There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
What time of year should you retire? Sep 7th
Is there a better time of the year to retire based on tax implications: December 31 versus June 30 versus January 30? —Laf
The best date to retire for tax purposes
For most Canadians planning their retirement, tax isn’t the primary factor, Laf. However, there are instances when tax can com.... More »
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 »
How much should you withdraw from your RRIF? + MORE Aug 17th
Q. I am 78 and have $330,000 in my RRIF account. How much should I withdraw each year so it is depleted by age 90? –Sandy
A. If I understand your question, Sandy, it sounds like you want to draw down your registered retirement income fund (RRIF) on a schedule aligned with your life expectancy. .... More »
Planning for retirement with little or no savings to draw on + MORE Mar 21st
Despite their best intentions, some Canadians, facing a variety of financial challenges throughout their working lives, are not able to save much towards retirement. It can be difficult to know how to manage in these circumstances, especially when so much of the financial planning advice that gets s.... More »
When to prioritize debt repayment over saving Nov 9th
In an earlier story, we introduced you to Lindsay Tithecott, a 29-year-old who is trying to pay down debt, build up savings and buy a larger condo. To help her get her finances in tip top shape, we gave her a series of financial challenges, including a rethink of her budget-busting fitness classes. .... More »
A guide to the best robo-advisors in Canada for 2020
– moneysense.ca
The robos are everywhere. What was once a little-known investing tool for tech-savvy investors is now commonplace, with everyone from newbie savers to retired boomers using robo-advisors to help manage their money.
While advisors and traditional fund companies still manage the majority of money in Canada, with people paying more attention to fees and with interest in exchange-traded funds (ETFs) increasing, robo-advisors will only see their assets under management rise from here. According to the research aggregator Statista, Canadian robos will hold an estimated US$8.1 billion in assets under management in 2020, which, it predicts, will rise to US$16.6 billion by 2023, for a 26.7% compound annual growth rate.
As time goes on, these companies are also getting more sophisticated in their offerings. Some robos now offer chequing accounts, others let you pick stocks or buy insurance or offer real-life financial advice. You can invest in all kinds of accounts too, including Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plan (RRSPs), Registered Retirement Income Fund (RRIFs), Registered Education Savings Plans (RESPs) and more…
While advisors and traditional fund companies still manage the majority of money in Canada, with people paying more attention to fees and with interest in exchange-traded funds (ETFs) increasing, robo-advisors will only see their assets under management rise from here. According to the research aggregator Statista, Canadian robos will hold an estimated US$8.1 billion in assets under management in 2020, which, it predicts, will rise to US$16.6 billion by 2023, for a 26.7% compound annual growth rate.
As time goes on, these companies are also getting more sophisticated in their offerings. Some robos now offer chequing accounts, others let you pick stocks or buy insurance or offer real-life financial advice. You can invest in all kinds of accounts too, including Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plan (RRSPs), Registered Retirement Income Fund (RRIFs), Registered Education Savings Plans (RESPs) and more…
Planning for retirement with little or no savings to draw on
– moneysense.ca
Despite their best intentions some Canadians, facing a variety of financial challenges throughout their working lives, may not be able to save much towards retirement. Yet it’s difficult to know how to manage in those circumstances, as so much of the financial planning advice that’s shared widely is catered to wealthier people.
Retiring with little to no savings can be difficult, but it is not impossible.
Canada Pension Plan (CPP)
For a retiree who has worked most of their life, the Canada Pension Plan (CPP) will replace a portion of their historical earnings. The CPP retirement pension is meant to replace 25% of what you earned, on average, over your career, up to a certain limit. A CPP enhancement began in 2019 that will gradually increase that replacement rate to 33% over time.
In 2020, the maximum CPP retirement pension payment at age 65 is $1,176 per month—that’s $14,112 per year. However, not all retirees have made enough CPP contributions during their careers to receive the maximum…
Retiring with little to no savings can be difficult, but it is not impossible.
Canada Pension Plan (CPP)
For a retiree who has worked most of their life, the Canada Pension Plan (CPP) will replace a portion of their historical earnings. The CPP retirement pension is meant to replace 25% of what you earned, on average, over your career, up to a certain limit. A CPP enhancement began in 2019 that will gradually increase that replacement rate to 33% over time.
In 2020, the maximum CPP retirement pension payment at age 65 is $1,176 per month—that’s $14,112 per year. However, not all retirees have made enough CPP contributions during their careers to receive the maximum…
DIY investing for busy people—the portfolio management tool you didn’t know you needed
– moneysense.ca
If you’ve been on the fence about managing a self-directed brokerage account because you think DIY investing is too much of a time commitment, think again. While DIY investing certainly can be an all-consuming “hobby” filled with spreadsheets, calculations and trade activity, it doesn’t have to be—thanks to a portfolio management tool called Passiv*. It makes DIY investing for retirement easier by handing many of those all-consuming tasks for you.
Passiv works in tandem with your Questrade brokerage account to put your portfolio management on autopilot.
Still not convinced? Here are some of the ways Passiv removes the roadblocks to DIY investing, so even those with the busiest schedules can go do-it-yourself investing.
Portfolio monitoring with Passiv
One of the most important aspects of managing any portfolio is maintaining an asset allocation that aligns with your risk tolerance and investment goals. If you’re young and using it to save for retirement, you might opt for an aggressive portfolio that’s 75% equity assets (like stocks and growth funds) and 25% bonds or other fixed-income investments…
Passiv works in tandem with your Questrade brokerage account to put your portfolio management on autopilot.
Still not convinced? Here are some of the ways Passiv removes the roadblocks to DIY investing, so even those with the busiest schedules can go do-it-yourself investing.
Portfolio monitoring with Passiv
One of the most important aspects of managing any portfolio is maintaining an asset allocation that aligns with your risk tolerance and investment goals. If you’re young and using it to save for retirement, you might opt for an aggressive portfolio that’s 75% equity assets (like stocks and growth funds) and 25% bonds or other fixed-income investments…
