Not sure how to make a retirement plan? Read on…
Latest News
Are you missing out on RRSP matching and more? Feb 28th
A registered retirement savings plan (RRSP) is a powerful retirement savings tool, yet many Canadians aren’t getting its full benefits. A lot of us are also missing out on RRSP matching and other incentives—essentially, free money—that could go a long way to funding a more comfortable retireme.... More »
Can Canadian investors save tax when a stock’s company goes bankrupt? Dec 27th
Ask MoneySense
The company of a stock I own went bankrupt. Am I able to claim losses? If so, how?
—Jake
Can you save on tax when a company you invest in goes bankrupt?
The short answer is: it depends, Jake. But, I will outline the factors to consider to determine if and how you ca.... More »
Stock news for investors: Quarterly profits up at Shopify, Brookfield; down at Suncor, Reuters Aug 8th
Here’s a round-up of news for Canadian investors this week.
Shopify
Suncor Energy Inc.
Brookfield Asset Management
Parkland Corp.
Thomson Reuters
Featured RRSP Accounts
featured
EQ Bank
.... More »
Should we draw down my spouse’s RRIF faster? May 30th
Ask MoneySense
My wife is currently drawing $24,000 per year from her RRIF, which has a balance of $510,000. She is also receiving OAS, CPP and a work pension of $22,000. She is 67.
My question is if it would be prudent to start making larger withdrawals to try and reduce the tax that the estate .... More »
Single, no pension? Here’s how to plan for retirement in Canada
– moneysense.ca
Being single in retirement has some financial obstacles. Some people are single as they enter retirement. Others become single due to divorce or death prior to or after retiring. Here are some considerations for planning your retirement as a singleton, especially if you have no defined benefit (DB) pension.
Cost of living as a single person in Canada
One third of Canadians struggle to plan for retirement and 75% of people say their cost of living is negatively impacting their retirement savings, according to a Sun Life survey.
What does this mean for singles? You know it doesn’t cost twice as much to live with another person, because there are fixed costs to running a household that apply to singles and couples.
According to Statistics Canada’s Survey of Household Spending, a one-person household had total expenditures of $49,661 in 2021. By comparison, couples without children had total expenditures of $91,121. This implies cost savings of about 17% for the second person in the household…
