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The best free personal finance and investing courses in Canada Nov 29th
Financial literacy is an essential life skill. Whether you want to budget, saving, invest or plan for retirement, understanding how to manage money can help you achieve financial stability. Fortunately, there are many free courses that can help Canadians develop greater financial literacy. Below, fi.... More »
TFSA vs RRSP: How to decide between the two + MORE Mar 30th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... More »
Is the Couch Potato a good choice for larger portfolios? + MORE May 27th
Q: I have a portfolio of just over $400,000 with an advisor in active mutual funds with fees between 1.75% and 2.80%. My investment firm is now recommending a pooled fund that is 0.50% cheaper. I also have a self-directed TFSA, where I use the TD e-Series index funds. Is the Couch Potato appropria.... More »
How GICs can help you save for your short-term goals + MORE Nov 23rd
Let’s talk about short-term savings. By short-term, we’re talking about putting away money for a few months, or even a few years, for a big goal, like a vacation, a wedding or a down payment on a home. Where should you put your savings so they’ll be secure and work for you?
When saving,.... More »
Canada’s last Cold War destroyer retires after one last sail Mar 10th
HMCS Athabaskan returns to Halifax on October 30, 2014. Canada’s last destroyer is going on a final tour of Halifax harbour today after 44 years of service. Ottawa announced over two years ago that HMCS Athabaskan would be retired along with three other Royal Canadian Navy ships. THE CANADIAN .... More »
Canada 10th for retirement security worldwide
– moneysense.ca
Canadians worrying about the state of their retirement savings can enjoy some good news this week: Canada has been ranked 10th in the 2016 Global Retirement index, up from 12th last year. The annual ranking, by Natixis Global Asset Management, compares the state of retirement security in 43 countries around the world. The ranking placed Norway, Switzerland and Iceland in the top three slots, the United States at 14, with Brazil, Greece and India rounding out the bottom of the list.
The news comes just a few weeks after Canada’s finance ministers agreed to an expansion of the Canada Pension Plan. “When you look at what is driving these results for Canada, we can point to some things that are clearly working, and some things on the horizon that it would be good to address now,” says Ed Farrington, executive vice president for retirement at Natixis. “What we’re hoping is that this ranking will provide policy makers, employers and individuals with information to use moving forward with planning for retirement savings programs…
The news comes just a few weeks after Canada’s finance ministers agreed to an expansion of the Canada Pension Plan. “When you look at what is driving these results for Canada, we can point to some things that are clearly working, and some things on the horizon that it would be good to address now,” says Ed Farrington, executive vice president for retirement at Natixis. “What we’re hoping is that this ranking will provide policy makers, employers and individuals with information to use moving forward with planning for retirement savings programs…
Should I trust my advisor or accountant?
– moneysense.ca
(Martin Barraud/Getty Images)Q: We seem to be in a financial dilemma. Different perspectives on RRSPs at a time when my husband is retired and I am going to retire. He has a pension, I do not. The accountant is of the opinion that we should start converting our RRSP monies into cash, which is what I anticipated we would do upon retirement. Our financial advisor [feels] that we should deplete our savings completely and then turn to our RRSP fund at RRIF age [of 71].
Where do I turn to get solid financial advice as I feel that we need an investment advisor however I am uncertain whose interests are being looked after.
—Lea
A: It’s tough making financial decisions when you get conflicting opinions. But it’s not uncommon. One of the problems with generic or rule of thumb advice, however, is that it doesn’t necessarily apply to you, no matter who is giving it. So let’s focus in on some of the specifics in your case, Lea.
First off, assuming your husband’s pension is a defined benefit pension plan, he’s eligible to split up to 50% of his pension income with you on his tax return…
