There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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Not sure what to put in your RRSP and TFSA? Make contributions anyway Feb 1st
If your financial goals include putting more money into your registered retirement savings plan (RRSP) and tax-free savings account (TFSA), here’s a strategy that can help: making year-round contributions to high-interest registered savings accounts.
Whether you’re a saver or a stock picker, .... More »
How do the RRSP contribution carry forward rules work? Nov 2nd
If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $27,230 for the tax year 2020? Effectively making a contribution of $57,230 to my RRSP?— Lorraine
The rules around RRSP contribution room
As soon as a taxpayer starts t.... More »
RRIF withdrawals: What should seniors with million-dollar portfolios do? Nov 16th
Ask MoneySense
I have invested well and now I am in my 80s. My RIF is almost $3 million and is going to attract heavy taxes. My other investments are about $2 million, some with capital gains which we are going to donate to charity.
Any suggestions on how to reduce the huge tax liability? Should .... More »
Financial planning in your 70s + MORE Oct 12th
When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »
Harvesting returns from your “explore” investments + MORE Jan 25th
Some investors prefer to park most of their investments in a broadly diversified portfolio of ETFs and then use a small portion of their account to speculate on riskier investments. This “core and explore” approach can be a sensible way to curb your investing FOMO (fear of missing out) without r.... More »
Q. My father, who was born in 1945, left Canada to live in Thailand when was 26 years old. That was 50 years ago and he has never returned. If he comes back to Canada for one year to apply for his OAS, would he be eligible to receive a full pension? And would they be able to calculate his pension and pay benefits retroactively from his 65th birthday?
–Helen
A. The Old Age Security (OAS) pension is based on residency in Canada. It differs from the Canada Pension Plan (CPP), which is based on contributions by employees and the self-employed.
Canadian residents must have lived in Canada for at least 10 years after the age of 18, be 65 or older and be a citizen or a legal resident at the time their OAS application is approved.
Non-residents must have been a citizen or legal resident on the day they left Canada, be 65 or older and have lived in Canada for at least 20 years after the age of 18.
If an OAS applicant falls short of the residency years, they may still qualify if Canada has a social security agreement with another country where they live or lived…
–Helen
A. The Old Age Security (OAS) pension is based on residency in Canada. It differs from the Canada Pension Plan (CPP), which is based on contributions by employees and the self-employed.
Canadian residents must have lived in Canada for at least 10 years after the age of 18, be 65 or older and be a citizen or a legal resident at the time their OAS application is approved.
Non-residents must have been a citizen or legal resident on the day they left Canada, be 65 or older and have lived in Canada for at least 20 years after the age of 18.
If an OAS applicant falls short of the residency years, they may still qualify if Canada has a social security agreement with another country where they live or lived…
