How to go about securing the best Retirement Plan in Canada.
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Do we need spousal RRSPs if our salaries are the same? + MORE Jul 29th
Q: I have a question about whether my wife and I should consider using a spousal RRSP. I’m 32, self-employed, paying myself an $80,000 annual salary and have a personal RRSP of around $160,000. My wife is also 32 and she’s employed with a company that provides a defined benefit pension. .... More »
Retirement planning —after you retire + MORE Jul 1st
(iStock)
While similar, retirement and what I like to call financial independence are not necessarily the same thing. The latter arrives when you have sufficient sources of passive income and assets accumulated that you can meet all your daily lifestyle expenses without having to continue to work. W.... More »
How to transfer from an RRSP to a TFSA —and why you shouldn’t + MORE Mar 3rd
Flickr
When transferring a stock from an RRSP to a TFSA, is there any advantage whether it is in a loss or gain position? Why or why not? – Darryl
If you hold a stock in your RRSP and you want to hold it in a TFSA instead, there is no way to simply transfer it from one account to the other. At lea.... More »
Stock news for investors: RBI earnings rise as Tim Hortons and international growth boost results + MORE Nov 1st
Here’s a round-up of news for Canadian investors this week.
Restaurant Brands International
Parkland
Wealthsimple
Cameco
Algoma
Corus
Spin Master
Featured RRSP Accounts
featured
EQ Bank
.... More »
5 RRSP Pitfalls and How to Avoid Them in 2016 Feb 12th
Registered Retirement Savings Plans (RRSPs) can be a way to save for the retirement lifestyle you want. However, there are RRSP pitfalls that have financial consequences that you definitely want to avoid when planning for this time in your life.
RRSP Pitfalls and How to Avoid Them in 2016
Failing t.... More »
Can a Reverse Mortgage Pay for Home Care in Retirement?
– rhondasherwood.com
How do you picture your retirement? If you are like most people, your focus is on havingtime to spend on activities you enjoy and the people you care for the most. The last thing on your mind is how to pay for health care services if you, your spouse, or partner becomes disabled. While the ideal scenario is to live a long, healthy life, most people have some level of disability during their retirement years. Does it make sense to use a reverse mortgage to pay for home care in retirement to keep other savings intact as long as possible?What is a Reverse Mortgage?
A reverse mortgage is a type of loan which is available to seniors. You would borrow money against the equity in your home. Assuming your home is fully paid off, the equity is the market value of your home. If you have an existing mortgage on your home, your equity is the difference between what you owe on your house and its value.
One of the advantages to taking out a reverse mortgage is that you do not need to make any monthly payments on the loan during your lifetime in many cases…
Go DIY on your own CPP
– moneysense.ca
You’ve no doubt heard lots of talk these days about government pensions. More than a few plans have been floated for expanding the Canada Pension Plan (CPP) or introducing entirely new programs with names like PRPPs, VRSPs and ORPP.Some of these schemes will never be more than figments, and even those that become concrete reality will take some time to be implemented. Instead, if you don’t want to wait for government initiatives to bear fruit, you can always consider creating something equivalent on your own. Of course, nothing compares to the CPP when it come to ease of providing a rock-solid set pension payout without conscious effort. But if you use the CPP as a benchmark and break down its key features point-by-point, you can create something somewhat similar in your own unofficial personal pension plan. You won’t be able to replicate all CPP’s advantages fully, but you do have a lot more flexibility to meet your individual needs and also avoid CPP’s little known dark side…
