All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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The best RRSPs in Canada for 2024 + MORE May 2nd
RRSPs
The best RRSPs in Canada for 2024
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.
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“Why do I need a financial plan?” + MORE Jan 12th
Q. I am in my early 50s, have a steady job, I’m not a big spender, and I make RRSP contributions. Why would I need a financial plan? I don’t see how it could help me.
–Tom
A. To answer your question (and it’s a good one!), let’s think about why people get a plan, the benefits of having a p.... More »
CPP payment dates in 2026, and more to know about the Canada Pension Plan Jan 3rd
In Canada, most retirement plans include the Canada Pension Plan (CPP). Whether retirement is just around the corner or still years away, CPP is likely to form part of your retirement income. How much you receive depends on factors such as your earnings history, contributions, and when you start col.... More »
Stock news: Couche-Tard and BlackBerry post gains, Metro flags strike impact Jun 27th
Here’s a round-up of news for Canadian investors this week.
Couche-Tard
BlackBerry
Metro
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 1.50% intere.... More »
How to maximize your last-minute RRSP contribution + MORE Jan 26th
Mark your calendars: the deadline for Registered Retirement Savings Plan (RRSP) contributions for the 2020 tax year is March 1, 2021. But before you rush to deposit your money in a GIC or high-interest RRSP savings account at a local bank and call it a win, you should know there are other options th.... 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…
