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How to be a better investor Feb 26th
For both beginner and experienced investors, focusing on a few basic guidelines can make the difference between good results and great ones. Whether you’re investing in a taxable account or a tax-sheltered account like a registered retirement savings plan (RRSP), doubling down on the basics can he.... More »
Swiss bank UBS says Toronto has 3rd biggest housing bubble in the world - CBC.ca + MORE Oct 1st
Swiss bank UBS says Toronto has 3rd biggest housing bubble in the world CBC.caToronto real estate poses bubble risk, while Vancouver overvalued - Business News Castanet.netToronto real estate poses bubble risk, UBS says Advisor.caToronto real estate poses bubble risk.... More »
Twitter Reportedly Planning to Charge $20 per Month for Verification, Even For Those Already Verified - IGN Oct 31st
Twitter Reportedly Planning to Charge $20 per Month for Verification, Even For Those Already Verified IGNWION Fineprint: Elon Musk planning layoffs at Twitter, say reports | World News | WION WIONElon Musk says Twitter will revise how it verifies users The Globe and .... More »
Save for your child’s education or you might live to regret it Jul 5th
An RESP provides for tax-deferred investment growth and is a fantastic tool that allows a parent, grandparent, friend or legal guardian to save money for a child’s post-secondary education..... More »
What is short-term disability insurance? Sep 14th
Short-term disability (STD) insurance provides income for someone over a short period of time if they can’t work because they’re ill or injured, have been in an accident, or are in the hospital. STD insurance is often offered by employers as part of their workplace benefits package. It’s not .... More »
Planning for retirement with little or no savings to draw on
– moneysense.ca
Despite their best intentions some Canadians, facing a variety of financial challenges throughout their working lives, may not be able to save much towards retirement. Yet it’s difficult to know how to manage in those circumstances, as so much of the financial planning advice that’s shared widely is catered to wealthier people.
Retiring with little to no savings can be difficult, but it is not impossible.
Canada Pension Plan (CPP)
For a retiree who has worked most of their life, the Canada Pension Plan (CPP) will replace a portion of their historical earnings. The CPP retirement pension is meant to replace 25% of what you earned, on average, over your career, up to a certain limit. A CPP enhancement began in 2019 that will gradually increase that replacement rate to 33% over time.
In 2020, the maximum CPP retirement pension payment at age 65 is $1,176 per month—that’s $14,112 per year. However, not all retirees have made enough CPP contributions during their careers to receive the maximum…
Retiring with little to no savings can be difficult, but it is not impossible.
Canada Pension Plan (CPP)
For a retiree who has worked most of their life, the Canada Pension Plan (CPP) will replace a portion of their historical earnings. The CPP retirement pension is meant to replace 25% of what you earned, on average, over your career, up to a certain limit. A CPP enhancement began in 2019 that will gradually increase that replacement rate to 33% over time.
In 2020, the maximum CPP retirement pension payment at age 65 is $1,176 per month—that’s $14,112 per year. However, not all retirees have made enough CPP contributions during their careers to receive the maximum…
