Not sure how to make a retirement plan? Read on…
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After inheriting a RRIF account, how to know what you owe the taxman Mar 10th
Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no.... More »
Can you change your mind about taking CPP early? Aug 10th
Q. I am 62 years, 10 months of age, and still working but plan to retire (early) at the end of November 2021 with an unreduced employer pension.
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop col.... More »
What is the CPP Survivor’s Pension? How can Canadians claim this benefit? + MORE Feb 15th
Ask MoneySense
My wife passed away, and I heard about the survivor’s pension. Can you tell me more about this benefit and how to receive it?—Kevin
What is the CPP Survivor’s Pension?
Thanks for your email, Kevin. Losing a spouse or common-law partner is one of the most challenging e.... More »
Planning for the (potential) costs of long-term care + MORE Feb 17th
According to the Ontario Long Term Care Association’s report This is Long-Term Care 2019, 82% of long-term care residents are 75 years of age or older, and 55% are 85 or older. Residents under 75 are generally those who “have experienced a brain injury, stroke, and other conditions that require .... More »
Why repaying student debt early is the best investment you can make + MORE Feb 17th
Q. I’m a 23-year-old who just graduated with a Masters degree and I have $30,000 in student debt ($20,000 provincial, $10,000 federal). I also just got a job with an annual salary of roughly $60,000. My question is what is the best way to invest my money (index mutual fund, stocks, online Rob.... More »
Using real estate vs. RRSPs to fund retirement
– moneysense.ca
Q: We have three rental properties in Vancouver (one is mortgage free) and own our own home (mortgage free) in the Fraser Valley.
We are both retirement age.
Should we use RRSP/ RRIF or sell the rental properties?
We have been told by different advisors conflicting opinions.
—Lee
A: Congratulations on your upcoming retirement, Lee. If you’ve owned those rental properties for more than a couple years, no doubt you’ve benefited nicely from Vancouver price appreciation.
I’ll tell you right off the bat that this isn’t one of those questions where there is an easy, obvious answer. What you should do is a personal decision, but I’ll try to highlight some of the considerations.
Ask a Planner: Leave your question for Jason Heath »
Selling real estate is expensive. Of course, there’s the obvious real estate commission payable, which is generally 7% on the first $100,000 and 3% on the balance of the sale price in BC. Some agents charge more or less. Some agents do cash back. And companies offering discounted commissions as low as 1% have gained popularity in cities like Vancouver where prices are high…
What to expect when receiving OAS at 65
– moneysense.ca
(Shutterstock)Right after tax season I received in the mail one of those little brown envelopes from the federal government. No, they weren’t after me for more tax money but the opposite: it was from Service Canada and they were proposing to send ME money as of my next birthday. The letter informed me that having met three criteria, I was eligible to receive the Old Age Security (OAS) pension as of my 65th birthday in April 2018.
Better yet, I didn’t even have to apply: if I didn’t respond, they would send a cheque to the address they had on file. The letter says if their three facts about you are correct “and you wish to receive your OAS pension at age 65, you do not need to return this letter nor contact us. We will send you more information and your payments will begin in the month following your 65th birthday.”
Sweet! Money for nothing and no paperwork or decision-making required! But of course things are seldom that easy. If I wished to defer the pension (for an enhanced return, which grows the longer you wait, by 0…
