What is the CPP Survivor’s Pension? How can Canadians claim this benefit? + MORE Feb 15th

Even bonds, usually thought of as a safe haven for investors, lost their value as interest rates spiked, given the inverse correlation between interest rates and bond prices.

In this environment, investors saving for retirement may want to consider a different approach to boost their income. One strategy that could help is to use a covered call writing strategy. Before we explore that, though, let’s look at the financial instrument the strategy uses: call options.

What is a call option? 

A call option is an agreement between two parties that gives the option buyer the right, but not the obligation, to buy a stock at a certain price (the “strike price”), within a specified time frame. The buyer pays a fee, called a premium, to the seller for that right…

What is the CPP Survivor’s Pension?

Thanks for your email, Kevin. Losing a spouse or common-law partner is one of the most challenging experiences we can face in our lifetimes. The Canadian government does offer a benefit payment program under the Canada Pension Plan (CPP) program for surviving spouses that could be payable to you if you qualify. It is called the CPP Survivor’s Pension, and it is a monthly payment paid to the survivor that helps to cover the pension payment the deceased would have received while still alive. 

Now, let’s review who qualifies for the benefit, how much you could receive and how to apply.

Who can qualify for survivor benefits?

The CPP Survivor’s Pension benefit is only payable to select Canadians. To qualify, the applicant must be legally recognized as the common-law partner to or married to the deceased…

RRSP contribution rules highlights
Your RRSP contribution limit is based on the maximum RRSP contribution room set by the Canadian government, the income you earned during the previous tax year, and any unused contribution room from previous years. Overcontributing to your RRSP by more than $2,000 can result in a penalty of 1% per month on excess funds left in the account.

Putting money into a registered retirement savings plan (RRSP) is one of the best ways to save for retirement. Some people choose to contribute a lump sum to their RRSP, either at the beginning of the calendar year or just before of the annual deadline, while others prefer to contribute regularly through automatic withdrawals or deposits. Whichever option you choose, be aware that there’s a limit to how much you can add to your RRSP in any given year. The RRSP contribution room calculator above will get you the numbers you need, but keep reading for more information on RRSP contribution limits.

What’s an RRSP?

An RRSP is a savings account registered with the Canadian government…

Every year, Canadians are asked to prepare an income tax return for the previous tax year. Most of the time, the tax year and calendar year align perfectly, meaning you’ll file a return in 2023 based on income you earned and deductions you qualified for between January 1 and December 31, 2022.

There’s one well-known exception to this rule: With registered retirement savings plans (RRSPs), Canadians have 60 days after the end of the calendar year to make contributions for the previous tax year. This means you have until March 1, 2023, to make an RRSP contribution and lower your taxable income for the 2022 tax year.

What’s an RRSP? 

An RRSP is a registered savings account designed to help Canadians save for retirement…