There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
How to double your CPP income Apr 25th
A series of academic papers being rolled out by the National Institute on Ageing (NIA) has added fuel to the oft-argued case for delaying benefits for the Canada Pension Plan (CPP) to the latest possible age: 70.
As I reported on my own site, when an introduction and ove.... More »
Credit Suisse lands ex-Morgan Stanley managing director + MORE May 6th
Quick courtship of veteran investment banker Ram Amarnath a sign of the importance investment banks attach to covering Canada’s private-equity firms and pension plans
.... More »
Best high-interest savings accounts in Canada 2021 + MORE Aug 31st
Generally savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest is a no-brainer.
However, whe.... More »
Near retirement with no defined benefit pension? Here’s what you need to know Oct 26th
If you’re a typical reader of this column, I’m guessing retirement is on the near-term horizon for you, or already arrived in the form of “semi-retirement.” And if you’ve diligently saved in registered and taxable plans all these decades but lack an employer-sponsored defined benefit (DB) .... More »
How much should you withdraw from your RRIF? + MORE Aug 17th
Q. I am 78 and have $330,000 in my RRIF account. How much should I withdraw each year so it is depleted by age 90? –Sandy
A. If I understand your question, Sandy, it sounds like you want to draw down your registered retirement income fund (RRIF) on a schedule aligned with your life expectancy. .... More »
How to plan for retirement on a low income: Roseman
– thestar.com
Mainstream advice isn’t suitable for many people who rely on government pensions after 65, says social policy consultant John Stapleton.3 things that compete with RRSP contributions
– thestar.com
RRSPs a terrific way for Canadians to save money for retirement but there are times when other financial concerns take priorityAvoid GICs linked to stock markets: Roseman
– thestar.com
Banks push market-linked GICs during RRSP season, but smart investors don’t buy them. An Alberta bank has decided not to sell them altogether.Spousal RRSPs: Helping Couples Save for a Comfortable Retirement
– rhondasherwood.com
A spousal RRSP is a savings vehicle where one spouse makes a contribution to a plan opened in the other spouse’s name. It allows couples to split income in retirement so that each person has a similar amount of income. This strategy helps to lower the income tax the couple pays in retirement.When Spousal RRSPs Make Sense
A spousal RRSP makes sense in situations where one person earns significantly more than the other. It can be considered when one spouse is earning and the other one is at home caring for children or is a significant difference in their respective incomes.
In a situation where both spouses approximately the same amount, a spousal plan is not the best option. Instead, each spouse should be making contributions to a personal plan in accordance with his or her RRSP limit. The amount that each person can contribute to a RRSP is listed on the Notice of Assessment issued by the Canada Revenue Agency (CRA) each year.
Opening a Spousal RRSP Account
When a couple decides to open a spousal RRSP, the account is opened in the lower-earning spouse’s name…
Mom’s $156,000 salary not enough for retirement needs
– thestar.com
Financial planning: Young child, low-earning husband means some financial adjustments should be made to protect family’s future
