How to model retirement income in Canada + MORE Feb 13th

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The best chequing accounts in Canada for 2024
Most people expect little from their chequing accounts—but we’ve scouted out options that offer surprising features, from breaks on fees to rewards programs.

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Featured chequing accounts

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EQ Bank Personal Account

Earn between 2.5% and 4% interest on your savings. Plus, use the pre-paid card for everyday purchases and free ATM withdrawls.

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The Chequing Account For Newcomers to Canada

Awarded Best Bank for Newcomers to Canada by MoneySense. Open an account with no fixed monthly fee for up to 3 years.

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Simplii Financial No fee Chequing

Earn $400 when you become a new client…

Who doesn’t want to save money. But Kathleen Cassidy takes it to the extreme… with extreme couponing. It all started when she was a student at McMaster University, couponing to get better value for her purchases and her money. Now, still living in Hamilton, Ont., she’s using her savvy to educate Canadians on being thrifty, and she recently partnered with PC Financial as a spokesperson. Known on her popular social channels @LivingonaLoonie, she encourages her Canadian followers to save money, one loonie at a time.

Featured credit cards

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Travel rewards card

Earn 5 times the points on groceries and restaurants. Redeem points for flights on any airline.

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Low interest card

An ideal option for cardholders looking to manage debt, the card’s low 12…

Ask MoneySense
I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago. 

I have a work pension, and my wife was bought out for her pension. 

We have considerable RRSPs, farm income, and farm property. Where do we start to see how much we can spend a month? We need a plan. My wife will collect CPP when she’s 60, and I will collect CPP when I’m 65.

How do you cash in your RRSPs? Should you get GICs? 

We’ve saved money all our lives, but how to you cash out now? We self-directed all our investments, but now what do we do? 

We have questions but no answers. Where do you find someone to help you make a plan to spend, not save? 

–Mike

Determining how much money you can spend in retirement

Mike, you may be surprised to learn that a lot of wealth builders have trouble flipping the switch to spend once they retire. They just can’t wrap their brains around it. I’m not sure if that’s the issue you’re asking about, or if you’re asking about the best way to access and maximize your wealth through retirement…