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5 reasons to buy life insurance—right now + MORE Aug 21st
If you’re working to improve your financial situation, a few strategies may come to mind: paying down debt, building an emergency fund, investing inside a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), or putting your money in other savings vehicles. These are all .... More »
Want to boost your savings? Try a spending detox for the next seven days + MORE Jan 9th
Stopping the impulse to buy stuff on autopilot is one of the most valuable money moves you can make, Lesley-Anne Scorgie writes.... More »
As a Young Adult, These Are The Top 3 Financial Lessons I Learned in 2018 Jan 4th
Growing up, I thought I always had a knack for being financially responsible. My parents constantly lectured me about the importance of spending within my means and saving from a young age, so I would be careful not to spend too much while out with friends, and would throw a few dollars in my savin.... More »
Your American spouse may not want to inherit your TFSA + MORE Jun 3rd
Most Canadians assume leaving a tax-free savings account (TFSA) to a spouse is one of the simplest estate-planning decisions they can make. But when that spouse is a U.S. citizen, green card holder, or otherwise subject to U.S. tax filing requirements, inheriting a TFSA can create years of IRS repor.... More »
2023 tax credits, due dates and when you can file: Your 2023 income tax return guide + MORE Mar 19th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
How to choose a retirement date
– moneysense.ca
(Getty Images / shapecharge)Q: With $560,000 in RRSPs between my wife and I, $37,500 in TFSAs and another $120,000 in savings, is it wise to stop working now or continue to 65? I am currently collecting $870 from the Canada Pension Plan (CPP), but also working. I am on track to earn $100,000 or more. My wife will collect $600 per month from CPP when she starts to collect. We are both 63 and cannot decide when to stop working. I am trying to sort the tax problems of working too long before spending.
—Don
A: There is a fine balance between work and retirement, Don. Many people who are still working want to be retired. Some who are retired miss working. But as you approach retirement, you owe it to yourself to try to figure out if you’re ready to retire financially as well as from a lifestyle perspective.
First, Don, let’s do some number crunching.
In addition to your CPP retirement pensions, you should both likely be entitled to Old Age Security (OAS) pensions of up to $564 per month each at 65…
