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Selling a cottage to a family member: What that means for capital gains Jul 18th
AskMoneySense
I shared a cottage property with my brother. I sold my half to my half to my niece. Do I have to pay capital gains tax? If so, how do you calculate this? How do you determine the adjusted cost base? What expenses can be applied?
—Terry
What happens when you sell your cottage t.... More »
How to manage and save money without a budget + MORE Nov 4th
“Stick to a budget” is one of the most common pieces of advice you’ll hear if you’re trying to save money. But not everyone wants to make decisions according to a spreadsheet—and there are many ways to manage your money that don’t involve a budget. Often, a simple, critical look at your .... More »
Ask Avery: How Do I Ask For a Raise in This Economy? Mar 9th
Welcome to CB’s new work-advice column, Ask Avery, featuring Avery Francis, founder of workplace design consultancy Bloom. Each month, Francis will answer reader questions on topics that affect our ability to thrive in our jobs, and she’ll offer her real-world insights on how to handle even .... More »
What will happen to Afghanistan’s economy under Taliban rule? - Al Jazeera English Aug 19th
What will happen to Afghanistan’s economy under Taliban rule? Al Jazeera EnglishAfghan central bank's $10-billion in assets likely not within reach of Taliban, officials say The Globe and MailAfghanistan: Pakistan fences off from Afghan refugees BBC NewsFATAH: This.... More »
iPhone 14 Pro display problems due to software - Geeky Gadgets + MORE Jan 16th
iPhone 14 Pro display problems due to software Geeky GadgetsApple confirms iPhone 14 Pro display bug, is working on a fix Android AuthorityLots of People are NOT happy with the iPhone 14 — we asked them why Laptop MagApple confirms some iPhone 14 Pro displays prone.... More »
Financial planning in your 70s
– moneysense.ca
When most people think about financial planning, they think about saving and investing for retirement. That is a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you’re not there yet, bookmark this for Future You, or share with older family members.
RRSPs
An account holder can only have a Registered Retirement Savings Plan (RRSP) until December 31 of the year they turn 71. By that time, they must either convert their RRSP to a registered retirement income fund (RRIF) or purchase an annuity that provides a regular payment for life from an insurance company.
The conversion age used to be 69, but was increased to the current age 71 in 2007. (I find in the course of my work as a Certified Financial Planner that some people still think it is 69.) It often makes sense to take RRSP withdrawals prior to age 72, and even convert your RRSP to a RRIF as early as age 65.
Minimum RRIF withdrawals at age 72 are 5…
Here are a few financial planning strategies for those approaching or into their 70s. If you’re not there yet, bookmark this for Future You, or share with older family members.
RRSPs
An account holder can only have a Registered Retirement Savings Plan (RRSP) until December 31 of the year they turn 71. By that time, they must either convert their RRSP to a registered retirement income fund (RRIF) or purchase an annuity that provides a regular payment for life from an insurance company.
The conversion age used to be 69, but was increased to the current age 71 in 2007. (I find in the course of my work as a Certified Financial Planner that some people still think it is 69.) It often makes sense to take RRSP withdrawals prior to age 72, and even convert your RRSP to a RRIF as early as age 65.
Minimum RRIF withdrawals at age 72 are 5…
