There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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GM Canada to cut Oshawa assembly workforce by 1,000 + MORE Apr 30th
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 emp.... 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 »
Planning for the (potential) costs of long-term care + MORE Feb 17th
According to the Ontario Long Term Care Association’s report This is Long-Term Care 2019, 82% of long-term care residents are 75 years of age or older, and 55% are 85 or older. Residents under 75 are generally those who “have experienced a brain injury, stroke, and other conditions that require .... More »
Tax implications of making transfers between registered accounts + MORE Dec 21st
Ask MoneySense
I had a locked-in pension, which I converted to a life income fund (LIF). I also took advantage of the ability to unlock up to 50% of the LIF within 60 days and put $120,000 into an RRSP. I did not receive any funds—so I was shocked when I received a T4RIF for $120,000, which means .... More »
Is the 4% Rule obsolete? + MORE Aug 3rd
Over the half decade I’ve written this column and attempted to practice what it preaches, a central pillar has been the so-called 4% Rule. As originally postulated by Certified Financial Planner and author William Bengen, that’s the rule of thumb that retirees can safely withdraw 4% of the value.... More »
House rich, cash poor in retirement
– moneysense.ca
Getty ImagesQ: My wife (58) and I (57) are house rich, cash poor and just got approved for a line of credit for $600,000. We’re planning to retire at 65. We have no savings, no RRSPs and no TFSAs. When I reach retirement, I would like to get about $20,000 per year to spend on top of CPP and OAS. That’s the reason why I applied for the line of credit. Right now I’m still working and my annual income is about $70,000. If I borrow to invest, I could claim the interest on my tax return. Is it the right move or is there a better way to prepare for retirement?—T.
A: In an ideal world, we all go into retirement with a pension, investments and a paid-off house. In the real world, that doesn’t always happen. All you can do is try to plan the best course of action.
First off, the maximum CPP at age 65 is currently $12,460 and OAS is $6,765. Entitlement to CPP is based on years of contributions, while OAS is based on years of residency in Canada. These pensions are indexed to inflation…
Nova Scotia to offer PRPPs on voluntary basis
– moneysense.ca
Getty ImagesHALIFAX – Pooled registered pension plans would be available for people in Nova Scotia under legislation introduced by the provincial government.
Finance Minister Diana Whalen says the government’s goal is to provide a low-cost, regulated pension option given that only 40 per cent of working Nova Scotians have a pension and less than 20 per cent contribute to a registered retirement savings plan.
The plans would be available to people who are self-employed and people without a participating employer.
Whalen says participation would be voluntary in plans that are administered by large financial institutions such as insurance companies.
She says Quebec has made pooled plans mandatory while Nova Scotia is joining three western provinces that have made their plans voluntary.
Whalen says the federal government has also passed legislation to enable pooled plans for federally-regulated industries.
The post Nova Scotia to offer PRPPs on voluntary basis appeared first on MoneySense.
A closer look at pension envy: Mayers
– thestar.com
Critics say public sector pension plans are unaffordable and unfair and should be wound up. But would it really be cheaper and fairer to do so?
Targets date funds are an attractive option for those planning their retirement, but there are a few things to keep in mind when choosing one.
