How to go about securing the best policy for your insurance in Canada.
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Canada’s best travel credit cards 2022 + MORE Jan 7th
With a good travel credit card in your name, going on a trip can suddenly become more affordable (when you are ready to travel again, of course). And, you can get even more value if you sign up for the right travel credit card—one that doesn’t just focus on points, but also has perks such as lou.... More »
Home insurance isn’t immune to inflation. Here’s how experts say you can lower those costs Jul 19th
Simply shopping around to different companies and double checking the coverages you actually need can save you cash at renewal time.... More »
How much is insurance for a new driver? + MORE Mar 24th
You might believe that all you need to do to hit the open road is pass your driver’s test and put your keys in the ignition, right? Wrong. All drivers in Canada, including new ones, must also obtain auto insurance before they can legally drive. So, how much is insurance for a new driver? If you o.... More »
17 home insurance myths to stop believing now Nov 12th
Home insurance can be a tricky topic, and if you’re not reading the fine print, you could be relying on widely-held insurance myths to inform your coverage decisions. Let’s take a look at the home insurance myths and get the facts straight.
Get personalized quotes from Canada's top home i.... More »
TFSA contribution room calculator Nov 20th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
Financial planning in your 70s
– moneysense.ca
When most people think about financial planning, they think about saving and investing for retirement. That is a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you’re not there yet, bookmark this for Future You, or share with older family members.
RRSPs
An account holder can only have a Registered Retirement Savings Plan (RRSP) until December 31 of the year they turn 71. By that time, they must either convert their RRSP to a registered retirement income fund (RRIF) or purchase an annuity that provides a regular payment for life from an insurance company.
The conversion age used to be 69, but was increased to the current age 71 in 2007. (I find in the course of my work as a Certified Financial Planner that some people still think it is 69.) It often makes sense to take RRSP withdrawals prior to age 72, and even convert your RRSP to a RRIF as early as age 65.
Minimum RRIF withdrawals at age 72 are 5…
Here are a few financial planning strategies for those approaching or into their 70s. If you’re not there yet, bookmark this for Future You, or share with older family members.
RRSPs
An account holder can only have a Registered Retirement Savings Plan (RRSP) until December 31 of the year they turn 71. By that time, they must either convert their RRSP to a registered retirement income fund (RRIF) or purchase an annuity that provides a regular payment for life from an insurance company.
The conversion age used to be 69, but was increased to the current age 71 in 2007. (I find in the course of my work as a Certified Financial Planner that some people still think it is 69.) It often makes sense to take RRSP withdrawals prior to age 72, and even convert your RRSP to a RRIF as early as age 65.
Minimum RRIF withdrawals at age 72 are 5…
