Not sure how to make a retirement plan? Read on…
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Corporate investments for retirees + MORE Feb 15th
I’m not using my Canadian corporate company anymore. I’m 67, delaying CPP and OAS. I have $210K in my company that I need to take out. What is the best way to do this with minimal tax?
My accountant is working with me but really doesn’t think it’s the best strategy. He has a three-y.... More »
Making sense of the markets this week: December 10, 2023 Dec 14th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Interest rates stay the same—bank accounts, not so much
As was widely anticipated, the Bank of Canada (BoC) chose to k.... More »
Retirement Income for Life: Why Canadian retirees love Frederick Vettese’s books and his PERC + MORE Feb 22nd
Since I turn 71 soon, my attention is naturally becoming focussed on the inevitable question of what to do when my registered retirement savings plan (RRSP) must be collapsed. Do I keep it as a registered retirement income fund (RRIF)? Or should I convert it into an annuity? Maybe I do a combination.... More »
What investments can I put in my TFSA? + MORE Sep 14th
The less tax you pay, the more money you keep for yourself. How can you apply this to investing? By using registered investment accounts like the tax-free savings account (TFSA) and the registered retirement savings plan (RRSP). The TFSA is often the first investment account a new or young investor .... More »
Contribute to RRSP or pay off mortgage? Oct 12th
Ask MoneySense
We have a small mortgage, only $80,000, coming up for renewal. We have some money (approximately $25,000) that we can either put on the mortgage or invest or put into our RRSP. What is the best way to go?
—Linda
Which should Canadians prioritize: RRSP or mortgage?
Most of .... More »
Severance, pensions and unemployment at 65: Should you apply for a pension if you get laid off?
– moneysense.ca
Q. I just got laid off because of restructuring, but I got a package from work that will have me getting paid until February 2021. I am 65 as of March 2020. I did not apply for my pensions yet. If I apply now will it be deducted from my unemployment in February? Should I wait to apply for a pension?
–Nancy
A. I am sorry to hear about your layoff, Nancy. Hopefully you were close to retiring. I know sometimes these packages are welcomed for those approaching retirement. But even if that’s the case, it can still be difficult for those not yet prepared to be retired.
It sounds like you are receiving salary continuance through to next February, with regular payroll deposits continuing until that time. Even if you received a lump-sum severance payment all at once, if it would otherwise replace your salary until February, you would not be able to apply for employment insurance (EI) until that time.
EI benefits are available to workers who lose their job through no fault of their own, including a layoff…
–Nancy
A. I am sorry to hear about your layoff, Nancy. Hopefully you were close to retiring. I know sometimes these packages are welcomed for those approaching retirement. But even if that’s the case, it can still be difficult for those not yet prepared to be retired.
It sounds like you are receiving salary continuance through to next February, with regular payroll deposits continuing until that time. Even if you received a lump-sum severance payment all at once, if it would otherwise replace your salary until February, you would not be able to apply for employment insurance (EI) until that time.
EI benefits are available to workers who lose their job through no fault of their own, including a layoff…
