Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Investing inside a corporation: what you need to know + MORE Jul 27th
A MoneySense reader writes:
We have $550,000 to invest in our corporation and need something tax-efficient. Although we’re retired, we don’t need this money for the foreseeable future, so we’re investing for the long term. We’re considering either DIY investing following one of the Couch Pot.... More »
Paying yourself first Nov 2nd
There is perhaps no single piece of financial advice more frequently repeated than “pay yourself first.” And with good reason. It’s tough to grow savings if you prioritize all your spending needs and wants ahead of putting money away. While some of us fully intend to stash whatever is left at .... 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 »
Stock news for investors: Cenovus boosts MEG Energy stake to 9.8% Oct 18th
Here’s a round-up of news for Canadian investors this week.
Cenovus-MEG Energy
Parkland-Sunoco
Cineplex
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings wi.... More »
When is the best time to start taking your CPP payments? Apr 13th
For retirees or near-retirees who lack traditional employer-sponsored Defined Benefit pension plans, the federal government’s Canada Pension Plan (CPP) and Old Age Security (OAS) are the closest most of us will get to such a valuable pension.
True, RRSPs and TFSAs do allow you, in a tax-effective .... More »
Pension income splitting explained
– moneysense.ca
Q: I am 62 years old and I receive a pension from my work. At the same time, I am still working part time. My question is can I split my pension with my husband who is 64 years old? He is retired with no pension from his work.
I would appreciate if you can educate me regarding income splitting.
—Sally
A: Pension income splitting turns 10 this year, Sally, having been introduced for the 2007 tax year. I’ll explain how it works and give you some tips for minimizing your tax and maximizing your pension income sources.
To begin, eligible pension income from age 55 to 65 includes only defined benefit (DB) pension income or eligible foreign pensions that are taxable in Canada. There are exceptions for annuities, deferred profit sharing plans (DPSPs), registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), and a few other sources of income, but only if the income is because of the death of a spouse. The full list can be found here.
After age 65, the income eligible for splitting expands to include RRIF and annuity income, amongst other sources…
