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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RESP vs RRSP and TFSA: What’s the best option for education savings? Aug 31st

Welcome to Education Money, a new column that covers the questions and concerns parents and investors have about funding their child’s education. Andrew Lo, CEO of Embark, shares his thoughts and insights on how to make the most of RESPs. To kick off the column, he explains the different options C.... 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 »
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RRIF and LIF withdrawal rates: Everything you need to know Mar 7th

At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »

Canada’s income tax brackets for 2023, plus the maximum tax you’ll pay based on income + MORE Dec 7th

Taxes are an inescapable fact of life in Canada. Despite this, many of us don’t think too hard about the specific federal and provincial tax brackets that govern our taxable income. Nonetheless, understanding what bracket we fall into is key to accurately estimating the amount of tax we owe on our.... More »

The best ETFs for retirement income + MORE Aug 24th

While exchange-traded funds (ETFs) are appropriate for investors of all ages and life stages, they make particular sense for retirees and those close to retiring. Things like quick and easy broad diversification of asset classes and geographic exposure at a reasonable price are especially relevant w.... 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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