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Can you maximize your RRSP and TFSA with an income of $0? Feb 22nd
Ask MoneySense
I have $119,000 room allowed in my RRSP and $81,000 room in my TFSA.
I am 47, live in B.C., currently not earning income as a caregiver for a parent. I have a business with a registered GST number to claim income now or in the future. But for my question, let’s assume I will be c.... More »
Should you buy back pension service from your employer? Jun 22nd
While defined benefit (DB) pensions are the Cadillac of retirement plans, they also entail a unique set of decisions. Buybacks are one of them.
There are a few ways to build up the value of your DB pension: by working to accumulate years of “pensionable service,” of course; by transferring servi.... More »
Can I receive a share of my ex’s military pension? + MORE Dec 16th
Q: I was married to a Navy man, went through mediation and it was in our divorce settlement that I was entitled to receive half of his military pension. I thought I had to wait until he turned 65 to be entitled to half but I’ve been told that as soon as he left the Navy he was getting his pension..... More »
Skipping the starter home for the next size up? Be financially savvy about it May 4th
Taking on too big a debt load can leave first-time buyers house poor, unprepared for retirement and stressed by ordinary purchases for things like car repairs and vacations, Lesley-Anne Scorgie writes..... More »
Russ Dyck financial advisor Nov 8th
Meet Russ Dyck
Russ Dyck, a Certified Financial Planner and founder of Finovo, specializes in financial planning for professional couples and young professionals. He is passionate about helping clients navigate complex financial decisions with clarity and confidence, tailoring each plan to meet t.... More »
How to plan for retirement on a low income: Roseman
– thestar.com
Mainstream advice isn’t suitable for many people who rely on government pensions after 65, says social policy consultant John Stapleton.3 things that compete with RRSP contributions
– thestar.com
RRSPs a terrific way for Canadians to save money for retirement but there are times when other financial concerns take priorityAvoid GICs linked to stock markets: Roseman
– thestar.com
Banks push market-linked GICs during RRSP season, but smart investors don’t buy them. An Alberta bank has decided not to sell them altogether.Spousal RRSPs: Helping Couples Save for a Comfortable Retirement
– rhondasherwood.com
A spousal RRSP is a savings vehicle where one spouse makes a contribution to a plan opened in the other spouse’s name. It allows couples to split income in retirement so that each person has a similar amount of income. This strategy helps to lower the income tax the couple pays in retirement.When Spousal RRSPs Make Sense
A spousal RRSP makes sense in situations where one person earns significantly more than the other. It can be considered when one spouse is earning and the other one is at home caring for children or is a significant difference in their respective incomes.
In a situation where both spouses approximately the same amount, a spousal plan is not the best option. Instead, each spouse should be making contributions to a personal plan in accordance with his or her RRSP limit. The amount that each person can contribute to a RRSP is listed on the Notice of Assessment issued by the Canada Revenue Agency (CRA) each year.
Opening a Spousal RRSP Account
When a couple decides to open a spousal RRSP, the account is opened in the lower-earning spouse’s name…
Mom’s $156,000 salary not enough for retirement needs
– thestar.com
Financial planning: Young child, low-earning husband means some financial adjustments should be made to protect family’s future
