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Why the $35,000 RRSP Home Buyers’ Plan won’t be much help Mar 31st
It’s been about a week since federal budget day and I still have questions about some of the things the government announced. For instance, why did they introduce a deferred annuity, which will allow Canadians to put 25% of their RRSP or RRIF into an annuity that must start paying out by 85 at the.... More »
Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 10th
Until 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..... More »
An easy guide to income splitting for seniors Apr 14th
Q. My husband and I are both retired. He still has income from his business, and I have cashed in all of my RRSPs but one. My question is: Can Hubby cash one of his RRSPs (and pay taxes, of course), but then turn around and buy a spousal RRSP for me? Would that be worth doing? Then I could cash this.... More »
One caveat of the 4% withdrawal rule + MORE Jun 17th
Dieters experience a great deal of joy when they are able to tighten their belts an extra notch.
But financial belt tightening isn’t much fun. It’s something that came to mind when reading Andrew Hallam’s article called “Retirement Fortunes That You Can’t Control.”
He.... More »
Financial hardship withdrawal exceptions and increasing income in retirement + MORE Apr 4th
Ask MoneySense
I am in B.C., Canada. I moved my LIRA into a LIF two years ago. I have taken the maximum annual withdrawals for each year. I thought it’d be smart to start taking it. How can I get more out of it? I need the funds to help deal with bill payments. All my monthly i.... More »
“All you need is Ecuador.” That’s the message millions of TV viewers received in February, when Ecuador became the first country to buy a commercial spot to promote tourism during a Super Bowl broadcast. But Ecuador isn’t just for tourists; it’s an incredible destination for real estate investment and retirement under the sun. And Canadian […]
ShutterstockWith half a million baby boomers turning 65 every year in Canada, the seniors’ discount has become a ubiquitous—and, for many, eagerly anticipated—fixture of the modern marketplace. With drugstore Seniors’ Days, reduced movie tickets and museum admission, and major tax breaks, anyone about to hit their golden years could be justified in thinking they’ll never have to pay full price again.
But while handing out price breaks to a growing elderly population may be smart marketing for business, it no longer makes sense for governments to do the same. It’s time to give the public sector seniors’ discount a firm shove into retirement.
Seniors’ poverty was once a significant issue in Canada; as recently as the 1970s, more than a third of elderly Canadians were considered poor. Discounts served as modest compensation for this deplorable situation. Since then, however, massive improvements to public pensions and other income support programs have largely eliminated the problem…
Ontario approves launch of ORPP in 2017
– moneysense.ca
Ontario Premier Kathleen Wynne (The Canadian Press)TORONTO – Ontario has passed legislation to create a provincial pension plan for people who do not currently have a workplace pension plan, starting Jan. 1 2017.
The Liberal government used its majority to give final reading to the bill to create an Ontario Retirement Pension Plan, insisting the province must take action because the federal Conservatives refuse to enhance the Canada Pension Plan.
» Wynne’s ORPP will change savings habits
» Half of Ontarians may not need to save for retirement
Associate Finance Minister Mitzie Hunter says about two-thirds of Ontario workers do not have a workplace pension, and virtually all of them will be forced to join the provincial plan.
Mandatory 1.9 per cent contributions from employers and workers will be phased in over two years, starting with larger companies in 2017 before moving to smaller operations like convenience stores and dry cleaners.
Business groups warn that forcing workers to pay up to $1,643 a year for a provincial pension — and mandating that employers match those contributions for every employee — will drive up costs and result in fewer jobs…
GM Canada to cut Oshawa assembly workforce by 1,000
– macleans.ca
OSHAWA, Ont. — General Motors says it will cut about 1,000 positions from its Oshawa, Ont., manufacturing operations this year as the company plans to spend billions of dollars to boost its U.S. operations.
By December, GM Canada’s main assembly operation is expected to have 2,600 hourly employees—down from 3,600.
GM Canada says it’s working with the Unifor union, formerly known as the Canadian Auto Workers, to offer retirement incentives to eligible workers.
The downsizing is being timed to the end of production of the Chevrolet Camaro sports car, now officially scheduled for Nov. 20. The company says it remains committed to Canada, and will continue to produce five other vehicles in Oshawa.
Unifor has been bracing for a significant downturn since GM announced in late 2012 that it would end production of the Camaro.
“We knew the announcement was coming but it still doesn’t make it any better,” said Gerry Dias, national president of Unifor, adding the union was working to mitigate job losses with a voluntary early retirement program…
By December, GM Canada’s main assembly operation is expected to have 2,600 hourly employees—down from 3,600.
GM Canada says it’s working with the Unifor union, formerly known as the Canadian Auto Workers, to offer retirement incentives to eligible workers.
The downsizing is being timed to the end of production of the Chevrolet Camaro sports car, now officially scheduled for Nov. 20. The company says it remains committed to Canada, and will continue to produce five other vehicles in Oshawa.
Unifor has been bracing for a significant downturn since GM announced in late 2012 that it would end production of the Camaro.
“We knew the announcement was coming but it still doesn’t make it any better,” said Gerry Dias, national president of Unifor, adding the union was working to mitigate job losses with a voluntary early retirement program…
OSHAWA, Ont. – General Motors says it will cut about 1,000 positions from its Oshawa, Ont., manufacturing operations this year as the company plans to spend billions of dollars to boost its U.S. operations.By December, GM Canada’s main assembly operation is expected to have 2,600 hourly employees — down from 3,600.GM Canada says it’s working with the Unifor union, formerly known as the Canadian Auto Workers, to offer retirement incentives to eligible workers.The downsizing is being timed to the end of production of the Chevrolet Camaro sports car, now officially scheduled for Nov. 20. The company says it remains committed to Canada, and will continue to produce five other vehicles in Oshawa.Unifor has been bracing for a significant downturn since GM announced in late 2012 that it would end production of the Camaro.”We knew the announcement was coming but it still doesn’t make it any better,” said Jerry Dias, national president of Unifor, adding the union was working to mitigate job losses with a voluntary early retirement program…
