Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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An easy guide to income splitting for seniors Apr 14th
Q. My husband and I are both retired. He still has income from his business, and I have cashed in all of my RRSPs but one. My question is: Can Hubby cash one of his RRSPs (and pay taxes, of course), but then turn around and buy a spousal RRSP for me? Would that be worth doing? Then I could cash this.... More »
How to invest tax-free in a bitcoin ETF in Canada Sep 20th
Canada is one of the best places on Earth to invest in crypto. The regulatory environment here is crypto-positive, and Canada is on the cutting edge of crypto innovation—we were the first country to launch a crypto exchange-traded fund (ETF).
Another perk of crypto investing in Canada: yo.... More »
TFSA vs RRSP: How to decide between the two Jun 29th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in different ways. Understanding these investments will help you know when to use one or the.... More »
“Get to know and minimize the investing fees you pay”: Michael McCullough, MoneySense contributing editor + MORE Nov 1st
Financial writer and editor Michael McCullough has made a career of helping Canadians understand a wide range of money topics, from real estate to alternative investments. In addition to being a MoneySense contributor and contributing editor, Michael writes for The Globe and Mail and BCBusiness, and.... More »
Online “finfluencers” grow up + MORE Jul 4th
If you’re someone near or at retirement, has a column like the one you’re now reading ever “finfluenced” any of your financial decisions? Increasingly, many Canadian investors are turning to a new generation of voices online, a trend that regulators are starting to watch more closely.
.... More »
Those born between 1981 and 1997 and who have participated in their company’s pension plan for 10 years have an average balance of $109,400, says a new study.This is what’s protecting your pension
– moneysense.ca
As most people are well aware, job security in the private sector is often problematic in these days of corporate restructurings and mergers. This can extend even into the realm of employer pensions. It’s one thing to receive an inflation-indexed Defined Benefit pension sponsored by the government or a strong union, particularly if the pension is ultimately backstopped by taxpayers.
It’s quite another thing in the private sector. As the recipient of two modest employer DB pensions, the ultimate insecurity of such arrangements doesn’t always make for sound sleep. Fortunately, residents of the Province of Ontario are among the few Canadians who benefit from something called the Ontario Pension Benefits Guarantee Fund (PBGF).
Established in 1980, the PBGF covers more than 1,500 DB plans and 1.1 million members in the province. Participation is mandatory for most DB plans registered in Ontario. Initially, the PBFG provided a floor on the first $1,000 a month of pension income but in May 2017, the Ontario Ministry of Finance announced that “in the event that a pension plan is not fully funded and the employer is bankrupt, the government will be increasing the monthly guarantee provided by the Pension Benefits Guarantee Fund for a plan member’s pension by 50%, to $1,500 from $1,000…
It’s quite another thing in the private sector. As the recipient of two modest employer DB pensions, the ultimate insecurity of such arrangements doesn’t always make for sound sleep. Fortunately, residents of the Province of Ontario are among the few Canadians who benefit from something called the Ontario Pension Benefits Guarantee Fund (PBGF).
Established in 1980, the PBGF covers more than 1,500 DB plans and 1.1 million members in the province. Participation is mandatory for most DB plans registered in Ontario. Initially, the PBFG provided a floor on the first $1,000 a month of pension income but in May 2017, the Ontario Ministry of Finance announced that “in the event that a pension plan is not fully funded and the employer is bankrupt, the government will be increasing the monthly guarantee provided by the Pension Benefits Guarantee Fund for a plan member’s pension by 50%, to $1,500 from $1,000…
