All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
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 »
Should RRIF withdrawals be based on the younger spouse’s age? Nov 9th
I am wondering about the minimum RRIF withdrawal calculation. We are wondering if it would be beneficial to use the younger spouse’s age to result in a lower annual combined income. Can you explain the reasoning behind this?—Bernie
When can you convert an RRSP to a RRIF?
Registered retirem.... More »
Close to retirement? Don’t panic, say financial experts Mar 23rd
If you are going to dip into your savings, do so in a planned way and track what you remove..... More »
What’s involved with an owner withdrawal of cash from a corporation + MORE Dec 7th
I work as a self-employed IT contractor. I am incorporated. Over the years I have accumulated about $100,000 in my business account, over and above what I need to carry operating expenses. I am about five years out of retirement, maybe less than that if I go for a semi-retired approach. I would like.... More »
“Where do we pay income tax if we retire abroad?” Apr 27th
Q. We’re thinking about moving to Mexico full-time when we retire. Where would we pay income tax on our monthly Canadian pensions?
–Marianna
A. Many Canadians dream of a retirement that includes travel abroad. Some even move abroad part of the year, most of the year, or give up their Canadian r.... More »
Three Tips to Spring Clean Your Financial House
– rhondasherwood.com
As soon as the temperature starts to warm up, we start to think about cleaning out those those cobwebs hiding all the nooks and crannies of our homes. And although our intentions start off really well, somehow we always find an excuse to dodge the hefty job of cleaning our “financial house”. This is usually the largest and most cluttered area that we need to sort through.How to Spring Clean Your Financial House
Here are three simple strategies to help make decluttering and reorganizing your financial papers a less daunting task:
1. Preparation
First, we must understand what makes up our ‘financial house.” It includes:
Personal debt
Savings plans
Retirement plans
Estate plans
Insurance needs
Our financial papers should be sorted and filed in these five groups.
2. Declutter
Once we have sorted all of our papers into the five groups, it is time to go through them and start shredding. The rule of thumb is to keep your last two statements plus your original documents and shred the rest…
