All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
Pension income splitting explained Jan 20th
Q: I am 62 years old and I receive a pension from my work. At the same time, I am still working part time. My question is can I split my pension with my husband who is 64 years old? He is retired with no pension from his work.
I would appreciate if you can educate me regarding income splitting.
.... More »
Tax write-offs that Canadians often get wrong Apr 18th
I come across frequent questions from taxpayers about expenses they think they can claim as a tax deduction or credit. Often, they cannot be claimed, or there are strict criteria that apply.
Safety deposit box
Back in the olden days, investors sometimes kept stock certificates in their safety .... More »
Retirement planning —after you retire + MORE Jul 1st
(iStock)
While similar, retirement and what I like to call financial independence are not necessarily the same thing. The latter arrives when you have sufficient sources of passive income and assets accumulated that you can meet all your daily lifestyle expenses without having to continue to work. W.... More »
Financial planning in your 70s + MORE Oct 12th
When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »
Using RRSP money for a renovation + MORE Aug 19th
Q: My daughter and my husband bought a $400,000 property three years ago near Midland, Ont. My husband earns $59,000 annually and my daughter $16,000 (self-employed). They want to renovate the kitchen and eventually sell the home to make a profit on it. The mortgage is $319,000. My daughter wants .... More »
Most Canadians don’t understand the CPP
– moneysense.ca
OTTAWA – Internal evaluations of the Canada Pension Plan show the retirement system is poorly understood by most of the public — a problem retiree Evan Brett avoided only through luck and meticulous record keeping.
The 76-year-old realtor and his wife Latifah dove into their files at their Langley, B.C., home a decade ago when Latifah applied for retirement benefits. The documents they happened to have stockpiled ensured they were able to maximize the benefits they receive today.
Evan Brett said he knew enough about the Canada Pension Plan to avoid tripping over application hurdles.
The 76-year-old realtor and his wife Latifah dove into their files at their Langley, B.C., home a decade ago when Latifah applied for retirement benefits. The documents they happened to have stockpiled ensured they were able to maximize the benefits they receive today.
Evan Brett said he knew enough about the Canada Pension Plan to avoid tripping over application hurdles.
Maximize your CPP payouts »
But he is sure others aren’t nearly as well-versed — and documents obtained by The Canadian Press under the Access to Information Act suggest he is right.
Evaluations drawing from workers, retirees and Service Canada officials show Canadians are often confused about what they need when applying for CPP benefits, have a hard time understanding information on government websites, and don’t completely understand the cornerstone retirement program…
Unlocking the mystery of LIRAs
– moneysense.ca
While most seniors and near-retirees are well acquainted with RRSPs and ultimately Registered Retirement Income Funds (RRIFs), the lesser-known comparable structures of Locked-in Retirement Accounts (LIRAs) and Life Income Funds (LIFs) appear to many as something of a mystery.
They shouldn’t be and based on the rising trend to layoffs and/or termination “packages” from large employers, it’s a safe bet that LIRAs and soon LIFs (or Locked-in Restricted Life Income Funds or LRIFs) will soon become almost as familiar to us as RRSPs and RRIFs.
LIRAs are also known in some provinces as Locked-in RRSPs, which is exactly what they are. Unlike regular RRSPs, from which you can withdraw funds (and pay tax) if you need it at any time, LIRAs generally prohibit you from making any withdrawals before 55, according to Adrian Mastracci, portfolio manager with Vancouver-based KCM Wealth Management. Check with your province of residence for any variants on this. After all, the idea of LIRAs is to keep a retirement nest egg intact for the inevitable day when it is needed to live on post-employment…
3 tools you need to help you manage money better
– moneysense.ca
I was fortunate enough to attend the 2016 Canadian Personal Finance Conference (#CPFC16) in Toronto back in November. This two-day event featured some of Canada’s top personal finance influencers; bloggers, writers, speakers, disruptors, and commentators speaking on a variety of money related subjects. Presentation topics ranged from a discussion panel on Canada’s housing market to an 8-year-old tax whiz schooling us on the RRSP vs TFSA debate. The conference also provided an opportunity to check out some of the latest “fin-tech” offerings, products designed to help people manage their money better…and easier. Let’s take a look at three products designed to help you with your finances in three very different ways.No. 1: Sensibill
Toronto-based Sensibill is on a mission to eliminate George Kostanza’s big wallet by changing the way we manage our receipts and invoices. In short, they want to make it paperless.
Sensibill is partnering with the banking industry to make it easy for you to store and retrieve your receipts online…
