All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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The best free personal finance and investing courses in Canada Nov 29th
Financial literacy is an essential life skill. Whether you want to budget, saving, invest or plan for retirement, understanding how to manage money can help you achieve financial stability. Fortunately, there are many free courses that can help Canadians develop greater financial literacy. Below, fi.... More »
Who Wants to Support a Millionaire? Dec 2nd
The median American household can’t come close to affording the pension benefits of career government workers..... More »
Cut tax while cashing in a whole life policy + MORE Apr 22nd
Q: My question is about whole life insurance. My wife and I both have policies. her cash surrender value with paid up additions is around $200,000. My policy is about $190,000. We have no children. We both have pension plans and comfortable assets. We are looking at surrendering one if not both in.... More »
How to plan for retirement for Canadians: A review of Four Steps to a Worry-Free Retirement course + MORE Oct 26th
With November incoming and being Financial Literacy Month in Canada, it seems appropriate to devote this edition of the Retired Money column to a new Canadian DIY retirement course created by MoneySense’s “Making sense of the markets” columnist Kyle Prevost.
Entitled 4 Steps to a .... More »
Tax implications of making transfers between registered accounts + MORE Dec 21st
Ask MoneySense
I had a locked-in pension, which I converted to a life income fund (LIF). I also took advantage of the ability to unlock up to 50% of the LIF within 60 days and put $120,000 into an RRSP. I did not receive any funds—so I was shocked when I received a T4RIF for $120,000, which means .... More »
Most Canadians don’t understand the CPP
– moneysense.ca
OTTAWA – Internal evaluations of the Canada Pension Plan show the retirement system is poorly understood by most of the public — a problem retiree Evan Brett avoided only through luck and meticulous record keeping.
The 76-year-old realtor and his wife Latifah dove into their files at their Langley, B.C., home a decade ago when Latifah applied for retirement benefits. The documents they happened to have stockpiled ensured they were able to maximize the benefits they receive today.
Evan Brett said he knew enough about the Canada Pension Plan to avoid tripping over application hurdles.
The 76-year-old realtor and his wife Latifah dove into their files at their Langley, B.C., home a decade ago when Latifah applied for retirement benefits. The documents they happened to have stockpiled ensured they were able to maximize the benefits they receive today.
Evan Brett said he knew enough about the Canada Pension Plan to avoid tripping over application hurdles.
Maximize your CPP payouts »
But he is sure others aren’t nearly as well-versed — and documents obtained by The Canadian Press under the Access to Information Act suggest he is right.
Evaluations drawing from workers, retirees and Service Canada officials show Canadians are often confused about what they need when applying for CPP benefits, have a hard time understanding information on government websites, and don’t completely understand the cornerstone retirement program…
Unlocking the mystery of LIRAs
– moneysense.ca
While most seniors and near-retirees are well acquainted with RRSPs and ultimately Registered Retirement Income Funds (RRIFs), the lesser-known comparable structures of Locked-in Retirement Accounts (LIRAs) and Life Income Funds (LIFs) appear to many as something of a mystery.
They shouldn’t be and based on the rising trend to layoffs and/or termination “packages” from large employers, it’s a safe bet that LIRAs and soon LIFs (or Locked-in Restricted Life Income Funds or LRIFs) will soon become almost as familiar to us as RRSPs and RRIFs.
LIRAs are also known in some provinces as Locked-in RRSPs, which is exactly what they are. Unlike regular RRSPs, from which you can withdraw funds (and pay tax) if you need it at any time, LIRAs generally prohibit you from making any withdrawals before 55, according to Adrian Mastracci, portfolio manager with Vancouver-based KCM Wealth Management. Check with your province of residence for any variants on this. After all, the idea of LIRAs is to keep a retirement nest egg intact for the inevitable day when it is needed to live on post-employment…
3 tools you need to help you manage money better
– moneysense.ca
I was fortunate enough to attend the 2016 Canadian Personal Finance Conference (#CPFC16) in Toronto back in November. This two-day event featured some of Canada’s top personal finance influencers; bloggers, writers, speakers, disruptors, and commentators speaking on a variety of money related subjects. Presentation topics ranged from a discussion panel on Canada’s housing market to an 8-year-old tax whiz schooling us on the RRSP vs TFSA debate. The conference also provided an opportunity to check out some of the latest “fin-tech” offerings, products designed to help people manage their money better…and easier. Let’s take a look at three products designed to help you with your finances in three very different ways.No. 1: Sensibill
Toronto-based Sensibill is on a mission to eliminate George Kostanza’s big wallet by changing the way we manage our receipts and invoices. In short, they want to make it paperless.
Sensibill is partnering with the banking industry to make it easy for you to store and retrieve your receipts online…
