How does age affect life insurance rates? + MORE Sep 14th

How to go about securing the best Retirement Plan in Canada.
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Planning to cash in on your home to help fund retirement? Here’s how to do it right + MORE Dec 14th

Elizabeth and Charles have a home worth about $1.3 million. They’re considering selling and downsizing to a smaller unit to bulk up retirement savings. We ask experts for advice on the right move..... More »

Making sense of the markets this week: November 5, 2023 Nov 9th

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. Apple earnings are solid if not spectacular When a company makes a habit of achieving record-breaking growth, it can be .... 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 »

What’s my RRSP contribution limit for 2022? + MORE Dec 21st

This RRSP contribution room calculator will get you the numbers you need, but keep reading for a better understanding of RRSPs. If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2022 and may even be looking forward to a hefty tax refund. (The deadline for filing th.... More »

Should you withdraw from non-registered or TFSA investments in retirement? Mar 8th

Ask MoneySense I have stocks in my TFSA as well as some that are non-registered. I am at the point in my life (retired) now that I’d like to begin selling them and using the money. Do I sell from the TFSA account or just from the non-registered portfolio?—Catherine TFSA versus non-registered.... More »
Unlocking the equity in your home can support your retirementNearing your golden years and not financially ready for retirement? Consider downsizing, Lesley-Anne Scorgie writes.

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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 big factor when it comes to the type of life insurance you should get and how much you’ll pay for it. Read on for some insight on this, and a few other factors that may affect your premiums.   

How old you are affects life insurance premiums

“People should think about life insurance when they think they need it the least,” says Natalie Trimble, financial security advisor and investment representative for Freedom 55 Financial, a division of Canada Life. “The longer one waits to get it, the higher the chances that they may experience a health issue. With health issues or lifestyle changes, the possibility of increased costs or maybe even a rating is a direct result.” (A rating means being approved for coverage but also paying more for it…

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Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.

TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain-old cash. While you do have to abide by the set amount of contribution room each year, any gains you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada, over the age of 18, with a valid social insurance number can open a TFSA.
Is a TFSA really tax-free?

TFSA contributions won’t reduce your taxable income, unlike registered retirement savings plan (RRSP) contributions. (If you haven’t maxed out your RRSP, get on that before the deadline). However, where you do save on taxes with a TFSA is that the money you earn inside your TFSA is not taxable…

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