How to go about securing the best Retirement Plan in Canada.
Latest News
The best RRSPs in Canada for 2026 + MORE Jan 31st
Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differ.... More »
Affordability tips for first-time home buyers to securing a mortgage Nov 2nd
Q. My partner and I rent a two-bedroom apartment in Toronto in a great neighbourhood for $1,850 a month—so, a great deal. We have been living together for three years and would like to buy a house together next year, when we both turn 30.
Get the mortgage rate that works for you.Find the bes.... More »
What’s involved with an owner withdrawal of cash from a corporation + MORE Dec 7th
I work as a self-employed IT contractor. I am incorporated. Over the years I have accumulated about $100,000 in my business account, over and above what I need to carry operating expenses. I am about five years out of retirement, maybe less than that if I go for a semi-retired approach. I would like.... More »
Should RRIF withdrawals be based on the younger spouse’s age? Nov 9th
I am wondering about the minimum RRIF withdrawal calculation. We are wondering if it would be beneficial to use the younger spouse’s age to result in a lower annual combined income. Can you explain the reasoning behind this?—Bernie
When can you convert an RRSP to a RRIF?
Registered retirem.... More »
The best RRSPs in Canada for 2023 + MORE Jan 4th
Registered retirement savings plans (RRSPs) are often described as “tax-advantaged,” meaning they offer tax-efficient ways for savers and investors to build wealth for the future, usually for retirement. To maximize their potential, you must understand how RRSPs work compared to other registered.... More »
Can you change your mind about taking CPP early?
– moneysense.ca
Q. I am 62 years, 10 months of age, and still working but plan to retire (early) at the end of November 2021 with an unreduced employer pension.
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop collecting my CPP for a couple of years to “grow” those funds and pick it up again a few years later, or is it that once you draw CPP you must continue?
–Rena
A. Canada Pension Plan (CPP) retirement pension is a government pension calculated based on your contributions from employment and self-employment income. A recipient can apply for their CPP as early as age 60.
If you start CPP before age 65, your pension is reduced by 0.6% per month, or 7.2% per year. That would mean a 36% reduction in your pension at age 60.
Canadians can also opt to delay CPP until age 70 and, in contrast, there is a 0.7% monthly enhancement after 65, or 8.4% per year, for a maximum 42% increase at age 70…
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop collecting my CPP for a couple of years to “grow” those funds and pick it up again a few years later, or is it that once you draw CPP you must continue?
–Rena
A. Canada Pension Plan (CPP) retirement pension is a government pension calculated based on your contributions from employment and self-employment income. A recipient can apply for their CPP as early as age 60.
If you start CPP before age 65, your pension is reduced by 0.6% per month, or 7.2% per year. That would mean a 36% reduction in your pension at age 60.
Canadians can also opt to delay CPP until age 70 and, in contrast, there is a 0.7% monthly enhancement after 65, or 8.4% per year, for a maximum 42% increase at age 70…
