Not sure how to make a retirement plan? Read on…
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Reality-testing your financial plan + MORE Mar 16th
Q. I am contemplating changing financial planners and I just met with one who seemed very impressive. Within about three hours he had everything laid out for me: the investments I should purchase, the use of life insurance, delaying CPP to 70 and more. Still, I would like to get a second opinion bef.... More »
Making the most of the pension tax credit + MORE Nov 29th
Ask MoneySense
I liked your coverage of RRIF taxation. I would like to see more information on LIF taxation. More precisely, on the following scenario: Individuals do not get the $2,000 tax credit for RRIF withdrawals before age 65. Did I read properly that for LIF withdrawals the $2,000 tax cr.... More »
CPP payment dates this year, and more to know about the Canada Pension Plan + MORE Aug 30th
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
Selling stocks at a loss in a TFSA: What it means for your contribution room Apr 12th
Ask MoneySense
I lost $20,000 dollars in my TFSA account in the market correction, and my broker sold the losing stocks. Can I put more money in to bring me back up the to the limit the government allows?—Wayne
Capital losses in a TFSA
A capital loss is when you sell an investment at a lowe.... More »
This 34-year-old hospital worker has three kids and a mortgage to pay off. Making $104,000 a year, he wants to save $50K each for his kids. How can he start? + MORE Dec 22nd
Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out..... More »
CPP’s success may signal bigger pensions ahead: Mayers
– thestar.com
In search of higher returns, the Canada Pension Plan is taking a little more risk, something it says can be done safely and prudently.
Will an insured retirement plan save you on taxes?
– moneysense.ca
Q: At 60, I’m in the home stretch for retirement. I’m considering an insured retirement plan as a way to add another tax-preferred source of income. What should I look out for? —Scott Windsor, Toronto
A: I love a good “cost-benefit” question. But you should know that I give a lot of weight to simplicity, so a strategy that uses insurance for something other than risk management rarely scores well in my books. The big question: Are the tax savings worth the fees and the cost of the insurance? Jason Heath, a Toronto fee-for-service financial planner at Objective Financial Partners says, “insurance isn’t always a clear winner, and because you’re giving your money to an insurance company to invest you’re giving up flexibility.” Plus, if you don’t actually need the coverage having it “attached to an investment may be a waste,” he says. Instead, consider other tax efficient strategies such as buying swap-based or corporate-class ETFs, or growth stocks that don’t pay dividends so your return is all deferred capital gains…
A: I love a good “cost-benefit” question. But you should know that I give a lot of weight to simplicity, so a strategy that uses insurance for something other than risk management rarely scores well in my books. The big question: Are the tax savings worth the fees and the cost of the insurance? Jason Heath, a Toronto fee-for-service financial planner at Objective Financial Partners says, “insurance isn’t always a clear winner, and because you’re giving your money to an insurance company to invest you’re giving up flexibility.” Plus, if you don’t actually need the coverage having it “attached to an investment may be a waste,” he says. Instead, consider other tax efficient strategies such as buying swap-based or corporate-class ETFs, or growth stocks that don’t pay dividends so your return is all deferred capital gains…
4 ways an automated RRSP plan will improve your life
– thestar.com
From less stress to greater gains, there are a number of reasons to set up monthly contributions.
