Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Sears Canada seeks approval to suspend benefits for retirees + MORE Jul 8th
TORONTO — Sears Canada says it will go to court next week to seek approval to suspend benefits for its retired employees as well as special payments to its defined benefit pension plan.
The ailing retailer says it will also ask the Ontario Superior Court on July 13 to extend court protection from .... More »
How to plan for retirement for Canadians: A review of Four Steps to a Worry-Free Retirement course + MORE Oct 26th
With November incoming and being Financial Literacy Month in Canada, it seems appropriate to devote this edition of the Retired Money column to a new Canadian DIY retirement course created by MoneySense’s “Making sense of the markets” columnist Kyle Prevost.
Entitled 4 Steps to a .... More »
How does a mortgage inside an RRSP work? + MORE Jun 3rd
Q: Is it possible to arrange a mortgage inside my RRSP, so the interest payments are paid back to me?
A: I love the question, but recommend you pursue a less risky hobby. Say, axe throwing or BASE jumping? Setting up your mortgage inside an RRSP requires a lot of work with low return, says Joe Jacob.... More »
What is the CPP Survivor’s Pension? How can Canadians claim this benefit? + MORE Feb 15th
Ask MoneySense
My wife passed away, and I heard about the survivor’s pension. Can you tell me more about this benefit and how to receive it?—Kevin
What is the CPP Survivor’s Pension?
Thanks for your email, Kevin. Losing a spouse or common-law partner is one of the most challenging e.... More »
Bell Canada’s first quarter results for 2025 + MORE May 9th
BCE Inc. cut its quarterly dividend payment to shareholders and announced a partnership deal with the Public Sector Pension Investment Board to help accelerate the development of fibre infrastructure in the U.S. BCE chief executive Mirko Bibic said Thursday the dividend cut comes as the company face.... More »
The right way to use a spousal RRSP
– moneysense.ca
Q: I earn $30,000 per year at a part-time job and collect $48,000 in pension. My husband still works and earns $85,000 annually, but has no pension. Should I contribute to a spousal RRSP to lower his income and improve his retirement portfolio?
— AnnMarie Wolf, Toronto
A: Spousal RRSPs are a great tool to spread out a retirement nest egg and reduce income tax. But in your case, a regular RRSP for your husband works best. “Even after the additional income, his marginal tax rate is at least a few percentage points higher than hers, so he’d benefit more by making his own RRSP contributions,” says Noel D’Souza, a Toronto CFP with Money Coaches Canada. Another reason not to contribute to a spousal RRSP: Any investment you make uses up your RRSP contribution room, not your husband’s, and lowers your taxable income, not his. Instead, you should take on more household expenses, freeing up your husband’s income to maximize his RRSP contributions. In retirement, you want your incomes to be as close as possible, to minimize the tax you pay as a couple…
— AnnMarie Wolf, Toronto
A: Spousal RRSPs are a great tool to spread out a retirement nest egg and reduce income tax. But in your case, a regular RRSP for your husband works best. “Even after the additional income, his marginal tax rate is at least a few percentage points higher than hers, so he’d benefit more by making his own RRSP contributions,” says Noel D’Souza, a Toronto CFP with Money Coaches Canada. Another reason not to contribute to a spousal RRSP: Any investment you make uses up your RRSP contribution room, not your husband’s, and lowers your taxable income, not his. Instead, you should take on more household expenses, freeing up your husband’s income to maximize his RRSP contributions. In retirement, you want your incomes to be as close as possible, to minimize the tax you pay as a couple…
