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The best GIC rates in Canada for 2024 Sep 3rd
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Save for your child’s education or you might live to regret it Jul 5th
An RESP provides for tax-deferred investment growth and is a fantastic tool that allows a parent, grandparent, friend or legal guardian to save money for a child’s post-secondary education..... More »
Loblaw rides long-term discount trend to stronger Q2 results + MORE Jul 25th
A slew of new discount stores helped push profit at Loblaw Cos. Ltd. higher in the second quarter, as shoppers continue to seek lower-priced products, a trend the company’s CEO says will remain for the long term.
“Our hard discount stores: They’re doing well and they’re stil.... More »
Should you go big or small with your down payment when buying a house? + MORE Dec 20th
When buying a property, how much should you put toward the down payment? We asked financial planner Janet Gray to weigh in for this week’s In Your Corner..... More »
Micro-credentials in Canada: Is it worth it to upskill? Aug 27th
If you make a habit of checking LinkedIn, you’ve surely seen it: the announcement from a former colleague that they’re proud to have earned credential X from institution Y. Maybe you give them a thumbs-up or clapping hands; maybe you scroll on by. But have you ever thought about the value of the.... More »
Canada’s biggest banks are set to report on what has traditionally been the strongest quarter of the year, but market volatility and slower mortgage growth during the period could weigh on their latest results.
Another foreign oil company says it’s getting out of the Canadian oilsands.
Why so many athletes run into financial trouble
– moneysense.ca
As an old-timer hockey player who still pays to play our national pastime, I can relate to the average sports fan’s tendency to envy the elite athletes who get paid millions to play kids’ games—especially when we know they love it enough to play for nothing.
But after reading Chris Moynes’ book, After the Game, I became more sympathetic to the plight of professional athletes whose careers average about 5.5 years. The median is just 4 years (so half have careers that last less than that) and a sudden critical injury could end it all at any moment.
Of course, while it lasts, the pay is astronomical compared to what mere mortals can generate in regular jobs: an average US$2.4 million per season. That means the average pro athlete will earn about $13 million over that short career. However, citing Sportrac.com, Moynes says 200 of the 683 players in the NHL earn less than US$1 million per year because the stats are skewed by the huge salaries of the biggest stars.
Big bucks for that brief window of opportunity, for sure, but that sum has to last another half century or more, and odds are no second career is going to pay like pro hockey, baseball or basketball…
But after reading Chris Moynes’ book, After the Game, I became more sympathetic to the plight of professional athletes whose careers average about 5.5 years. The median is just 4 years (so half have careers that last less than that) and a sudden critical injury could end it all at any moment.
Of course, while it lasts, the pay is astronomical compared to what mere mortals can generate in regular jobs: an average US$2.4 million per season. That means the average pro athlete will earn about $13 million over that short career. However, citing Sportrac.com, Moynes says 200 of the 683 players in the NHL earn less than US$1 million per year because the stats are skewed by the huge salaries of the biggest stars.
Big bucks for that brief window of opportunity, for sure, but that sum has to last another half century or more, and odds are no second career is going to pay like pro hockey, baseball or basketball…
How does a LIRA work after a pension transfer?
– moneysense.ca
Q: I recently transferred my pension from Bombardier to Sun Life. I completed all the documentation and expected the fund to be transferred to an RRSP “Fidelity Clear Path 2035 Port Seg Fund” with around $70,000. Instead Sun Life has put the funds into a LIRA with the same account allocations as my other investments. I am concerned as I believe the “LIRA” limits how much can be removed at any given time? I think I’m getting this confused with a life annuity? How do you calculate this? I am 54 now. Please confirm that the LIRA does not limit my access to the funds when I’m ready to retire.
– Ted
A: It sounds to me, Ted, like you transferred a Defined Contribution (DC) pension plan into a locked-in retirement account (LIRA) after retiring or leaving your employer.
There are generally two options for a DC Pension when you leave. You can transfer the money into a LIRA, or you can use the balance to buy an annuity.
Ask a Planner: Leave your question for Jason Heath »
A LIRA is like a Registered Retirement Savings Plan (RRSP), just with some restrictions on the minimum and maximum withdrawals…
– Ted
A: It sounds to me, Ted, like you transferred a Defined Contribution (DC) pension plan into a locked-in retirement account (LIRA) after retiring or leaving your employer.
There are generally two options for a DC Pension when you leave. You can transfer the money into a LIRA, or you can use the balance to buy an annuity.
Ask a Planner: Leave your question for Jason Heath »
A LIRA is like a Registered Retirement Savings Plan (RRSP), just with some restrictions on the minimum and maximum withdrawals…
