How to go about securing the best Retirement Plan in Canada.
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Are you entitled to anything when your ex-spouse dies? + MORE Jul 6th
Q. My ex-husband died a month ago. Am I allowed any amount of his CPP or his military pension, although we were divorced?
–Ginette
A. I am sorry for your loss, Ginette. As you may already know, the end of a marriage or common-law relationship doesn’t automatically sever all ties between partner.... More »
Are Canadian pension buybacks worth it? Jul 20th
Ask MoneySense
I am currently transferring my pension from a provincial to a federal government pension plan. I’m trying to determine if it is worth purchasing the balance of service and, if so, should I use my RRSP or TFSA funds. Here’s some relevant info:
Service Credited: 7 years, 140 days.... More »
How do the RRSP contribution carry forward rules work? Nov 2nd
If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $27,230 for the tax year 2020? Effectively making a contribution of $57,230 to my RRSP?— Lorraine
The rules around RRSP contribution room
As soon as a taxpayer starts t.... More »
Can you make a transfer from an RESP to a spouse’s RRSP? Sep 1st
Q. I have an RESP account that I plan to wind down—and I have very little RRSP contribution room, but my wife has quite a lot. I just read this article you wrote for MoneySense about transferring money from an RESP to an RRSP. I thought it was permissible for a subscriber (that would be me in this.... More »
Should Pete sell mutual fund to pay down the mortgage? + MORE Mar 24th
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Q. I have $103,490 left on my mortgage and I pay $325 bi-weekly on it @2.89% fixed rate (mortgage is being renewed shortly). I have the ability to pay off up to 15% ($18,700) of the original mortgage annually in a lump sum without fees. Should I pull money out of my mutual funds (averag.... More »
The true price of financial advice
– moneysense.ca
(Freeimages.com / Rober Owen-Wahl)Many people worry about running out of money in retirement and some work longer than they would like to avoid such a possibility. Others take on part-time work after officially retiring to make ends meet.
It might be possible to avoid slaving away by learning how to manage money more efficiently. Those who do might save more than they’d earn by working a part-time—or even a full-time—job after retirement.
Unfortunately, many investors have no idea of how much they pay for financial advice. Now, due to new disclosure requirements, known as CRM2 as the latest iteration of the Client Relationship Model, Canadians will be confronted with the cost on their brokerage statements. Expressed clearly in dollars, it’ll come as a shock to many.
To be clear, good advice can be worth paying for and investors who are just starting out should always consult an advisor. But the prices vary and the value can decrease for experienced investors.
When thinking about fees, it’s useful to break the advice business down into two parts…
Why a prenup is a smart investment
– moneysense.ca
TORONTO – A romantic proposal or an invitation to move in with a partner may seem like an awkward time to start planning for a smooth divorce. But with nearly half of Canadian marriages ending before death does couples part, a pre-nup can help individuals emerge from breakups financially unscathed.Slightly more than 43 per cent of couples married in 2008 will divorce before reaching their 50th anniversary, according to Statistics Canada, which stopped providing information on the country’s divorce rate after that year.
“Why wouldn’t we do some advance planning?” asks Michael G. Cochrane, a partner at Brauti Thorning Zibarras in Toronto and author of “Surviving Your Divorce: A Guide to Canadian Family Law.”
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Marriage agreements are called pre-nuptials if signed before the legal marriage ceremony…
