“What type of content am I reading?” + MORE Nov 23rd

All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th

Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement.... More »
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RRIF and LIF withdrawal rates: Everything you need to know Mar 7th

At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »

What’s my RRSP contribution limit for 2022? + MORE Dec 21st

This RRSP contribution room calculator will get you the numbers you need, but keep reading for a better understanding of RRSPs. If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2022 and may even be looking forward to a hefty tax refund. (The deadline for filing th.... More »
retirement

What investments can I put in my TFSA? + MORE Sep 14th

The less tax you pay, the more money you keep for yourself. How can you apply this to investing? By using registered investment accounts like the tax-free savings account (TFSA) and the registered retirement savings plan (RRSP). The TFSA is often the first investment account a new or young investor .... More »

Should you collect CPP and OAS while working in your 60s? Dec 7th

I have lived in Canada for 24 years and I’m 65 years old now. I am still working at a company making a $78,000 salary. Since my health condition is OK, I am going to continue to work for two to four years. My question is: In my situation, it is better for me to apply for OAS and CPP now or delay t.... More »
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The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and employment dropped by 6%. Similarly, in the European Union (EU), GDP sank by 4.4% in 2009 and about 6.7 million jobs were lost from 2008 to 2013. 

Never mind that Canada barely suffered compared to the United States and Europe—Canada’s GDP fell by 3.6% for only three quarters across 2008 and 2009 before recovering, while employment dipped by just 1.8% in the same time frame. Mass uncertainty still swept the air. Home ownership and retirement plans washed away and headlines screamed that there were no more jobs to be had. It seemed the only sensible course of action was to hide out and let it all rumble over. I enrolled in graduate school. 

Eventually, the global economy did recover…

Continue Reading On moneysense.ca »

In recent years, financial planning has been reduced from a process to a product. The broader financial industry has offered financial plans, often on a one-time basis, and frequently as a prospecting tool. It is not enough to simply have a financial plan that gathers dust. Forward-looking financial planning can help you stay on track and achieve your long-term goals.

What kinds of goals should you be setting?

Many people have the goal of investing their money. But in order to invest, you have to spend less than you earn. Some people start investing too early. It probably makes sense to pay down non-mortgage consumer debt like credit cards first. It also generally makes sense to contribute to your savings (for example, to an emergency fund) before growing your wealth through investing.

If you are saving for retirement, you should try to figure out how much you should be saving. This is based on your expenses, now and in retirement, and trying to work backwards to figure out how much to put aside each month…

Continue Reading On moneysense.ca »

After cryptocurrency values started crashing hard this year, headlines of people losing millions, their life savings or retirement funds flooded the news. When crypto bank Celsius Network filed for bankruptcy this summer its customers alone lost US$5 billion. Even digital-asset evangelists like Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried saw their portfolios drop billions. But one group in particular was disproportionately affected: Black investors. 

In the last few years, several companies have used targeted marketing approaches to pitch crypto to Black communities as a tool to build individual and generational wealth. While companies like Crypto.com, EthereumMax and FTX spent millions on marketing campaigns using celebrities like Matt Damon, Kim Kardashian and Tom Brady to tout the potential of crypto investments and broaden its appeal, the messages to Black investors—using stars like Spike Lee and Kyle Lowry—were more intentional: Do not miss out on this wealth-building opportunity and get left behind…

Continue Reading On canadianbusiness.com »

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