How to start saving for retirement at 45 + MORE Mar 14th

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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 retirement savings

The best RRSPs in Canada for 2024 + MORE May 2nd

RRSPs The best RRSPs in Canada for 2024 We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts. Compare now Tap the button for more details. .... More »
 retirement savings

How to change a past tax return Apr 11th

Ask MoneySense I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now? —Ian How to change a tax filing to claim investment m.... More »

Single, no pension? Here’s how to plan for retirement in Canada Jul 4th

Being single in retirement has some financial obstacles. Some people are single as they enter retirement. Others become single due to divorce or death prior to or after retiring. Here are some considerations for planning your retirement as a singleton, especially if you have no defined benefit (DB) .... More »
 retirement planning

The best RRSPs in Canada for 2024 May 23rd

RRSPs The best RRSPs in Canada We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts. Compare now Tap the button for more details. .... More »
How to start saving for retirement at 45Saving for retirement at age 45 means you’ll have a 20-year runway toward a traditional age 65 retirement. But what’s your starting point? The National Bank of Canada suggests that by age 40 you should have 2.1 times your annual income saved for retirement, while the U.S.-based firm Fidelity recommends three times annual income in retirement savings by age 40, and four times annual income saved by age 45.

Are you on track, or are you playing catch up?

For some Canadians, that may feel like plenty of time to ramp up their retirement savings, especially if expensive childcare years are behind them. For others, starting to save for retirement at 45 can feel like they missed the window on savings growth.

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I’ll turn 45 this summer, and so I felt compelled to take on the assignment about saving for retirement at this age. While I’d like to think I’m in a better financial position than most Canadians my age (Lake Wobegon effect, perhaps?), I’m also keenly aware that I’m closer to my 60s than I am to my 20s…

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Taking risks and trusting your gut: Julie Barlow’s self-employment tipsIn recent years, thousands of Canadians have picked up a side gig or started a business, according to a study by Quickbooks. Self-employment can have a steep learning curve—and Julie Barlow is here to help. Barlow, who’s based in Montreal, is an inspiring example of a successful freelancer: she’s a magazine writer, a French translator and the author of eight non-fiction books. Her latest book, Going Solo: Everything You Need to Start Your Business and Succeed as Your Own Boss (Sutherland House), came out in September. Co-written by Barlow’s husband, Jean-Benoît Nadeau—who’s also self-employed—Going Solo is a comprehensive guide to self-employment in Canada. Below, Barlow shares her thoughts on entrepreneurship, saving money and not being afraid to invest in your business.

Who is your money hero?

My father-in-law, Yvan Nadeau, who co-founded one of Quebec’s big engineering firms, is my money hero. He taught me to save for retirement but take risks and invest when necessary, even if that means borrowing…

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