Not sure how to make a retirement plan? Read on…
Latest News
How job changes can affect your taxes + MORE Mar 28th
Landing a new job or being laid off from your current position can be life-changing—whether it’s an exciting transition, a tough stretch or a chance at a fresh start. But months after the dust settles, people often forget that job changes can also impact that year’s tax return. Expe.... More »
Stock news for investors: Groupe Dynamite reports strong Q4, adjusts 2025 outlook Jan 17th
Here’s a round-up of news for Canadian investors this week.
Groupe Dynamite
Lululemon
Kinross Gol
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 1.5.... More »
What’s my RRSP contribution limit? Nov 15th
Find out your current registered retirement savings plan (RRSP) contribution limit by using this calculator.
RRSP contribution rules highlights
Your RRSP contribution limit is based on the maximum annual RRSP contribution room set by the Canadian government, the earned income you had d.... More »
Cut unnecessary costs with one simple change to your banking + MORE Dec 13th
If you’re like many Canadians, you view bank fees as a necessary expense, but this couldn’t be farther from the truth. Paying a small fee each month isn’t usually much trouble, but over a whole year, it can really add up. The good news is that affordable banking has never been more in .... More »
Can you move income back and forth between spouses? Aug 22nd
Ask MoneySense
I have an investment property (condo) in my name. I would like to sell it and [have the proceeds] paid out half to me and half to my spouse. The plan is to make the maximum RRSP contribution for both of us to minimize the capital gain.
Is that plan OK, legal, and wise?
–Zlatko.... More »
Ask MoneySense
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whatever that means. It doesn’t make sense to me! When I purchased the policy, I was told I could use this money for my retirement. I don’t remember the insurance agent ever saying anything about tax.
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whatever that means. It doesn’t make sense to me! When I purchased the policy, I was told I could use this money for my retirement. I don’t remember the insurance agent ever saying anything about tax.
—Rasheed
Is cashing out whole life insurance taxable?
Ah, Rasheed, I am sorry to tell you the insurance company is correct. I am glad you asked this question because it serves as a warning to anyone who owns a whole life insurance policy. Before cancelling a whole life insurance policy, contact the insurance company or your agent, and ask what the taxable amount will be. You are also wondering how much is taxable.
How not to calculate the taxable amount on insurance
Many people assume the insurance cash value is just like any other investment—50% of a capital gain is taxable according to your income tax bracket…
Surging inflation is chipping away at your retirement nest egg — here’s what you can do to protect it
– thestar.com
Portfolios that contain a healthy percentage of stocks that are diversified across different industries is a step in the right direction, experts say.
There are certain rules of thumb to finding a retirement magic number, but retirement planning needs to be personalized, say financial experts.
