Not sure how to make a retirement plan? Read on…
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When It Comes to Retirement, I'm With Cicero Jan 13th
The great Roman orator thought aging and retiring free us from destructive ambition and competition..... More »
Corporate investments for retirees + MORE Feb 15th
I’m not using my Canadian corporate company anymore. I’m 67, delaying CPP and OAS. I have $210K in my company that I need to take out. What is the best way to do this with minimal tax?
My accountant is working with me but really doesn’t think it’s the best strategy. He has a three-y.... More »
How to boost your retirement income by 50% + MORE Nov 18th
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If you were told there was a way to boost your income in retirement by 50% it would no doubt get your attention. It certainly got my attention, in a paper in a recent issue of the Journal of Retirement. The paper was co-authored by one of MoneySense’s panelists for the annual ETF All Stars.... More »
They’re poised for retirement, but don’t know when that will be + MORE Apr 7th
Hank and Hennie plan to sell their city home and move to a less expensive town when they retire. Ideally they'd like to hang up their hats at the same time, but how feasible is that?
.... More »
Severance, pensions and unemployment at 65: Should you apply for a pension if you get laid off? Aug 17th
Q. I just got laid off because of restructuring, but I got a package from work that will have me getting paid until February 2021. I am 65 as of March 2020. I did not apply for my pensions yet. If I apply now will it be deducted from my unemployment in February? Should I wait to apply for a pension.... More »
Should I buy my grandkid an RRSP or RESP?
– moneysense.ca
Q: Can an aunt, uncle or grandparent open an RRSP or RESP for a grandchild, niece or nephew as a gift?
—Elizabeth Adolph, Lillooet, B.C.
A: The acronyms “RRSP” and “RESP” may differ by only one letter, but the plans themselves are very different. The RRSP is for retirement savings and you cannot open one for a child. That’s because RRSP contribution room is based on a person’s earned income. Once she has some, she’ll file a tax return and start building that RRSP room, but you can’t do it for her. However, you certainly can open up an RESP for a child’s education savings, whether they are related to you or not. Your gift will qualify for the Canada Education Savings Grant, which amounts to 20% of the first $2,500 you contribute, up to $500 each year. I’d recommend that you coordinate with the parents as there is a limit on total contributions of $50,000 and if you go over that amount you’ll face a penalty. The parents may also have other more immediate financial needs that would benefit the child, such as helping to pay for activities or tutoring…
—Elizabeth Adolph, Lillooet, B.C.
A: The acronyms “RRSP” and “RESP” may differ by only one letter, but the plans themselves are very different. The RRSP is for retirement savings and you cannot open one for a child. That’s because RRSP contribution room is based on a person’s earned income. Once she has some, she’ll file a tax return and start building that RRSP room, but you can’t do it for her. However, you certainly can open up an RESP for a child’s education savings, whether they are related to you or not. Your gift will qualify for the Canada Education Savings Grant, which amounts to 20% of the first $2,500 you contribute, up to $500 each year. I’d recommend that you coordinate with the parents as there is a limit on total contributions of $50,000 and if you go over that amount you’ll face a penalty. The parents may also have other more immediate financial needs that would benefit the child, such as helping to pay for activities or tutoring…
Benefits like dental care and glasses are taken for granted while you work. In retirement is it better to pay out of pocket for them, or buy insurance?
