All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
Selling stocks at a loss in a TFSA: What it means for your contribution room Apr 12th
Ask MoneySense
I lost $20,000 dollars in my TFSA account in the market correction, and my broker sold the losing stocks. Can I put more money in to bring me back up the to the limit the government allows?—Wayne
Capital losses in a TFSA
A capital loss is when you sell an investment at a lowe.... More »
What to do with U.S. dollar RRSPs in retirement + MORE Jun 8th
Ask MoneySense
I am 70 and have already turned my RSP into a RIF. However, I also have a U.S. RSP which will need to be dealt with next year at the latest. What do I do with it? Roll it into my Canadian RIF within the next year? Leave it as a separate RIF and take the necessary money from each .... More »
Year-end tax-saving tips for Canadians for 2024 + MORE Dec 6th
Hear me out. Year-end tax planning can be financially rewarding. It’s a shame so few people do it. There are three objectives: plan to reduce taxes for the current year with legitimate planning opportunities, go back and recover overpaid taxes in prior years and, finally, set yourself up to minimi.... More »
WTFinance is an RRSP? + MORE Sep 9th
The post WTFinance is an RRSP? appeared first on MoneySense..... More »
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 »
What to expect when applying for GIS
– moneysense.ca
(Shutterstock)Over the summer we’ve looked at how to deal with Service Canada to get retirement benefits from both Old Age Security (OAS) and the Canada Pension Plan (CPP). As noted here and here, the Government reaches out to qualifying Canadian residents when they reach age 64, in plenty of time to start receipt of benefits at age 65. As the earlier pieces recounted, I received Service Canada letters about both OAS and CPP shortly after I turned 64 this spring.
But what about the third leg of the government retirement benefits stool? That’s the Guaranteed Income Supplement or GIS: a supplement to OAS. Unlike the other programs, I did not receive a letter from Service Canada about GIS. According to Doug Runchey, a former Service Canada employee who is now president of Vancouver Island-based DR Pension Consulting, the OAS application includes a question about whether you wish to apply for GIS. If you say yes and are approved, they then send you the GIS application.
What to expect when receiving OAS at 65
Service Canada says as of June 2017, 1…
A pension is not always a sure thing. Currently, workers at both Sears Canada and Northstar Aerospace are facing deep concerns about their pension prospects because of problems plaguing their employers.
Who will replace Brad Wall as Saskatchewan Party leader? – CBC.ca
– news.google.ca
CBC.caWho will replace Brad Wall as Saskatchewan Party leader?CBC.caSaskatchewan Premier Brad Wall has announced his retirement and political analysts say there are no obvious candidates who might replace him. "Saskatchewan needs renewal, a fresh perspective in leadership," Wall said Thursday. He also said the …In the popular-premier sweepstakes, Brad Wall leaves a winnerThe Globe and MailSaskatchewan Premier Brad Wall planning '60s Scoop apology next weekCTV NewsRex Murphy: Brad Wall's departure a rare show of sanity and humility in politicsNational PostMacleans.ca -BNN -The Battlefords News-Optimist -Melfort Journalall 164 news articles »
Q If I’m an American living in Canada, have a TFSA, but never used it to invest, just holding it as a savings account, do I still need to report it on the U.S. tax return? If so, what forms are required?
—Thanks, Jimmy
A Any income received in a TFSA needs to be included on a U.S. tax return as income. In addition, if the account is set up as a trust (look for an Agreement of Trust in the fine print of the application), you will need to file foreign trust forms (Forms 3520-A & 3520) with the IRS each year.
Failure to file or late filing of either of these forms, when required, can attract a $10,000 U.S. penalty. Further, if you have mutual funds or ETFs as investments, you may also have to file Form 8621 to report the existence of/and income from a PFIC (passive foreign investment company).
The taxation of these types of investments can be punitive if not dealt with early and by a tax professional that understands the tax regulations around them.
Cleo Hamel is a senior tax expert with American Expat Taxes in Calgary
Ask a Tax Expert: Leave your question for Cleo Hamel »
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The post Do Americans have to report interest income from a TFSA on their U…
CPPIB gets ‘significant uplift’ from global equity markets in latest quarter
– canadianbusiness.com
TORONTO _ The Canada Pension Plan Investment Board, the country’s biggest public pension plan, says it got “a significant uplift” from global equity markets during the April to June quarter, resulting in a 1.8 per cent rate of return after costs.
The CPPIB says that put the pension fund’s long-term rates of return well above the minimums required to be sustainable for decades.
Publicly traded equities made up 38.9 per cent of the fund’s total assets, or $126.9 billion, as of June 30.
The fund also invests in private equity, government bonds, credit investments, real estate, infrastructure and other assets.
The Toronto-based fund manager ended the quarter with $326.5 billion in net assets, up $9.8 billion from March 31 when CPPIB’s 2017 financial year ended.
The CPPIB says its 10-year rate of return after accounting for expenses and inflation was 5.2 per cent.
The Chief Actuary of Canada estimates the fund can be sustainable for 75 years with an average rate of return of 3…
The CPPIB says that put the pension fund’s long-term rates of return well above the minimums required to be sustainable for decades.
Publicly traded equities made up 38.9 per cent of the fund’s total assets, or $126.9 billion, as of June 30.
The fund also invests in private equity, government bonds, credit investments, real estate, infrastructure and other assets.
The Toronto-based fund manager ended the quarter with $326.5 billion in net assets, up $9.8 billion from March 31 when CPPIB’s 2017 financial year ended.
The CPPIB says its 10-year rate of return after accounting for expenses and inflation was 5.2 per cent.
The Chief Actuary of Canada estimates the fund can be sustainable for 75 years with an average rate of return of 3…
