All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
Self-employed with no pension Aug 16th
The year 1975 was the high water mark for bell bottoms, soul music and workplace pensions. Back then, around half of Canadian workers had some sort of pension plan through their employers to save for retirement. These days, just under 40%. For the roughly 2.6 million Canadians who work for.... More »
How to keep your holiday spending in check Dec 2nd
According to Equifax Canada data, there was a 1.9% rise in total debt per consumer at the end of the second quarter in 2019. Unsurprisingly, a recent survey commissioned by Equifax also found that 55% of Canadians say they’ll be spending less on holiday gifts this year. Hmm, I wonder why that.... More »
RRSP withdrawals in your 40s Oct 7th
Q: I’m a federal government employee and was thinking about take some time and using my RRSPs to live on during that time (1 year). My bank said I could turn my RRSPs into a RRIF and withdraw monthly from that for income. I’m only 40. Is this possible? I’ve read online that you m.... More »
“I took a break from Bay Street to co-write a musical”: Myron Genyk on his money values and getting financially cut off at 20 Jun 1st
Who is Myron Genyk? As the CEO and co-founder of Evermore Capital, a Canadian asset management company, he introduced target date exchange-traded funds (ETF) for those with retirement goals from 2025 to 2060. With over 15 years of Bay Street experience, Myron has worked at BlackRock Canada and Natio.... More »
How to start saving for retirement at 45 + MORE Mar 14th
Saving for retirement at age 45 means you’ll have a 20-year runway toward a traditional age 65 retirement. But what’s your starting point? The National Bank of Canada suggests that by age 40 you should have 2.1 times your annual income saved for retirement, while the U.S.-based firm Fidelity rec.... More »
WestJet vote 62 per cent in favour of forming the airline’s first union
– canadianbusiness.com
The Air Line Pilots Association, International says more than 1,400 WestJet pilots have voted 62 per cent in favour of forming the first union at Canada’s second-largest airline.
The vote makes the ALPA, which bills itself as the world’s largest pilot union representing 55,000 pilots, the exclusive bargaining agent for WestJet pilots.
“We look forward to putting ALPA’s vast resources to work to help the WestJet pilots reach their first contract,” said Dan Adamus, president of ALPA Canada, in a statement.
WestJet chief executive Gregg Saretsky said that the airline (TSX:WJA) is disappointed with the outcome of the vote, but will now focus on engaging in constructive dialogue with the ALPA.
The company, which has long prided itself on being union-free and considers it a competitive advantage, saw its share price drop 4.2 per cent to close at $21.98.
Rob McFadyen, a member of the WestJet ALPA Organizing Committee, stated that the vote was about ensuring support in issues like health, retirement, fatigue, safety, family support and legal protection…
The vote makes the ALPA, which bills itself as the world’s largest pilot union representing 55,000 pilots, the exclusive bargaining agent for WestJet pilots.
“We look forward to putting ALPA’s vast resources to work to help the WestJet pilots reach their first contract,” said Dan Adamus, president of ALPA Canada, in a statement.
WestJet chief executive Gregg Saretsky said that the airline (TSX:WJA) is disappointed with the outcome of the vote, but will now focus on engaging in constructive dialogue with the ALPA.
The company, which has long prided itself on being union-free and considers it a competitive advantage, saw its share price drop 4.2 per cent to close at $21.98.
Rob McFadyen, a member of the WestJet ALPA Organizing Committee, stated that the vote was about ensuring support in issues like health, retirement, fatigue, safety, family support and legal protection…
Stretch your retirement nest egg
– moneysense.ca
TORONTO —Taxes are rarely a consideration for most Canadians saving up for retirement, as RRSPs and TFSAs provide generous tax-sheltering opportunities.
But once the time comes to start tapping into your nest egg, tax efficiency becomes far more complicated, experts say. In addition to drawing income from your portfolio, you’ll need to combine it with government pensions and possibly employer pensions, while accounting for potential clawbacks to government benefits like Old Age Security.
Adding to the complexities is that every person’s situation will be different, says Daryl Diamond of Diamond Retirement Planning Ltd. in Winnipeg and author of Your Retirement Income Blueprint.
How to drawdown your retirement portfolio »
“There is no one formula that applies to everyone where you push a button and that’s the solution,” he says. “This is really a point in time where people need specialized advice.”
When working with clients, Diamond says the first thing he looks at is all their different sources of income coming from registered and non-registered accounts, with a view toward long-term tax efficiency…
