How to go about securing the best Retirement Plan in Canada.
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What it’s like to work with a financial advisor + MORE Apr 6th
If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an inheritance, or you’re planning your financial future as you approach retirement.
A financial advisor can be.... More »
What to do when you overcontribute to your RRSP + MORE Jun 22nd
Ask MoneySense
I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution.
What options to I have to address.... More »
The right way to use a spousal RRSP May 20th
Q: I earn $30,000 per year at a part-time job and collect $48,000 in pension. My husband still works and earns $85,000 annually, but has no pension. Should I contribute to a spousal RRSP to lower his income and improve his retirement portfolio?
— AnnMarie Wolf, Toronto
A: Spousal RRSPs are a grea.... More »
Is it best to own a first home as an income property or primary residence? + MORE Jun 1st
Q. I would like to know whether it is better, financially speaking, to own my first house as an income property, or as my primary residence in Ontario. I am single, living with my parents, earn a steady income and have $80,000 in savings. I’ve already purchased a new-construction freehold townho.... More »
RRIF and LIF withdrawal rates: Everything you need to know Mar 7th
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »
Man wins lottery after surviving lightning strike
– moneysense.ca
(Courtesy Twitter / @GMA)Relying on chance to fund your retirement dreams doesn’t work for most Canadians, but one Nova Scotia man may be the miraculous exception.
Peter McCathie won the $1 million lottery jackpot this week with a co-worker years after being struck by lightning at the age of 14 during a boat trip.
How to win the lottery »
According to CTV News, the odds of being struck by lightning are less than one in a million and the odds of winning the Atlantic Lotto 6/49 is one in nearly 14 million.
Somehow, McCathie managed to experience both. Oddly enough, his daughter was also hit by lightning years ago while working in the Manitoba wilderness as a guide.
The combined odds of McCathie’s bizarre situation are apparently 1 in 2.6 trillion.
What happens when you invest your spare change »
On top of that, he happens to own the store in which he bought the ticket, so the Atlantic Lottery Corporation is awarding him an extra $10,000.
With his jackpot win, McCathie plans to take his wife on a second honeymoon…
PSP ramps up international expansion, reshapes strategy on strong results
– theglobeandmail.com
Public Sector Pension Investment Board, which invests pension funds for federal civil servants expects assets to double within a decade
