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Latest News
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 »
Investing tips for dual citizens of Canada and the U.S. + MORE Feb 3rd
Q. I am a dual Canadian/U.S. citizen. Due to this, I cannot make use of a TFSA, so once my RRSP is maxed out, I’m stuck with non-registered accounts. I plan on putting a large part of my savings into a U.S. robo-advisor or U.S.-listed ETFs. As for my RRSP, I was wondering whether I should foc.... More »
RRSP or TFSA? Here’s the simple and definitive answer Jan 20th
Should you save for retirement in an RRSP or a TFSA? For many high earners, an RRSP is your best bet, writes David Aston.... More »
What Sears retirees can do about the reduced DB pension + MORE Nov 4th
Like Stelco and Nortel before it, thousands of pensioners of Sears Canada are experiencing firsthand what happens to corporate Defined Benefit pension plans when a business fails.
In October, Ontario’s Superintendent of Financial Services (FSCO) appointed Morneau Shepell to administer Sears Canada.... More »
Canadians take retirement savings seriously, census data shows + MORE Sep 16th
It’s the first time the census has probed the question, taking advantage of tax data to correct a picture which experts say has long been distorted by suspect numbers and aggressive investment marketing..... More »
Retirement rethink: Find out where you’ll call home
– moneysense.ca
(monkeybusinessimages/iStock)Diane and Mike did what many retirees do. They sold their place in the city and downsized to a smaller, cheaper place out of town. But in their case, cheaper actually means free.
The couple now lives in the guest apartment on a large acreage near Calgary. In exchange for free rent on a small one-bedroom apartment on the property, they spend the winter taking care of the horses and cats, and checking in on the main house. They will put those savings to good use this summer, spending three months travelling around Europe. It might sound like an absurd idea, especially for two former professionals with a sizeable nest egg. But they are thrilled with their simple, ultra low-cost life.
Housing is one of the biggest expenses you’ll need to pay in retirement. Even if you’re mortgage-free you’re still on the hook for utilities, taxes and maintenance. So as you think about what your life might look like when you’re no longer drawing a pay cheque, challenging your assumptions about where you live could really pay off…
