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How to consolidate your registered accounts for retirement income in Canada + MORE Oct 1st
Ask MoneySense
My wife has an RRSP in her name and a spousal RRSP in her name, plus a small LIRA. She will be turning 71 next year.
My question is: Can she open a RRIF account and contribute both of her RRSPs plus the LIRA amount into one single RRIF account without incurring any taxable conseque.... More »
Should you use RRSPs to pay down the mortgage? + MORE Jul 6th
Q: My husband and I will have good pensions.
He is thinking that we should cash out our RRSPs to pay down our mortgage.
He thinks that we will be taxed the same amount either way. Your thoughts?
—Linda
A: Some people struggle with whether they should invest or pay down debt. I think there are g.... More »
How to invest with spousal loans for Canadians—and how to pay it back Sep 5th
During my working life, I transferred non-registered investment shares through a spousal loan to my wife (a stay-at-home mother). At the time of transfer, I declared the capital gain and paid the corresponding tax on the gain on the difference between the FMV (fair market value) and the ACB (adjuste.... More »
Should I work past 70 while collecting CPP and OAS? + MORE Sep 7th
Q: I turned 67 in February of 2016. I still work full time and my yearly income is about $96,000 annually. I also collect a survivor benefit of $389 per month and have contributed to CPP for 14 years. I would like to delay collecting CPP and OAS until 70 but can I still work after age 70 while I.... More »
How annuities work in Canada + MORE Jul 17th
Annuities are life insurance products that pay a regular income to a purchaser. When you buy an annuity, it’s like buying a pension plan with a lump sum premium paid from your savings. The payments you receive include a return of your original capital and interest income on that capital. It ma.... More »
A low-fee portfolio for DIY investors
– moneysense.ca
(Photo by Micah Bond)The portfolio problem
Gino Marcone, 49, is a regional sales manager who has spent the last three years working with an advisor at his local Guelph, Ont. bank to build his retirement nest egg. He recently learned he’s paying 2% annually in management expense ratios (MERs) on his plain vanilla mutual fund portfolio—that’s $5,000 in fees paid each year on his six-figure savings plan. “I tried to negotiate better fees but my advisor wasn’t able to help, so I decided to help myself,” says Marcone. He opened an online trading account and now wants to build a low-fee portfolio using index or exchange-traded funds (ETFs). “I’d like to add $20,000 each year until retirement.”
The portfolio fix
Even though Marcone started investing just three years ago he’s done a lot of things right, says Ayana Forward, a certified financial planner with Ryan Lamontagne in Ottawa. “He’s worked hard to maximize his RRSP and TFSA and he’s off to a great start…
