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Proposed CPP Expansion To Be Put Under The Microscope Sep 9th
OTTAWA — The federal government's bid to expand the Canada Pension Plan is being put under the microscope, including an examination of the impact it could have on sluggish economic numbers — or so the opposition hopes.
The Commons finance committee is scheduled to hold an emergency meeting Frid.... More »
Should Kathy take monthly payments or the commuted value of her pension? + MORE Jun 15th
Q. I am torn about making a key financial decision in my life. First, a little about myself. I worked for about seven years (actually, six years and 360 days) as a teacher in the Arctic. I resigned this year and have returned to the “south.”
Now, I have about a year to decide whether I cash out .... More »
Suze Orman on why you should work until you’re 70, be careful giving money to your kids and sell your home sooner rather than later Mar 9th
Superstar personal finance guru Suze Orman, a frequent guest on the Oprah Winfrey Show, has some retirement advice just for Canadians.... More »
What’s my RRSP contribution limit for 2022? Nov 16th
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 this year is April 30, 2023, and since that date falls on a Sunday, you actually have until May 1, 2023 to file.) You can help ensure that.... More »
How much are withholding taxes on RRSPs and RRIFs? Jun 15th
I need to withdraw $6,600 from my RRIF over the next six months. This amount is in addition to my annual minimum. If I do the withdrawals in six monthly amounts of $1,100 (total of $6,600), will the tax withholding rate be 10% on each $1,100, or will it be a higher rate on the total $6,600 over the .... More »
Why you wake up each day
– moneysense.ca
In their new book, Victory Lap Retirement, Mike Drak and Jonathan Chevreau advocate a re-balancing of work and leisure in order to create a low-stress, sustainable lifestyle—in both your working years and in retirement. They see the Victory Lap as the time to enjoy the fruits of years of training, practice and sacrifice. (And yes, they really do expect us to work in retirement—but ideally not because you need the income. You should work because you want to.)Okinawa is a chain of islands off the coast of Japan and home to some of the healthiest seniors on the planet, with many living past the century mark. Not only are these seniors some of the longest-living people in the world, but they also benefit from more healthy years, free from disability and illness. Heart disease and dementia rates are lower than the worldwide average, and rates for breast and prostate cancer are lower still. Obviously the elders of Okinawa are doing something right.
Prior to industrialization, most people in North America lived on farms and farmers didn’t retire…
How to save money on kindergarten costs
– moneysense.ca
TORONTO – When Kerry K. Taylor wrote the last $900 monthly cheque for her daughter’s daycare recently, she did a happy dance — albeit a temporary one.No sooner had the Toronto personal finance writer exhaled a sigh of relief that 4 1/2-year-old Chloe would be starting kindergarten in the fall than she realized entirely new expenses would soon be cropping up.
“There’s going to be a myriad of other costs,” says Taylor — not the least of which is the roughly $400 a month she’ll have to shell out to keep Chloe in before and after school care while she’s at work.
While sending a child to kindergarten can feel like a welcome relief from staggering daycare fees, parents need to be aware that costs associated with starting school can add up to hundreds of dollars before their little ones even step foot in the classroom.
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Parents will spend 4…
Refinance your home to make up for an RESP shortfall?
– moneysense.ca
Q: I am a 55 year old male with three kids who are in university and we have exhausted our RESP savings. Now I’m having a cash flow problem. The main issue is that the interest rate on the mortgage is so high—as I am a self-employed clinical psychologist who works out of my home (and my wife works for me).The dilemma we face is whether or not we should sell our house and downsize into something a little cheaper, liquidate some RRSP savings or find another solution. I earn $200,000 each year and know that once the university days are over, we’ll have a lot more money. What should we do?
— David Rynard, Kingston, Ont.
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
A: This puzzle has a few missing pieces: two being your mortgage balance and interest rate.
What we know is that the highest 5-year mortgage rate over the last five years was about 3.99%. That assumes you were reasonably qualified at the time you got approved.
Assuming a $600,000 mortgage, for example, the payment difference between 3…
