Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 10th

How to go about securing the best Retirement Plan in Canada.
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 pension

What to do when you overcontribute to your RRSP + MORE Jun 22nd

Ask MoneySense I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution. What options to I have to address.... More »
 pension

Making sense of the markets this week: September 17, 2023 Sep 21st

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. U.S. inflation battle: Mission not accomplished  Despite increasing interest rates and hawkish talk from the U.S. F.... More »
 rrsp

Tax implications of making transfers between registered accounts + MORE Dec 21st

Ask MoneySense I had a locked-in pension, which I converted to a life income fund (LIF). I also took advantage of the ability to unlock up to 50% of the LIF within 60 days and put $120,000 into an RRSP. I did not receive any funds—so I was shocked when I received a T4RIF for $120,000, which means .... More »
 retirement savings plan

Making sense of the markets this week: December 24, 2023 Dec 28th

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. It’s a tough job, but… It’s really hard to predict what the investment world will do. It’s even harder to predic.... More »

Contribute to RRSP or pay off mortgage? Oct 12th

Ask MoneySense We have a small mortgage, only $80,000, coming up for renewal. We have some money (approximately $25,000) that we can either put on the mortgage or invest or put into our RRSP. What is the best way to go? —Linda Which should Canadians prioritize: RRSP or mortgage? Most of .... More »
Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprisedUntil fairly recently, CPP replaced a quarter of your average work earnings — but it’s already providing more. We asked experts what to do if CPP and OAS will make up most of your retirement income.

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Ask MoneySense
I have been with the same employer for nearly 20 years and have participated in the company’s DC RPP for nearly that whole time. 

A few years back I consolidated the majority of my different investment accounts—RRSP, TFSA and unregistered—by moving them all to a discount brokerage. While I have no plans to leave my employer, I’d love to find a way to move the RPP funds to save on the fees. I’m looking to maintain the nature of the RPP but move it out into the discount brokerage so that I can take the MER from 1% or more down to 0.2% and save myself a few thousand dollars a year in fees.

—Shawn

It sounds like you are embracing do-it-yourself (DIY) investing, Shawn. It is not for everyone but is easier and more accessible now than ever. Saving on fees is a benefit. There are risks, though, like improper diversification, impulsive buying or selling, and not understanding a particular investment or product. 

You can make transfers between retirement accounts on a tax-deferred basis by completing paperwork at the receiving institution…

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