Severance, pensions and unemployment at 65: Should you apply for a pension if you get laid off? Aug 17th

Not sure how to make a retirement plan? Read on…
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 retirement planning

The scoop: What Canadian investors need to know now + MORE Sep 21st

For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »

Is a personal injury settlement taxable, and can it impact OAS or GIS benefits? + MORE Aug 24th

Q. I received a small settlement for an Ontario car accident, which my lawyer says is non-taxable, and so noT4A will be issued. If I deposit the funds into a bank account, will this one-time settlement clawback my OAS and GIS benefits? –J  A. I’m sorry to hear about your accident, J. Hopefully .... More »
 retirement planning

Timing the withdrawal of RRSP savings to minimize your tax hit + MORE Sep 14th

Q. I’ve been fully retired since 2018, and living only on government pension (QPP, OAS and GIS). I have some RRSP and TFSA investments, and would like some help with determining when I should start withdrawing funds—and whether I will need to pay tax. I’ll be turning 71 in December 202.... More »

Could selling a vacation property affect government pensions? Sep 7th

Q. I was wondering what would happen if I sold my mobile home this year for $100,000. Currently, I receive Canada Pension Plan, Old Age Security and Guaranteed Income Supplement benefits totalling about $1,800 a month. Would the sale affect my pensions? –Colleen A. When you sell what is known as .... More »
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?
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…

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