All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
Stock news for investors: Mixed Q4 results with big profit gains for Enbridge, Nutrien, and Cenovus + MORE Feb 21st
Here’s a round-up of news for Canadian investors this week.
Enbridge
Nutrien
Teck Resources
Canadian Tire
MTY Food Group
Cenovus Energy
Featured RRSP Accounts
featured
EQ Bank
.... More »
OAS payment dates in 2025, and more to know about Old Age Security + MORE Apr 4th
If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS wo.... More »
U.S. withholding tax in an RRSP for Canadians + MORE Aug 3rd
I have EPD stock in my RRSP for their dividend payments (about 7%). What a surprise I had—even when in an RRSP—I had to pay about 30% tax on these dividends. EPD is registered in Louisiana. —Wanda
How much is withholding tax on U.S. dividends?
I am going to provide a brief summary of U..... More »
How to make sure you have enough money to fund your RRIF withdrawals + MORE Apr 18th
After decades of using registered retirement savings plans (RRSPs) to reduce taxable income, it can come as a shock to discover the shoe will one day be on the other foot. At the end of the year you turn 71, you have to either cash out your RRSP (not recommended), annuitize it or convert it into a R.... More »
Making sense of the markets this week: July 12, 2021 Jul 13th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
How to be a millionaire
I’ve often said that becoming a millionaire should be achievable—if you have a decent wage, manage your debt, get cash-flow-positive and invest in .... More »
Should you hold your mortgage inside your RRSP?
– moneysense.ca
Q. I currently own a house in Edmonton that is mortgaged, and looking to purchase a property in Vernon, BC, that I will eventually retire to. Until then, I am liking the idea of renting out that property to help support the additional mortgage.
I am wondering if it’s possible to transfer my existing mortgage into my RRSP and access the cash there by reducing the amount of additional mortgage I would need to purchase the Vernon property? Otherwise, is there a way to purchase the Vernon property using my RRSP funds?
–Yvonne
A. I am often asked about buying a home to retire to eventually, and renting it out in the meantime. I question the approach because a home you want to live in is not necessarily a good property to rent out to a tenant. A property that is easily rentable to tenants may be close to transit and jobs for example, whereas a property you may want to retire to could be more rural or have different attributes.
In addition, there are things that could change in your life by the time you retire…
I am wondering if it’s possible to transfer my existing mortgage into my RRSP and access the cash there by reducing the amount of additional mortgage I would need to purchase the Vernon property? Otherwise, is there a way to purchase the Vernon property using my RRSP funds?
–Yvonne
A. I am often asked about buying a home to retire to eventually, and renting it out in the meantime. I question the approach because a home you want to live in is not necessarily a good property to rent out to a tenant. A property that is easily rentable to tenants may be close to transit and jobs for example, whereas a property you may want to retire to could be more rural or have different attributes.
In addition, there are things that could change in your life by the time you retire…
The upside to waiting until age 70 to take CPP benefits
– moneysense.ca
Q. I am retiring next year at age 65 and I don’t know if I should take my CPP immediately, or wait. My friends and other people I know from work took their CPP when they retired and they are telling me I should take it when I retire. Are they right? When is the best time to draw CPP?
–Jit
A. Hey Jit, ask one of your friends who waited until age 70 to take Canada Pension Plan benefits, and see what they say. I’m just having fun—I’d be surprised if you knew anyone who delayed their CPP to age 70.
But, according to a new report by the Canadian Institute of Actuaries, most Canadians should start their CPP at age 70.
These are the points from the report that really jumped out at me, and I’ve provided my thoughts below.
–Jit
A. Hey Jit, ask one of your friends who waited until age 70 to take Canada Pension Plan benefits, and see what they say. I’m just having fun—I’d be surprised if you knew anyone who delayed their CPP to age 70.
But, according to a new report by the Canadian Institute of Actuaries, most Canadians should start their CPP at age 70.
These are the points from the report that really jumped out at me, and I’ve provided my thoughts below.
The only two factors to consider when making your CPP start decision are your life expectancy and expected investment returns. Taxes don’t come into play.
Use your RRSPs to bridge the income gap (CPP shortfall) between 65 and 70 using this formula: 7…
