Financial hardship withdrawal exceptions and increasing income in retirement + MORE Apr 4th

Ask MoneySense
I am in B.C., Canada. I moved my LIRA into a LIF two years ago. I have taken the maximum annual withdrawals for each year. I thought it’d be smart to start taking it. How can I get more out of it? I need the funds to help deal with bill payments. All my monthly income is going to a mortgage now, and I have no extra money for anything else. I am trying to save my credit rating and cannot use credit anymore. Can it be transferred back into something that I can withdraw? Hardship clauses do not apply to me, but that does not mean I am not in trouble. I wish I had not done it. I have put myself in a terrible spot. This LIF is not my only income for retirement. I have another pension and full CPP and OAS. Any advice you have? I would greatly appreciate it.  

—CM

Reversing the LIF

CM, if you’re taking the maximum annual withdrawals from your life income fund (LIF), then it’s unlikely you will be able to take any additional money from your LIF…

For the Schooley family, embracing their farming roots while looking for new possibilities paved the way to a sustainable future.

Apple Hill Lavender Farm is an agritourism destination in Norfolk County boasting an on-site boutique in an historic barn, as well as five acres of rolling lavender fields and a picturesque apple orchard. The agritourism business is just part of their larger family farm. Schooley Orchards Limited was established in 1906 and is now transitioning to the fourth generation.

And when it comes to succession planning, it’s no easy feat. Seventy per cent of family-run organizations struggle with the transition process. But the Schooley family has always worked well together—openly communicating successes and brainstorming ideas to overcome barriers. With a passion for innovation and creativity, their next generation is fostering new growth on the farm.

Planting the seeds of sustainability

In 2008, Harold Schooley, the farm’s third-generation owner, pulled out five acres of apple trees to plant lavender as a retirement gift to his wife…

In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial wellness—while boosting their own ability to attract and retain talent—with a group savings program.

Employers can help employees plan for their future; whether it’s for homeownership, retirement or their child’s education—there’s a group savings plan for every financial goal. To achieve this, employers can benefit from a well-tailored program with a comprehensive registered pension or retirement savings plan customized to the needs of their business and their employees.

Financial planning made easy

“A key aspect of the support we provide is access to financial advice and guidance from an extensive network of professionals to fit employers’ business needs,” says RBC Group Advantage vice-president Doug Crowe…