How to go about securing the best Retirement Plan in Canada.
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How much real estate should you have in a balanced portfolio? May 11th
When investors talk about income-producing assets, the first that come to mind are dividends and interest, with capital gains a close third. But what about investment real estate? If you hold an asset allocation ETF, it will be chock full of stocks and bonds but offer little real estate exposure apa.... More »
Russ Dyck financial advisor Nov 8th
Meet Russ Dyck
Russ Dyck, a Certified Financial Planner and founder of Finovo, specializes in financial planning for professional couples and young professionals. He is passionate about helping clients navigate complex financial decisions with clarity and confidence, tailoring each plan to meet t.... More »
What is the Canada Pension Plan death benefit? + MORE Sep 26th
Ask MoneySense
Your recent article is the first time I have seen reference to a CPP death benefit of $2,500. Can you explain it, please?
—Sam
The primary purpose of the Canada Pension Plan (CPP) is to pay a retirement pension to contributors. Employers as well as employed and self-employed .... More »
Develop your own plan + MORE Dec 23rd
Steward Kinmond, 70, and Barbara Sibbald, 58, in front of their mortgage-free new-build, close to Parliament Hill. (Photography by Jessica Deeks)
Every morning, Barbara Sibbald and her husband Stewart Kinmond gaze out across their big backyard and watch the sunrise. Directly behind them is part of t.... More »
Should retirees speculate? + MORE Nov 16th
All investors need to know the difference between investing and speculation—often summed up as what you do with “serious money” versus “fun money”—and that’s doubly true for those at or near retirement. While investing is about building wealth you can count on, speculating typically me.... More »
When to break up with your financial advisor
– moneysense.ca
TORONTO – When Deborah Ison decided to break up with her financial advisor last year, investment performance had nothing do with her decision.The 45-year-old human resources project manager from Burlington, Ont., was in the midst of a divorce and went to her advisor with pressing questions about her financial obligations. But rather than addressing her concerns, she says, he quizzed her on investment risk tolerance and retirement goals.
It was then and there that Ison decided to make a switch.
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“I had walked into this office pretty much a broken person. My entire future had done a 180. I didn’t know how I was going to pay my mortgage or my bills or my debts,” she says.
“The furthest thing from my mind was my retirement. It seemed like an obtuse and insensitive question for him to be asking me…
Retirement tax tips
– moneysense.ca
During the wealth-accumulation years, the RRSP is a key tool, both to minimize income tax on taxable income (especially salaries) and to accumulate a retirement nest egg. Indeed, for those driven primarily by the immediate tax reduction, the byproduct of a retirement nest egg may even come as a pleasant surprise.However, it eventually comes as a shock to new retirees to discover tax may become one of their biggest expenses, surpassing even food or housing costs. This often occurs the year you turn 71 and convert an RRSP into a Registered Retirement Income Fund or RRIF. (This isn’t necessarily mandatory, as you can also choose to annuitize or cash out, although few do the latter because of the harsh immediate tax consequences.)
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In practice, most retirees choose the RRIF route, even though Ottawa mandates forced annual (and taxable) withdrawals that start at 5…
