injury, disability, death, property damage, or liability.

In summary, while wealth management focuses on managing and growing an individual's financial assets and investments to achieve their long-term financial goals, insurance is a form of risk management that protects against unexpected events that could result in financial losses. Both wealth management and insurance are essential components of an individual's overall financial plan and can help protect and grow wealth over time.

A Canadian investor has never had a greater need for a financial expert who can give wise, objective, and technically sound advice. Leading financial companies and industry think tanks have done surveys showing that more Canadians are looking for financial planners with recognized credentials, like the RRC/CR designations, before hiring them.

Consumers are looking for advisors with specialised training that proves their skills and commitment and advisors who use a holistic planning process to help them figure out how to plan for retirement and their wealth.

The RRC/CR credential will give you quick credibility with your clients and give you the skills to meet their professional and competent retirement planning needs.

The RRC designation is approved through FSRA in Ontario as a Financial Planner (FP) Title.

With successful completion of the Registered Retirement Consultant (RRC) program and subject to meeting a qualifying work experience requirement and agreeing to abide by a code of conduct and ethics and standards of practice, I have earned the right to use the prestigious RRC certification mark with continuing education obligation to maintain my RRC certification.

It is difficult to accurately determine how long your retirement savings will last due to various factors such as inflation, interest rates, investment returns, cost of living, and lifespan. However, you can make a rough estimation by doing some simple calculations. To make this estimation, you will need two things: your total retirement income and your retirement savings. This includes all the savings and income you plan to have upon retirement, along with any annual investment returns.

Additionally, it's important to remember to include any government benefits that may apply to you, such as Old Age Security pension (OAS) and Canada Pension Plan (CPP) benefits which begin at age 65 depending on your residency in Canada. By factoring in these elements, you can better estimate how long your retirement savings will last you in your golden years.

Most experts advise that you should plan to have your retirement money last you about 30 years, given today’s average lifespan. If you make the calculation and get a number below thirty, it might be time to consider saving more for retirement or cutting down on your retirement expenses. It's worth noting that the calculation does not take into account additional income your savings could make should you invest that money over the course of your retirement.

The most reliable way to check your current year deduction limit is to log in or register for an online account with the Canadian Revenue Agency. Alternatively, you can look for this on your most recent Notice of Assessment.

If you believe you’ve over-contributed to your RRSP, the first thing to consider is the possible penalties that may be applicable. Generally, you have to pay a tax of 1% per month on excess contributions that exceed your RRSP contribution limit.

Note: You do have a $2000 buffer that you can use once in your life where you wouldn’t have to pay the penalty.

If you determine penalties may be applicable on your over-contribution but you would like to appeal the penalties, you’ll need to show the CRA that the excess contributions were an honest mistake and that you’re taking steps to withdraw the over-contributions. This involves writing a letter to the CRA requesting a penalty waiver. You will also have to withdraw the excess funds from your RRSP.

Withdraw the amount to your bank account. Withholding tax will be applicable here according to the amount and your province of residence.