How to go about securing the best Retirement Plan in Canada.
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When are TFSAs and RRSPs actually taxable? + MORE Feb 29th
Ask MoneySense
I saw your blog online; thank you so much for the wonderful job that you are doing—it was very informative! That motivated me to start investing too, but now I have a couple of questions. I understand that there is tax on U.S. dividends in TFSA. Do we pay tax as well when we sell:
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Watch: 4 things to consider before putting your money in a TFSA or RRSP Sep 28th
You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider befo.... More »
How to plan for retirement for Canadians: A review of Four Steps to a Worry-Free Retirement course + MORE Oct 26th
With November incoming and being Financial Literacy Month in Canada, it seems appropriate to devote this edition of the Retired Money column to a new Canadian DIY retirement course created by MoneySense’s “Making sense of the markets” columnist Kyle Prevost.
Entitled 4 Steps to a .... More »
How much should I have in my RRSP? + MORE Feb 22nd
For many Canadians, investing in their registered retirement savings plan (RRSP) is the primary way they save for retirement. RRSPs are an invaluable tool, allowing you to stow away funds for golden years while reducing your taxable income today. However, there is no one-size-fits-all way to use the.... More »
Should retirees speculate?
– moneysense.ca
All investors need to know the difference between investing and speculation—often summed up as what you do with “serious money” versus “fun money”—and that’s doubly true for those at or near retirement. While investing is about building wealth you can count on, speculating typically means risking money you can afford to lose, which may be in short supply for retirees on a fixed income.
No one wants to lose money, of course, but that risk is the inevitable trade-off for those in pursuit of higher returns. Take, for example, the trades happening over at the Robinhood platform where young millennials congregate. Post-COVID, many have turned to what might strike retirees as unabashed speculations—depressed airline, hotel and cruise line stocks—betting they’ll soar once a vaccine is available. (Some of these stocks did, indeed, rebound following Joe Biden’s U.S. presidential win and good news about a possible vaccine from Pfizer.) The operative word with this cohort seems to be FOMO: Fear Of Missing Out…
No one wants to lose money, of course, but that risk is the inevitable trade-off for those in pursuit of higher returns. Take, for example, the trades happening over at the Robinhood platform where young millennials congregate. Post-COVID, many have turned to what might strike retirees as unabashed speculations—depressed airline, hotel and cruise line stocks—betting they’ll soar once a vaccine is available. (Some of these stocks did, indeed, rebound following Joe Biden’s U.S. presidential win and good news about a possible vaccine from Pfizer.) The operative word with this cohort seems to be FOMO: Fear Of Missing Out…
With no debt, his goal now is to buy a home and put the rest of his savings into stocks for retirement. But with his girlfriend’s work in Toronto, where should he buy and what can he achieve?
