Not sure how to make a retirement plan? Read on…
Latest News
How does age affect life insurance rates? + MORE Sep 14th
Most of us go through life assuming we’ll reach a ripe old age—and that’s fair, because most of us do. But if you have dependents, it’s wise to protect them from the financial fallout of your death—even if you’re still young and healthy—by getting life insurance. Your age is a pretty b.... More »
Reducing risk in an RESP: How to invest as your kid approaches college or university + MORE Oct 5th
If you’ve opened a registered education savings plan (RESP) for your child or grandchild, congratulations. You’ve taken the first step towards financing their future college, university or trade school education. And now your family can start benefiting from generous government grants worth thou.... More »
Making sense of the markets this week: December 24, 2023 Dec 28th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
It’s a tough job, but…
It’s really hard to predict what the investment world will do. It’s even harder to predic.... More »
A guide to spousal RRSPs for married and common-law partners + MORE Jun 22nd
Couples can open and contribute to a personal Registered Retirement Savings Plan (RRSP) or a spousal RRSP—or both. A spousal RRSP generally makes the most financial sense for couples whose incomes are quite different. If one partner earns little or no income, so that contributing to their own RRSP.... More »
Stock news for investors: Air Canada Q3 profit plunges to as strike weighs on results + MORE Nov 8th
Here’s a round-up of news for Canadian investors this week.
Air Canada
Fortis
Thomson Reuters
Suncor
Cameco
Maple Leaf Foods
Sun Life Financial
Cineplex
Corus Entertainment
Xanadu Quantum Technologies
Featured RRSP Accounts
.... More »
Gina says she is uncomfortable with owning a rental property. There are better choices for a risk-averse investor.How seniors can avoid financial abuse
– moneysense.ca
TORONTO — Elder abuse expert Lynn McDonald routinely fields calls concerning financial exploitation, but none more dramatic than a recent incident involving a woman in Saskatchewan who was nearly bankrupted by one of her own adult children as she underwent hip replacement surgery.
“The daughter convinced the mother to sign over everything to her while she was sick in hospital and then she’d get it back after she came out,” says McDonald, director of the Institute for Human Development, Life Course and Aging at the University of Toronto.
“But she sold the mother’s house right under her, and took all her possessions. When the discharge went through, the mother came out of hospital with nothing but a pension.”
“The daughter convinced the mother to sign over everything to her while she was sick in hospital and then she’d get it back after she came out,” says McDonald, director of the Institute for Human Development, Life Course and Aging at the University of Toronto.
“But she sold the mother’s house right under her, and took all her possessions. When the discharge went through, the mother came out of hospital with nothing but a pension.”
Managing assets under power of attorney »
McDonald says 2.6 per cent of Canada’s growing population of residents 55 years of age and older are financially abused, making it the second most common form of elder abuse.
With the spotlight on elder abuse awareness throughout June, she says it’s critical for seniors to understand how to protect themselves from financial abuse given that the majority of cases will involve people who are close to them…
Retiring to Mexico— for a lower tax rate
– moneysense.ca
Q: We have a friend living in Mexico 10 months of the year.
She says she pays a flat 15% income tax on her total Canadian incomes. This is a working pension, CPP and OAS.
Is this for real?
—Merry
A: I gather your friend has you interested in retiring to Mexico as well, Merry? Her story sounds good at first pass – but it may or may not be upon closer examination.
If someone has a “permanent home” in Mexico, they are generally considered a Mexican tax resident. A permanent home can be rented or owned. The permanence just means it’s not just for occasional use, like a rental for the winter. It needs to be a long-term lease or a property they own.
If your friend has a permanent home available in Canada as well as Mexico, her residency would also depend on her “centre of vital interests.” So the taxation authorities would consider things like family, job, memberships, assets, etc. to assess personal and economic ties to see if she had a closer tie to one country or the other…
