Not sure how to make a retirement plan? Read on…
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Retirement taxes explained: Withholding, clawbacks, and other surprises Sep 19th
Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition.
Taxation in Canada
When you are.... More »
How to boost your returns in retirement + MORE Oct 21st
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What’s the single biggest fear retirees face? Undoubtedly it’s the prospect of outliving their money. And as this column has pointed out before, retiring in this second decade of the 21st century poses challenges for just about any healthy person who lacks an inflation-indexed emplo.... More »
CPPIB using its shareholder votes to push for more women on corporate boards: CEO + MORE Nov 11th
TORONTO _ Canada’s largest retirement fund manager is pushing to have more women on corporate boards because diversity makes for better business decisions, CPPIB chief executive Mark Machin said Friday.
“This is a high priority for us,” Machin said in an interview after Canada Pens.... More »
Can you receive a government pension if you live outside of Canada? Jul 20th
Q. My father, who was born in 1945, left Canada to live in Thailand when was 26 years old. That was 50 years ago and he has never returned. If he comes back to Canada for one year to apply for his OAS, would he be eligible to receive a full pension? And would they be able to calculate his pension an.... More »
Why repaying student debt early is the best investment you can make + MORE Feb 17th
Q. I’m a 23-year-old who just graduated with a Masters degree and I have $30,000 in student debt ($20,000 provincial, $10,000 federal). I also just got a job with an annual salary of roughly $60,000. My question is what is the best way to invest my money (index mutual fund, stocks, online Rob.... More »
Should I work past 70 while collecting CPP and OAS?
– moneysense.ca
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’m still collecting CPP and OAS? What would be the pros and cons of working past 70 while collecting CPP and OAS.
—Marie M.
A: If you plan in any case to work until age 67 or 70, then that’s probably when you should start collecting your CPP. You can use the tool at cppoptimizer.com to make an exact calculation, one that factors in some variables you’ve not specified such as: presence or absence of an employer pension plan, RRSP or TFSA savings to date, non-registered investments and whether you have prospects of working part-time once you cease full-time work. But generally speaking, the later you can wait to collect CPP, the better, and this applies double in your case because you’ve only contributed to the plan for 14 years so far…
