How to go about securing the best Retirement Plan in Canada.
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Why GICs are a good addition to an RRSP or a TFSA + MORE Feb 8th
It’s tax time again, which means Canadians may be thinking about tax-smart ways to invest to reduce their tax burden next year. Chances are, you’ve seen and heard more about guaranteed investment certificates (GICs) in recent months than ever before, and there are concrete reasons why. Read on t.... More »
Where should working retirees put extra income: A TFSA or an RRSP? Jan 11th
Ask MoneySense
I will be receiving CPP and OAS as of June 2024. I intend on working one more year until I reach 66. My question is: Should I put all my CPP money into an RRSP to shelter it from tax? Or should I pay the tax on it and invest in a tax-free savings account?
–Gary
Where to put r.... More »
I’m decades from retirement. Do I really need to contribute to my RRSP? + MORE Mar 15th
The biggest issue with contributing to an RRSP too early is the need down the road to withdraw the money for expenses other than retirement that come along, says experts.... More »
Should you be worried about retirement? If you don’t have a pension, you probably should + MORE Feb 24th
A new survey reveals that many Canadians suffer from an appalling lack of knowledge when it comes to retirement planning, writes Gordon Pape..... More »
How, when and why to save using RESPs
– moneysense.ca
Presented by Assante Wealth Management
Never say no to offers of free money from the government. That’s my motto, or at least one of them. And as far as free money goes, Ottawa’s Registered Education Savings Plan (RESP) is among the most lucrative offers currently available to Canadians with kids.
You have to put some of your own money into an RESP of course, but for every $2,500 you contribute in a year, you will receive a 20% Canada Education Savings Grant (CESG), which means a $500 freebie each year you maximize contributions (within specified limits). As with the RRSP, investment income inside an RESP grows tax-free, although it generates no tax refund apart from the grant.
While there’s no limit on how much you can put into an RESP each year (there is a lifetime maximum contribution amount of $50,000 per child mind you); you’ll only receive the grant on the first $2,500 in contributions per year, or if you carry over unused contribution year from the year before, up to the first $5,000 in contributions…
How to boost your retirement income by 50%
– moneysense.ca
FlickrIf you were told there was a way to boost your income in retirement by 50% it would no doubt get your attention. It certainly got my attention, in a paper in a recent issue of the Journal of Retirement. The paper was co-authored by one of MoneySense’s panelists for the annual ETF All Stars panelists: Mark Yamada, president and CEO of Toronto-based PUR Investing Inc. The co-author is his colleague Ioulia Tretiakova, the firm’s director of quantitative strategies.
You might find the paper is bit too complex but this column aims to explain it in layman’s terms. While the strategy might be hard to replicate, it may at least get you thinking about your nest egg in a different way and lead to some good discussion with your advisor. It’s a new way to look at whether you should target income generation or maximizing returns when you maintain your nest egg in retirement. The paper is called “Autonomous Portfolio: A Decumulation Investment Strategy That Will Get You There…
The earlier you can identify the amount of income you need to live the retirement you want, the easier it is to build your retirement plan.
