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Tax time can be stressful—the right account can keep your money growing Mar 19th
The past year hasn’t been easy: inflation has remained elevated, trade tensions continue, and economic uncertainty is still high. If your budget feels tight, paying off a tax bill this season may feel particularly stressful—especially if you’re a solopreneur (aka you run your business alone) w.... More »
The best TD credit cards in Canada 2020 + MORE Aug 21st
Formed through a merger between financial giants Bank of Toronto and The Dominion Bank in 1955, TD is one of Canada’s most storied big five banks. It offers a wide array of financial services including an impressive portfolio of more than two dozen credit cards. We break down the best TD credit ca.... More »
OAS payment dates in 2024 and 2025, and more to know about Old Age Security + MORE Nov 4th
If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS wo.... More »
How much to take out of your RRSP in your 60s + MORE Nov 3rd
Many retirees have the bulk of their retirement savings in registered retirement savings plans (RRSPs) or similar tax-deferred registered accounts. RRSPs need to be used to buy an annuity or more commonly converted to a registered retirement income fund (RRIF) by Dec. 31 of the year someone turns 71.... More »
Cash vs. stock: MEG shareholders face stark choice in takeover battle + MORE Sep 9th
The battle to take over MEG Energy Corp. is pitting a friendly cash-heavy offer from one of Canada’s biggest oilsands producers against a retooled hostile bid from Strathcona Resources Ltd. that’s now based entirely on stock.
Under an amended offer announced Monday, Strathcona i.... More »
Two of the more promising measures in the recent federal budget could pave the way for deferred annuities and pooled-risk pension products designed to prevent retirees from outliving their money.
The budget proposed two new types of annuities that can be used for registered plans. The headline-grabber was ALDA: an acronym for Advanced Life Deferred Annuity. As of 2020, ALDAs could become an investment option for those with registered plans like RRSPs or RRIFs, Defined Contribution (DC) Registered Pension Plans and Pooled Registered Pension Plans (PRPPs).
The other proposal is for Variable Payment Life Annuities (VPLAs), which would pool investment risk in groups of at least 10 people within defined-contribution RPPs and PRPPs. This, to me, rings of a relatively obscure academic concept called a “tontine,” which, in its most extreme form—famously depicted in The Wrong Box—pools investments by a group, with the single survivor “winning” the whole pot by outliving all the unfortunates who die sooner…
The budget proposed two new types of annuities that can be used for registered plans. The headline-grabber was ALDA: an acronym for Advanced Life Deferred Annuity. As of 2020, ALDAs could become an investment option for those with registered plans like RRSPs or RRIFs, Defined Contribution (DC) Registered Pension Plans and Pooled Registered Pension Plans (PRPPs).
The other proposal is for Variable Payment Life Annuities (VPLAs), which would pool investment risk in groups of at least 10 people within defined-contribution RPPs and PRPPs. This, to me, rings of a relatively obscure academic concept called a “tontine,” which, in its most extreme form—famously depicted in The Wrong Box—pools investments by a group, with the single survivor “winning” the whole pot by outliving all the unfortunates who die sooner…
