Not sure how to make a retirement plan? Read on…
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RESP vs RRSP and TFSA: What’s the best option for education savings? Aug 31st
Welcome to Education Money, a new column that covers the questions and concerns parents and investors have about funding their child’s education. Andrew Lo, CEO of Embark, shares his thoughts and insights on how to make the most of RESPs. To kick off the column, he explains the different options C.... More »
Why I’m taking OAS right at 65 + MORE Aug 19th
During the “Victory Lap” stage of life between full-time employment and traditional “no-nothing” retirement, a key strategy is deciding when to commence receipt of various streams of income.
This commonly occurs in one’s 60s. As you move from a salaried single stream of income to the “mu.... More »
Financial hardship withdrawal exceptions and increasing income in retirement + MORE Apr 4th
Ask MoneySense
I am in B.C., Canada. I moved my LIRA into a LIF two years ago. I have taken the maximum annual withdrawals for each year. I thought it’d be smart to start taking it. How can I get more out of it? I need the funds to help deal with bill payments. All my monthly i.... More »
This 34-year-old hospital worker has three kids and a mortgage to pay off. Making $104,000 a year, he wants to save $50K each for his kids. How can he start? + MORE Dec 22nd
Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out..... More »
How non-residents are taxed on dividends and other forms of income Mar 3rd
Q. I have been retired and living in the Philippines since 2009. I file my taxes as a non-resident of Canada. I have an RRSP, a LIRA, as well as a non-registered account with a major Canadian bank. My world income is 100% from Canada consisting of CPP, systematic withdrawals from retirement saving.... More »
How You can Help Your Grandchildren with the Rising Cost of Education
– rhondasherwood.com
Modern families find themselves stretched to the limit. Many people don’t have company pension plans to fund retirement, and so it becomes even more imperative to make smart choices about money when they are raising families. Saving for their children’s education and retirement at the same time may be more challenging in the years to come. As a grandparent, you can help your grandchildren with the rising cost of education.
How Expensive will Education Be in the Future?
It depends on where a family lives and the number of children they have who are planning to go on to a post-secondary program. Here are some facts to keep in mind when thinking about education costs:
Tuition rates have been increasing faster than the national inflation rate.
The average cost of education in Canada is about $6,610 per semester and they are expected to increase to $7,437 in 2016-17, according to the Canadian Centre for Policy Alternatives. This does not include the cost of room and board.
Assuming a three percent inflation rate, a child born today would pay $40,000…
Change RRIF drawdown rules, C.D. Howe says
– moneysense.ca
OTTAWA – The C.D. Howe Institute says it no longer makes sense to have strict rules that force retirees to draw down their registered income funds as they age and says changes are needed so seniors don’t run out of money.
With the federal government under pressure to reform Canada’s pension system so that retiring baby boomers and future generations don’t fall into poverty, the paper by the think-tank’s chief economist William Robson and Alexandre Laurin offers one way to ease the challenge facing seniors at little cost to Ottawa.
Under the Income Tax Act, seniors must withdraw annual minimum amounts from RRIFs and similar accounts in increasing increments that rise to 20 per cent at age 94. The idea is to have retirees receive a dependable annual source of income, and also for governments to “get back” tax revenue on tax-deferred savings vehicles such as RRSPs.
But while mandatory minimum drawdowns might have made sense when they were instituted in 1992, circumstances have changed, the report says…
With the federal government under pressure to reform Canada’s pension system so that retiring baby boomers and future generations don’t fall into poverty, the paper by the think-tank’s chief economist William Robson and Alexandre Laurin offers one way to ease the challenge facing seniors at little cost to Ottawa.
Under the Income Tax Act, seniors must withdraw annual minimum amounts from RRIFs and similar accounts in increasing increments that rise to 20 per cent at age 94. The idea is to have retirees receive a dependable annual source of income, and also for governments to “get back” tax revenue on tax-deferred savings vehicles such as RRSPs.
But while mandatory minimum drawdowns might have made sense when they were instituted in 1992, circumstances have changed, the report says…
Monday Makeover looks at a single woman with a good job, but limited job security. Should she buy a house or save for retirement?
