Not sure how to make a retirement plan? Read on…
Latest News
Best high-interest savings accounts in Canada 2021 + MORE Jan 5th
Regular savings accounts offer very low interest rates, so if you want to earn on your deposits (rather than simply use your account as a temporary “holding tank” for funds you’ll soon be using for purchases, or directing to longer-term saving and investing vehicles), a high-interest savings a.... More »
House rich, cash poor in retirement + MORE Oct 16th
Getty Images
Q: My wife (58) and I (57) are house rich, cash poor and just got approved for a line of credit for $600,000. We’re planning to retire at 65. We have no savings, no RRSPs and no TFSAs. When I reach retirement, I would like to get about $20,000 per year to spend on top of CPP and O.... More »
Year-end tax-saving tips for Canadians for 2024 + MORE Dec 6th
Hear me out. Year-end tax planning can be financially rewarding. It’s a shame so few people do it. There are three objectives: plan to reduce taxes for the current year with legitimate planning opportunities, go back and recover overpaid taxes in prior years and, finally, set yourself up to minimi.... More »
Investing tips for dual citizens of Canada and the U.S. + MORE Feb 3rd
Q. I am a dual Canadian/U.S. citizen. Due to this, I cannot make use of a TFSA, so once my RRSP is maxed out, I’m stuck with non-registered accounts. I plan on putting a large part of my savings into a U.S. robo-advisor or U.S.-listed ETFs. As for my RRSP, I was wondering whether I should foc.... More »
Retirement taxes explained: Withholding, clawbacks, and other surprises Sep 19th
Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition.
Taxation in Canada
When you are.... More »
Public pension reform has been a key issue at federal-provincial finance ministers’ meetings at least since 2010, with officials having looked at three major proposals for Canada Pension Plan enrichment. The plans differ slightly in their approach, but their basic aim is to increase benefits for future generations of seniors.
They are also similar in that all three proposals are pre-funded, meaning that although contributions to pay for higher benefits all kick in at the same time, contributions will hit their maximum boosted level far quicker than benefits.
———
1. The Wes Sheridan plan, proposed by the Prince Edward Island finance minister, may be the most complicated because it impacts workers differently depending on their level of earnings.
Currently, the CPP plan pays out about 25 per cent replacement benefits on up to $51,100 of pensionable earnings, resulting in a maximum annual benefit of $12,150. Because it is aimed at the middle class, the Sheridan plan calls for no changes in either benefits or contribution rates for employees on the first $25,500 or so of pensionable earnings…
They are also similar in that all three proposals are pre-funded, meaning that although contributions to pay for higher benefits all kick in at the same time, contributions will hit their maximum boosted level far quicker than benefits.
———
1. The Wes Sheridan plan, proposed by the Prince Edward Island finance minister, may be the most complicated because it impacts workers differently depending on their level of earnings.
Currently, the CPP plan pays out about 25 per cent replacement benefits on up to $51,100 of pensionable earnings, resulting in a maximum annual benefit of $12,150. Because it is aimed at the middle class, the Sheridan plan calls for no changes in either benefits or contribution rates for employees on the first $25,500 or so of pensionable earnings…
Bernanke says he plans to stay in Washington after stepping down from the Fed in January
– canadianbusiness.com
WASHINGTON – Ben Bernanke says he intends to stay in Washington for the “immediate future” after he steps down as chairman of the Federal Reserve next month.
But he was otherwise vague on his future plans when asked about them at his final quarterly news conference as chairman.
Responding to a question about his retirement plans, Bernanke said he has decided to stay in Washington rather than return to his hometown of Dillon, S.C., where he has an uncle.
“He is 85 and very chipper,” Bernanke said but he indicated that he now has more relatives living in North Carolina than South Carolina.
His successor, Janet Yellen, is expected to be confirmed soon by the Senate. Bernanke’s term as chairman ends on Jan. 31.
The post Bernanke says he plans to stay in Washington after stepping down from the Fed in January appeared first on Canadian Business.
But he was otherwise vague on his future plans when asked about them at his final quarterly news conference as chairman.
Responding to a question about his retirement plans, Bernanke said he has decided to stay in Washington rather than return to his hometown of Dillon, S.C., where he has an uncle.
“He is 85 and very chipper,” Bernanke said but he indicated that he now has more relatives living in North Carolina than South Carolina.
His successor, Janet Yellen, is expected to be confirmed soon by the Senate. Bernanke’s term as chairman ends on Jan. 31.
The post Bernanke says he plans to stay in Washington after stepping down from the Fed in January appeared first on Canadian Business.
Facebook, Zuckerberg, banks must face IPO lawsuit
– theglobeandmail.com
Investors including pension funds in Arkansas, California and North Carolina claim Facebook negligently concealed material information from its IPO registration statement
Neiman Marcus weighed down by acquisition expenses and posts 1Q loss
– canadianbusiness.com
DALLAS – Neiman Marcus Group Ltd. on Wednesday posted a loss for its fiscal first quarter due to costs tied to its recent acquisition, along with other unusual costs.
The Dallas luxury retailer was acquired by Ares Management and Canadian Pension Plan Investment Board for $6 billion in October.
Neiman Marcus lost $13.1 million for the quarter that ended on Nov. 2, compared with net income of $49.6 million in its first quarter last year.
The quarter was hurt by $109.4 million in acquisition-related expenses, a $2.8 million management fee to its prior sponsors and a $1.5 million loss in a foreign online retailer. It also recorded stock-based compensation expense of $2.5 million.
Revenue increased to $1.13 billion from $1.07 billion. Revenue from stores open at least a year rose 5.7 per cent.
The post Neiman Marcus weighed down by acquisition expenses and posts 1Q loss appeared first on Canadian Business.
The Dallas luxury retailer was acquired by Ares Management and Canadian Pension Plan Investment Board for $6 billion in October.
Neiman Marcus lost $13.1 million for the quarter that ended on Nov. 2, compared with net income of $49.6 million in its first quarter last year.
The quarter was hurt by $109.4 million in acquisition-related expenses, a $2.8 million management fee to its prior sponsors and a $1.5 million loss in a foreign online retailer. It also recorded stock-based compensation expense of $2.5 million.
Revenue increased to $1.13 billion from $1.07 billion. Revenue from stores open at least a year rose 5.7 per cent.
The post Neiman Marcus weighed down by acquisition expenses and posts 1Q loss appeared first on Canadian Business.
Much gnashing of teeth today over the federal government’s decision not to play ball with PEI and Ontario over expanding the Canada Pension Plan into a so-called “Big” CPP. Probably the best summary of it came in Terry Corcoran’s column today flagged on both the front of the National Post and the FP: billed respectively as “Failure to move ahead on big CPP a big relief” and “The right call on big CPP.” (double entendre on the word “right?”)It’s also instructive to read the reader comments on the various online pieces. These tend either to be of the “my mum lives on CPP/OAS/GIS and is doing fine” variety or else the “I’ve been saving all my life for retirement, so why do we have to go back to government for more?” type.
It is a bit outrageous that the Ontario government – fresh from the gas plant debacle, following which we all pay way too much for electricity – is now claiming it’s willing to go it alone to introduce a big CPP in the province…
