The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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2023 tax credits, due dates and when you can file: Your 2023 income tax return guide Dec 29th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
Making sense of the markets this week: July 16, 2023 + MORE Jul 14th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Hello again, MSOTM readers. I’m back from an all-too-brief summer vacation, and I’m ready to zero in on where the markets are head.... More »
What can I hold in an FHSA? + MORE Jan 10th
Would Canadians have access to different account types such as GICs and self-directed investing when it comes to the new tax-free first home savings account, which is rumoured to be introduced this year?It seems this would only make sense as it’s the case with other tax-sheltered accounts (i.e.... More »
U.S. set to lose $12.5 billion in international visitor spending as global tension escalates + MORE May 14th
The U.S.-led global trade war and protectionist policies are driving away international tourists and causing significant financial losses that could take years to recover from, World Travel & Tourism Council data shows..... More »
Should you withdraw from non-registered or TFSA investments in retirement? + MORE Mar 8th
Ask MoneySense
I have stocks in my TFSA as well as some that are non-registered. I am at the point in my life (retired) now that I’d like to begin selling them and using the money. Do I sell from the TFSA account or just from the non-registered portfolio?—Catherine
TFSA versus non-registered.... More »
How to plan for retirement in five or 10 years
– moneysense.ca
I am a divorced empty nester and a registered nurse, who is trying to figure out how to plan the next five to 10 years, before my retirement. Currently I am a 55-year-old female, and I will have a pension from my workplace. Unfortunately due to life circumstances, I did not start my company pension until I was about 40 years old.
Here is my financial profile:
I have a house worth about $700,000, with $150,000 still remaining on the mortgage, which I plan to pay off aggressively within the next three years. I am making doubled-up payments of $4,000 per month.No other debt.RRSP savings: Approximately $160,000Annual salary: $110,000Projected annual pension: Retirement at age 60 will be $38,000 per year, and retirement at age 65 will be $44,000 per year.CPP: I will not get maximum but I should be in the upper range.
I am trying to figure out when I can retire and what my next steps are.
—Joan
How to make a five- or 10-year retirement plan—and when to retire
Hi Joan, I like your question…
