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How much should I have in my RRSP? + MORE Feb 22nd
For many Canadians, investing in their registered retirement savings plan (RRSP) is the primary way they save for retirement. RRSPs are an invaluable tool, allowing you to stow away funds for golden years while reducing your taxable income today. However, there is no one-size-fits-all way to use the.... More »
TFSA or RRSP? Which is more popular—and why + MORE Feb 3rd
TFSAs win when it comes to flexibility. (Flickr)
Q. TFSA or RRSP, which one is more popular today—and why? – Phyllis D.
The RRSP marked its 50th-anniversary last year —but it looks like its Golden Age has already passed. While the RRSP still has more contributors than the TFSA, its lead is.... More »
Making sense of the markets this week: October 15, 2023 + MORE Oct 19th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Clearly, the biggest world news is the conflict in Israel and Gaza. This week we are holding off discussing the effects.... More »
WestJet vote 62 per cent in favour of forming the airline’s first union + MORE May 13th
The Air Line Pilots Association, International says more than 1,400 WestJet pilots have voted 62 per cent in favour of forming the first union at Canada’s second-largest airline.
The vote makes the ALPA, which bills itself as the world’s largest pilot union representing 55,000 pilots, th.... More »
What’s my RRSP contribution limit for 2022? + MORE Dec 21st
This RRSP contribution room calculator will get you the numbers you need, but keep reading for a better understanding of RRSPs.
If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2022 and may even be looking forward to a hefty tax refund. (The deadline for filing th.... More »
The truth about public sector pensions
– moneysense.ca
Getty ImagesThe large (and growing) discrepancy between private and public sector pensions in Canada has spawned the use of the term “pension envy.” I can certainly think of acquaintances who joined the federal civil service or became teachers right after graduating from university. On the whole, they put in their 30 years or so in the accompanying defined-benefit pension plan and were sitting pretty by their late 50s. In some cases, both halves of couples enjoyed such pensions, all back-stopped by taxpayers like you and me, who enjoy no comparable plan. The combined value could easily be the equivalent of dual RRSP nest eggs of between $1 million and $2 million (or more in the case of senior managers or executives).
Even if you’re fortunate to have a comparable DB pension in the private sector, these days corporate job security is such that there’s little assurance you’ll stay in any one place long enough to accrue a major pension payout. If you change jobs, whether voluntarily or not, there’s not likely to be the kind of pension portability provisions that may be available in the public sector…
