Not sure how to make a retirement plan? Read on…
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Divorce over 50: managing your finances if you find yourself single in the run-up to retirement Aug 3rd
Divorce is certainly not new—but what’s emerging as a trend is the choice to split later in life. Dubbed grey divorce, these marital splits, happening close to or in retirement, are reportedly on the rise, and they can have a significant financial impact.
Married couples are generally subject .... More »
Ten proven ways to pay less tax this year Mar 2nd
How to use tax shelters and structure your retirement portfolio to reduce your annual payment to the CRA..... More »
How long can you put off saving for retirement? Surprisingly, waiting until your 50s makes sense for some + MORE Jan 6th
Ideally you should draw up a saving plan in your late 30s or early 40s. But it can still be an enormous help if you don’t manage to get to it until your late 40s or 50s or even later..... More »
How does a spousal RRSP withdrawal work? Feb 8th
I bought a spousal RRSP in December 2019 and I plan to withdraw from it this week. Is it considered to be my income or my spousal income? I called CRA four times but no one could answer this question for me.—Tom
Spousal RRSP withdrawal rules: Timing matters
Tom, the rules around the ti.... More »
Choosing priorities in retirement planning + MORE Nov 11th
Q: We are in our sixties and still have a $310,000 mortgage. We are paying about $600 per month for life and disability insurance. Can this insurance be cancelled? We’d like to use these funds to help pay down our mortgage sooner.
— Retiring in debt, Vancouver
Ayana Forward is a certi.... More »
Robo-advisor now offers group RRSPs
– moneysense.ca
Robo advisor (Getty / KTDesign-Science Photo)Robo-advisors have already advanced on the territory of traditional portfolio management by offering online, low-fee services that focus on ETFs portfolios. But now WealthBar, a robo-advisor based out of Vancouver, is leading the pack in offering group RRSPs.
Which robo-advisor is right for you? »
Now, companies have a choice. Stay with the group RRSP offered by insurance companies, which often come with higher fees, or opt for a low-fee plan maintained by WealthBar. According to a press release by the company, their group RRSP plans will cost less than 1% in fees, compared to the 2-3% charged for traditional plans. You don’t have to be in a large company to set one up, either; WealthBar says that a group RRSP can be set up by any organization with 10 or more employees.
Should I buy low-cost mutual funds or use a robo-advisor? »
The other advantage is that WealthBar offers a seamless transition from the group RRSP to a personal robo-advisor plan if an employee leaves or retires from a company…
OTTAWA – Finance Minister Bill Morneau says Manitoba has joined the other provinces and agreed to help strengthen the Canada Pension Plan.
The agreement in principle now includes every province except for Quebec.
Quebec has agreed to remain part of the discussions in recognition of the unique nature of the Quebec Pension Plan.
All have agreed to work towards confirming the approval of their respective governments by July 15.
The preliminary agreement reached by the country’s finance ministers on June 20 states that the CPP premium increases on workers and employers will start to be phased in over several years beginning on Jan. 1, 2019.
An average Canadian worker earning about $55,000 would pay an additional $7 a month in 2019, and that would increase to $34 a month by 2023.
If fully implemented, the maximum annual benefits will increase by about one third to $17,478.
When the finance ministers reached the agreement last month, Manitoba’s newly-elected government said it wanted to give the matter careful consideration…
The agreement in principle now includes every province except for Quebec.
Quebec has agreed to remain part of the discussions in recognition of the unique nature of the Quebec Pension Plan.
All have agreed to work towards confirming the approval of their respective governments by July 15.
The preliminary agreement reached by the country’s finance ministers on June 20 states that the CPP premium increases on workers and employers will start to be phased in over several years beginning on Jan. 1, 2019.
An average Canadian worker earning about $55,000 would pay an additional $7 a month in 2019, and that would increase to $34 a month by 2023.
If fully implemented, the maximum annual benefits will increase by about one third to $17,478.
When the finance ministers reached the agreement last month, Manitoba’s newly-elected government said it wanted to give the matter careful consideration…
The Manitoba government says it will sign on to a plan to revamp the Canada Pension Plan after all, provided that Ottawa remains open to some of the province’s own proposals for improving it.
Is it the right time to buy a house? Yes. If you have answers
– moneysense.ca
Housing market is tough to get into—prices are high, but interest rates are low, so how do you know if it’s the right time to buy?
The practical answer has little to do with mortgage rates or housing prices and everything to do with with where you see yourself in five to 10 years. Do you expect to be employed in the same company? Living in the same city? What does your path look like in the next five to 10 years. If you can answer this with some confidence, then you may be ready to buy.
Then you have to look at your budget. Look beyond what you can afford, as mortgage calculators don’t factor in RRSP or RESP or TFSA contributions. MoneySense contributor, Bruce Sellery, walks us through what to consider when considering a property purchase.
Ask Home Owner columnist Romana King your real estate question »
The practical answer has little to do with mortgage rates or housing prices and everything to do with with where you see yourself in five to 10 years. Do you expect to be employed in the same company? Living in the same city? What does your path look like in the next five to 10 years. If you can answer this with some confidence, then you may be ready to buy.
Then you have to look at your budget. Look beyond what you can afford, as mortgage calculators don’t factor in RRSP or RESP or TFSA contributions. MoneySense contributor, Bruce Sellery, walks us through what to consider when considering a property purchase.
Ask Home Owner columnist Romana King your real estate question »
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