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How to Improve Your Employees’ Financial Wellness Apr 3rd
In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial w.... More »
Cool Purchases To Make For Yourself + MORE Sep 29th
Many businesses divide their target audience into groups to better suit specific customer’s needs. This division is typically done in segments, being demographic, geographic, behavioral, and psychographic segmentation. All this is done in the hopes of improving products and services that customers.... More »
Tips for the First Time Car Buyer Dec 22nd
Buying your first new car can be both exciting and terrifying. Keep your chin up though, because we’ve got you covered. These seven tips for first time car buyers will help you get the right car for your needs — at a price with which you can comfortably live.
Determine Your Budget
Way too man.... More »
Why are stock markets rising? Apr 8th
It’s hard to believe that the first quarter of the year is already finished, but it’s even harder to fathom just how far away the last three months of 2018 now seem. You may have already forgotten, but between October 3 and December 24, global stock markets plummeted, with the S&P 500 fallin.... More »
Profits just about double at BMO and Scotia as big banks post quarterly earnings - CBC.ca Aug 24th
Profits just about double at BMO and Scotia as big banks post quarterly earnings CBC.caBank of Montreal profit surges as loan-loss provisions improve, retail banking revenue gains The Globe and MailScotia beats as banking strength offsets capital markets stumble BNNT.... 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…
