All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
Who you gonna trust: Barry Ritholtz or Jim Cramer? + MORE Oct 25th
Because I get a lot of free review copies of financial books, it’s rare that I actually order one from Amazon, let alone three. But I did just that recently when I was curious about three influential authors who released new financial books within weeks of each other.
The first can be regarded .... More »
Maximizing spousal RRSP contributions in your 70s + MORE Mar 23rd
Q. My wife will turn 71 in 2022. She has three spousal RRSPs that we will arrange to mature on the same day: Feb. 8, 2022. On that day, we will convert all the RRSPs into a RRIF.
Between now and then, I wish to take full advantage of my ability to continue making contributions to spousal RRSPs. I am.... More »
When should you start taking CPP? Take it too early or too late and you could sell yourself short + MORE Dec 16th
Age 65 is considered the “standard” age for beginning both CPP and OAS, but you can start taking CPP any time between ages 60 and 70 and you can start OAS any time between 65 and 70..... More »
How much to take out of your RRSP in your 60s Oct 5th
Many retirees have the bulk of their retirement savings in registered retirement savings plans (RRSPs) or similar tax-deferred registered accounts. RRSPs need to be used to buy an annuity or more commonly converted to a registered retirement income fund (RRIF) by Dec. 31 of the year someone turns 71.... More »
Stock news for investors: Spinoffs, acquisitions, and market moves Oct 3rd
Here’s a round-up of news for Canadian investors this week.
Maple Leaf Foods
TMX group
MEG Energy
Stella-Jones
Algoma Steel
Featured RRSP Accounts
featured
EQ Bank
Build .... More »
Q. I’m 50 years old and I’d like to work for three more years, then “retire” at age 53. I’m single and have two defined benefit pensions that I could begin collecting at age 55 but want leave them untouched until I turn 60 as that allows me to qualify for full pensions.
To bridge that seven-year gap, I intend to gradually deplete my RRSP and TFSA accounts, which are invested in laddered GICs. This will give me an income of $15,000 annually from the RRSPs and $10,000 annually from the TFSAs. The combined income should cover my expenses, which currently come to about $20,000 annually, with room to spare. I think this is the most tax-efficient way to deal with this money. By age 60, both the RRSP and TFSA accounts will be empty, and then I’ll start collecting my two pensions.
This all seems pretty straightforward to me but where I’m a little stuck is on how to deal with my “supplement” fund. I’m going to have a $300,000 lump sum of money to spend or invest, and I expect to draw down on that little by little as the years go by…
To bridge that seven-year gap, I intend to gradually deplete my RRSP and TFSA accounts, which are invested in laddered GICs. This will give me an income of $15,000 annually from the RRSPs and $10,000 annually from the TFSAs. The combined income should cover my expenses, which currently come to about $20,000 annually, with room to spare. I think this is the most tax-efficient way to deal with this money. By age 60, both the RRSP and TFSA accounts will be empty, and then I’ll start collecting my two pensions.
This all seems pretty straightforward to me but where I’m a little stuck is on how to deal with my “supplement” fund. I’m going to have a $300,000 lump sum of money to spend or invest, and I expect to draw down on that little by little as the years go by…
Compare the Best Savings Accounts in Canada
– moneysense.ca
How to use this tool: You can simply scan the savings account comparison table below to view interest rates offered by financial institutions across Canada. Or, input your estimated account balance and compare between high-interest savings accounts (HISA), tax-free savings accounts (TFSA), registered retirement savings plan accounts (RRSP) and youth savings accounts. This finder ranks savings accounts by their first year return based on the information you’ve keyed in, to help you find the best account for your financial needs.Best Savings Account Finder
Traditional savings accounts offer very low interest rates, so if you want to earn on your deposits (rather than simply use your account as a temporary “holding tank” for funds you’ll soon be using for purchases, or directing to longer-term saving and investing vehicles), a high-interest savings account is a no-brainer. When shopping for the best product for your needs, there’s more to consider than just the interest rate…
