Not sure how to make a retirement plan? Read on…
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Stock news for investors: Dollarama, Transat and Roots release earnings Jun 13th
Here’s a round-up of news for Canadian investors this week.
Dollarama
Transat
Roots
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 2.00% interest, t.... More »
Sean Wilson, financial advisor Feb 21st
Meet Sean Wilson
Sean Wilson is a Certified Financial Planner and founder of Moraine Wealth Advisory, a boutique financial planning firm specializing in helping Canadian physicians and business owners achieve their financial and life goals. With many years of experience in financial services, he.... More »
The best RRSPs in Canada for 2024 + MORE May 2nd
RRSPs
The best RRSPs in Canada for 2024
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.
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Can Canadian investors save tax when a stock’s company goes bankrupt? Dec 27th
Ask MoneySense
The company of a stock I own went bankrupt. Am I able to claim losses? If so, how?
—Jake
Can you save on tax when a company you invest in goes bankrupt?
The short answer is: it depends, Jake. But, I will outline the factors to consider to determine if and how you ca.... More »
Where should working retirees put extra income: A TFSA or an RRSP? Jan 11th
Ask MoneySense
I will be receiving CPP and OAS as of June 2024. I intend on working one more year until I reach 66. My question is: Should I put all my CPP money into an RRSP to shelter it from tax? Or should I pay the tax on it and invest in a tax-free savings account?
–Gary
Where to put r.... More »
Ask MoneySense
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whatever that means. It doesn’t make sense to me! When I purchased the policy, I was told I could use this money for my retirement. I don’t remember the insurance agent ever saying anything about tax.
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whatever that means. It doesn’t make sense to me! When I purchased the policy, I was told I could use this money for my retirement. I don’t remember the insurance agent ever saying anything about tax.
—Rasheed
Is cashing out whole life insurance taxable?
Ah, Rasheed, I am sorry to tell you the insurance company is correct. I am glad you asked this question because it serves as a warning to anyone who owns a whole life insurance policy. Before cancelling a whole life insurance policy, contact the insurance company or your agent, and ask what the taxable amount will be. You are also wondering how much is taxable.
How not to calculate the taxable amount on insurance
Many people assume the insurance cash value is just like any other investment—50% of a capital gain is taxable according to your income tax bracket…
Surging inflation is chipping away at your retirement nest egg — here’s what you can do to protect it
– thestar.com
Portfolios that contain a healthy percentage of stocks that are diversified across different industries is a step in the right direction, experts say.
There are certain rules of thumb to finding a retirement magic number, but retirement planning needs to be personalized, say financial experts.
