How to go about securing the best Retirement Plan in Canada.
Latest News
CPPIB reports 1.45% rate of return for first quarter, below long-term performance + MORE Aug 12th
Britain's vote to leave the European Union was a major drag on Canada's largest pension fund, but a recovery in stock markets has softened the blow, the new CEO of the Canada Pension Plan Investment Board said Thursday..... More »
What’s the Rule of 30? And what does it have to do with income and retirement? + MORE Oct 26th
If you’ve never heard of the Rule of 30, welcome to the club. You may be hearing about it more though. This month, retirement expert and semi-retired actuary Fred Vettese is publishing a new book: The Rule of 30: A Better Way to Save for Retirement (ECW Press, 2021).
I thought initially t.... More »
Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 10th
Until fairly recently, CPP replaced a quarter of your average work earnings — but it’s already providing more. We asked experts what to do if CPP and OAS will make up most of your retirement income..... More »
“Get to know and minimize the investing fees you pay”: Michael McCullough, MoneySense contributing editor + MORE Nov 1st
Financial writer and editor Michael McCullough has made a career of helping Canadians understand a wide range of money topics, from real estate to alternative investments. In addition to being a MoneySense contributor and contributing editor, Michael writes for The Globe and Mail and BCBusiness, and.... More »
How to plan for retirement for Canadians: A review of Four Steps to a Worry-Free Retirement course + MORE Oct 26th
With November incoming and being Financial Literacy Month in Canada, it seems appropriate to devote this edition of the Retired Money column to a new Canadian DIY retirement course created by MoneySense’s “Making sense of the markets” columnist Kyle Prevost.
Entitled 4 Steps to a .... More »
Government puts the chill on EI rates, but premiums still hiked for some in 2014
– canadianbusiness.com
OTTAWA – It’s not just the temperatures that are freezing on this first day of 2014.
The federal government says it’s freezing Employment Insurance premiums, and generally keeping taxes low.
But the Canadian Taxpayers’ Federation says the EI “rate freeze” will actually mean that premiums will go up slightly for some.
In its annual New Year’s Tax Changes report, the federation calculates that maximum employee EI rates will go up by $23 in 2014 to $914.
It says maximum EI premiums paid by employers will also rise by $31 to $1,279.
Overall, EI premium rates will remain at 2013 levels, at $1.88 per $100 of insurable earnings.
The federation adds that Canada Pension Plan premiums will be hiked by $140 for workers earning at least $52,500 per year.
But there will be bigger tax breaks for people who donate to charities for the first time.
They will receive a credit of 40 per cent of the first $200 they donate, rather than the normal 15 per cent credit.
The tax credit for donations over $200 is also rising, to 54 per cent for first time donors, rather than the previous 29 per cent…
The federal government says it’s freezing Employment Insurance premiums, and generally keeping taxes low.
But the Canadian Taxpayers’ Federation says the EI “rate freeze” will actually mean that premiums will go up slightly for some.
In its annual New Year’s Tax Changes report, the federation calculates that maximum employee EI rates will go up by $23 in 2014 to $914.
It says maximum EI premiums paid by employers will also rise by $31 to $1,279.
Overall, EI premium rates will remain at 2013 levels, at $1.88 per $100 of insurable earnings.
The federation adds that Canada Pension Plan premiums will be hiked by $140 for workers earning at least $52,500 per year.
But there will be bigger tax breaks for people who donate to charities for the first time.
They will receive a credit of 40 per cent of the first $200 they donate, rather than the normal 15 per cent credit.
The tax credit for donations over $200 is also rising, to 54 per cent for first time donors, rather than the previous 29 per cent…
How retirement systems vary among major nations
– moneysense.ca
Retirement systems vary widely from country to country. In China, policymakers are just beginning to expand retirement benefits to everyone. In Australia, people have been compelled for years to save for their own retirements. Italy and Germany are raising retirement ages and cutting benefits.
Here’s a look at retirement systems in key nations:
— UNITED STATES:
The United States is struggling to finance its promises to future retirees. Social Security is the core of its system. Social Security payments are financed by a tax on both workers and employers. The payments average $1,269 a month. Two-thirds of retirees rely on Social Security for most of their income. Americans can collect as early as age 62 but don’t receive the full benefit unless they wait later to collect — until age 66 for those born from 1943 through 1959 and age 67 for those born after. Many also rely on corporate pensions. But companies have been replacing them with 401(k)-style plans. These plans require employees to save and invest themselves…
Here’s a look at retirement systems in key nations:
— UNITED STATES:
The United States is struggling to finance its promises to future retirees. Social Security is the core of its system. Social Security payments are financed by a tax on both workers and employers. The payments average $1,269 a month. Two-thirds of retirees rely on Social Security for most of their income. Americans can collect as early as age 62 but don’t receive the full benefit unless they wait later to collect — until age 66 for those born from 1943 through 1959 and age 67 for those born after. Many also rely on corporate pensions. But companies have been replacing them with 401(k)-style plans. These plans require employees to save and invest themselves…
With a $495,000 mortgage, divorced man is house rich and cash poor.
