All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
How to deal with your finances when the economy is stressing you out + MORE Mar 7th
Who would have thought that just a few month ago, all we had to “worry” about was the ongoing pandemic, high interest and inflation rates, and high grocery and housing costs. We’re three months into 2025 and so far we’ve had tariffs on Canadian goods threatened in February, then actual tarif.... More »
What time of year should you retire? Sep 7th
Is there a better time of the year to retire based on tax implications: December 31 versus June 30 versus January 30? —Laf
The best date to retire for tax purposes
For most Canadians planning their retirement, tax isn’t the primary factor, Laf. However, there are instances when tax can com.... More »
Is semi-retirement stressful? You bet—here’s what to do about it Jul 27th
One of my semi-retirement philosophies is that reducing stress can sometimes be more important than maximizing revenue. Assuming you’re self-employed in semi-retirement, as I am, you may find yourself juggling multiple clients and conflicting demands on your limited time and energy.
The topic o.... More »
What investments can I put in my TFSA? + MORE Sep 14th
The less tax you pay, the more money you keep for yourself. How can you apply this to investing? By using registered investment accounts like the tax-free savings account (TFSA) and the registered retirement savings plan (RRSP). The TFSA is often the first investment account a new or young investor .... More »
TFSA vs RRSP: How to decide between the two + MORE Mar 30th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... More »
Should you use RRSPs to pay down the mortgage?
– moneysense.ca
Q: My husband and I will have good pensions.
He is thinking that we should cash out our RRSPs to pay down our mortgage.
He thinks that we will be taxed the same amount either way. Your thoughts?
—Linda
A: Some people struggle with whether they should invest or pay down debt. I think there are good arguments for debt repayment over investing in some cases.
For one, Linda, I’m not a fan of having a big emergency fund in cash earning 1%, while your mortgage or other debt is at 3% or more. It’s a guaranteed losing proposition. Some people like the safety net of an emergency fund. I’d rather someone have a modest cash balance and a secured line of credit as an additional emergency fund which you hopefully never use.
If you forever have $10,000, $20,000 or more sitting idle in cash, you could be missing out on RRSP, RESP or TFSA contributions or have debt that continues to accrue interest at a higher rate in the meantime.
Ask a Planner: Leave your question for Jason Heath »
RRSPs can be a bit different, Linda…
Sears Canada seeks approval to suspend benefits for retirees
– moneysense.ca
TORONTO — Sears Canada says it will go to court next week to seek approval to suspend benefits for its retired employees as well as special payments to its defined benefit pension plan.
The ailing retailer says it will also ask the Ontario Superior Court on July 13 to extend court protection from creditors to Oct. 4, giving it time to seek out potential investors and buyers and consult with its landlords, employees, suppliers and creditors.
Sears Canada had indicated in its initial court filings on June 22 that it planned to suspend life insurance, health and dental benefits to certain employees during the restructuring.
The company expects to complete its sale and investment solicitation process by Oct. 25.
After years of declining sales, Sears Canada sought creditor protection last month.
The ailing retailer says it will also ask the Ontario Superior Court on July 13 to extend court protection from creditors to Oct. 4, giving it time to seek out potential investors and buyers and consult with its landlords, employees, suppliers and creditors.
Sears Canada had indicated in its initial court filings on June 22 that it planned to suspend life insurance, health and dental benefits to certain employees during the restructuring.
The company expects to complete its sale and investment solicitation process by Oct. 25.
After years of declining sales, Sears Canada sought creditor protection last month.
READ MORE:
Lump sum vs. monthly pensions
Budgeting for savings if you have a company pension
Should I pay for a pension guarantee?
How a work pension affects retirement savings
The post Sears Canada seeks approval to suspend benefits for retirees appeared first on MoneySense.
