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RRSPs: Your Essential Questions Answered + MORE Feb 22nd
At this time of year, it seems like the financial world is awash with information on what is a Registered Retirement Savings Plan (RRSP), the benefits of having one, and how to start one. But there are still a few planning points that Canadians either aren’t aware of or don’t know how to put t.... More »
How to plan for retirement when you have no pension + MORE Sep 10th
In years past retirement planning was relatively easy. Fifty years ago, more than half of working Canadians, and an even higher proportion of men, could fall back on a corporate or union pension plan as their main source of income in retirement.
That’s no longer the case. Just 38% of paid work.... More »
Canada’s Best Credit Cards for People with Bad Credit 2020 + MORE Jul 18th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. Used properly, it .... More »
The best high-interest savings accounts in Canada for 2026 + MORE Feb 11th
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A parents’ guide to home down payment gifts and loans + MORE Aug 20th
It used to be that parents budgeted for post-secondary education or contributing to the costs of a child’s wedding. But now, I am increasingly finding parents planning for home down payment gifts.
The statistics support this and show an increase in down payment help in recent years. A CIBC stud.... More »
Here’s how the Canada Pension Plan is set to change
– moneysense.ca
Here are the forthcoming changes to the Canada Pension Plan agreed to Monday by the federal government and most of the provinces and territories:
— Increasing the income replacement rate to one-third from one-quarter, meaning the maximum CPP benefit will be about $17,478 instead of about $13,000.
How CPP changes could affect employees »
— Increasing premiums on employers and employees by one per cent, meaning an extra $408 a year coming off paycheques.
— Increased premiums will be phased in over seven years, starting in 2019.
— Increasing by 14 per cent to $82,700 the maximum amount of income subject to CPP.
Making sense of the CPP expansion »
— Expanding the refundable tax credit known as the federal working income tax benefit, to help low-income Canadians offset the increase in premiums.
— New portion of employee contributions to CPP will be tax deductible (not a tax credit).
The post Here’s how the Canada Pension Plan is set to change appeared first on MoneySense.
— Increasing the income replacement rate to one-third from one-quarter, meaning the maximum CPP benefit will be about $17,478 instead of about $13,000.
How CPP changes could affect employees »
— Increasing premiums on employers and employees by one per cent, meaning an extra $408 a year coming off paycheques.
— Increased premiums will be phased in over seven years, starting in 2019.
— Increasing by 14 per cent to $82,700 the maximum amount of income subject to CPP.
Making sense of the CPP expansion »
— Expanding the refundable tax credit known as the federal working income tax benefit, to help low-income Canadians offset the increase in premiums.
— New portion of employee contributions to CPP will be tax deductible (not a tax credit).
The post Here’s how the Canada Pension Plan is set to change appeared first on MoneySense.
CBC.caFeds try to quell retirement fears, but winter is coming: Neil MacdonaldCBC.caThe people who craft messages for government say it's wrong to call the Canada Pension Plan expansion a tax. "This is an investment," one official told me, after requesting the discussion be on background only. "It's about our kids." Why he insisted …Bill Morneau's clever Canada Pension Plan deal: WalkomToronto StarThe Canadian PressCTV NewsFix your savings habits, not the CPPThe Globe and Mail (subscription)Macleans.ca -TheChronicleHerald.ca -Calgary Herald -Ottawa Citizenall 149 news articles »
