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Law restricting foreign property buyers amended, opening door for non-Canadian NHLers - Sportsnet.ca Mar 29th
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Planning for retirement with little or no savings to draw on
– moneysense.ca
Despite their best intentions some Canadians, facing a variety of financial challenges throughout their working lives, may not be able to save much towards retirement. Yet it’s difficult to know how to manage in those circumstances, as so much of the financial planning advice that’s shared widely is catered to wealthier people.
Retiring with little to no savings can be difficult, but it is not impossible.
Canada Pension Plan (CPP)
For a retiree who has worked most of their life, the Canada Pension Plan (CPP) will replace a portion of their historical earnings. The CPP retirement pension is meant to replace 25% of what you earned, on average, over your career, up to a certain limit. A CPP enhancement began in 2019 that will gradually increase that replacement rate to 33% over time.
In 2020, the maximum CPP retirement pension payment at age 65 is $1,176 per month—that’s $14,112 per year. However, not all retirees have made enough CPP contributions during their careers to receive the maximum…
Retiring with little to no savings can be difficult, but it is not impossible.
Canada Pension Plan (CPP)
For a retiree who has worked most of their life, the Canada Pension Plan (CPP) will replace a portion of their historical earnings. The CPP retirement pension is meant to replace 25% of what you earned, on average, over your career, up to a certain limit. A CPP enhancement began in 2019 that will gradually increase that replacement rate to 33% over time.
In 2020, the maximum CPP retirement pension payment at age 65 is $1,176 per month—that’s $14,112 per year. However, not all retirees have made enough CPP contributions during their careers to receive the maximum…
