Corporate investments for retirees + MORE Feb 15th

How to go about securing the best Retirement Plan in Canada.
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How does age affect life insurance rates? + MORE Sep 14th

Most of us go through life assuming we’ll reach a ripe old age—and that’s fair, because most of us do. But if you have dependents, it’s wise to protect them from the financial fallout of your death—even if you’re still young and healthy—by getting life insurance. Your age is a pretty b.... More »

The 60/40 portfolio: A phoenix or a dud for retirees? + MORE Oct 26th

For Canadian investors, one of the biggest shocks of 2022 is how poorly balanced mutual funds, exchange-traded funds (ETFs) and portfolios have performed. Investors with funds based on the classic pension fund asset allocation of 60% in stocks and 40% in bonds have been bewildered to experience loss.... More »
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How much should I have in my RRSP? + MORE Feb 22nd

For many Canadians, investing in their registered retirement savings plan (RRSP) is the primary way they save for retirement. RRSPs are an invaluable tool, allowing you to stow away funds for golden years while reducing your taxable income today. However, there is no one-size-fits-all way to use the.... 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 »

“What type of content am I reading?” + MORE Nov 23rd

You can always tell by how an article is labelled what type of content you’re reading. The label appears not only on the article itself, but anywhere it appears on the website. No label. If the only label you see is a topic tag, such as Investing or Retirement, that means you’re reading a purely.... More »
I’m not using my Canadian corporate company anymore. I’m 67, delaying CPP and OAS. I have $210K in my company that I need to take out. What is the best way to do this with minimal tax? 

My accountant is working with me but really doesn’t think it’s the best strategy. He has a three-year plan to take out $70K per year, but the tax implications of that are high. 

I also have money in my company in TD Direct Investing that I guess I would have to move into personal and that will trigger gains as well. My accountant has not talked about this. 

With so many older Canadians with small companies retiring, this might be a good subject. 

—Carol

Corporate investments for retired small business owners

Thanks for your question, Carol. I agree that it is a good one that applies to a lot of retiring business owners who have cash or investments in their company or in a related investment holding company. 

The less cash or investments you have in a corporation, the more beneficial it may be to wind it down in a single year or over a couple years to simplify your financial affairs and reduce your ongoing accounting and legal costs…

Continue Reading On moneysense.ca »

Should young Canadians plan for retirement? We make it make senseThis week, our question comes from Sophie, 22 who asks, “How can young people start planning for retirement, even if we are far from it?”

Continue Reading On thestar.com »

The RRSP deadline is March 1: Should I borrow to make a contribution if I don’t have the money?Getting a loan for RRSP purposes can work out if it’s short-term, but it’s not ideal, experts say.

Continue Reading On thestar.com »

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