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Can a LIRA be transferred to an RRSP with no contribution room in Ontario? Aug 10th
Can 50% of my LIRA be transferred to my RRSP if I do not have contribution room in Ontario Canada? Is it better to transfer to an RRSP or RRIF if funds are not needed and are used for investment purposes?—Katherine
How much can you transfer from a LIRA to an RRSP?
Katherine, Ontario resident.... More »
U.S. withholding tax in an RRSP for Canadians + MORE Aug 3rd
I have EPD stock in my RRSP for their dividend payments (about 7%). What a surprise I had—even when in an RRSP—I had to pay about 30% tax on these dividends. EPD is registered in Louisiana. —Wanda
How much is withholding tax on U.S. dividends?
I am going to provide a brief summary of U..... More »
Could selling a vacation property affect government pensions? Sep 7th
Q. I was wondering what would happen if I sold my mobile home this year for $100,000. Currently, I receive Canada Pension Plan, Old Age Security and Guaranteed Income Supplement benefits totalling about $1,800 a month. Would the sale affect my pensions?
–Colleen
A. When you sell what is known as â.... More »
Affordability tips for first-time home buyers to securing a mortgage Nov 2nd
Q. My partner and I rent a two-bedroom apartment in Toronto in a great neighbourhood for $1,850 a month—so, a great deal. We have been living together for three years and would like to buy a house together next year, when we both turn 30.
Get the mortgage rate that works for you.Find the bes.... More »
Europe launches a new mission to image Earth's magnetic shield in 2026 while the operational satellite warning of solar storms is a 1995 spacecraft running 28 years past retirement — the gap between discovery science and operational continuity within a sin - Space Daily + MORE May 16th
Europe launches a new mission to image Earth's magnetic shield in 2026 while the operational satellite warning of solar storms is a 1995 spacecraft running 28 years past retirement — the gap between discovery science and operational continuity within a sin Space DailySmile arrives at th.... More »
Severance, pensions and unemployment at 65: Should you apply for a pension if you get laid off?
– moneysense.ca
Q. I just got laid off because of restructuring, but I got a package from work that will have me getting paid until February 2021. I am 65 as of March 2020. I did not apply for my pensions yet. If I apply now will it be deducted from my unemployment in February? Should I wait to apply for a pension?
–Nancy
A. I am sorry to hear about your layoff, Nancy. Hopefully you were close to retiring. I know sometimes these packages are welcomed for those approaching retirement. But even if that’s the case, it can still be difficult for those not yet prepared to be retired.
It sounds like you are receiving salary continuance through to next February, with regular payroll deposits continuing until that time. Even if you received a lump-sum severance payment all at once, if it would otherwise replace your salary until February, you would not be able to apply for employment insurance (EI) until that time.
EI benefits are available to workers who lose their job through no fault of their own, including a layoff…
–Nancy
A. I am sorry to hear about your layoff, Nancy. Hopefully you were close to retiring. I know sometimes these packages are welcomed for those approaching retirement. But even if that’s the case, it can still be difficult for those not yet prepared to be retired.
It sounds like you are receiving salary continuance through to next February, with regular payroll deposits continuing until that time. Even if you received a lump-sum severance payment all at once, if it would otherwise replace your salary until February, you would not be able to apply for employment insurance (EI) until that time.
EI benefits are available to workers who lose their job through no fault of their own, including a layoff…
