Not sure how to make a retirement plan? Read on…
Latest News
What time of year should you retire? Sep 7th
Is there a better time of the year to retire based on tax implications: December 31 versus June 30 versus January 30? —Laf
The best date to retire for tax purposes
For most Canadians planning their retirement, tax isn’t the primary factor, Laf. However, there are instances when tax can com.... More »
How to plan for retirement when you have no pension Nov 22nd
In years past retirement planning was relatively easy. Fifty years ago, more than half of working Canadians, and an even higher proportion of men, could fall back on a corporate or union pension plan as their main source of income in retirement.
That’s no longer the case. Just 38% of paid work.... More »
The scoop: What Canadian investors need to know now + MORE Sep 21st
For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
We’re living longer—here are two ways to boost retirement savings and income + MORE Jan 18th
Maybe you’re taking your first steps towards saving for retirement. Or maybe you’re in the home stretch. Either way, you will likely be using a registered retirement savings plan (RRSP). This Canadian tax-sheltered savings account is more than six decades old, and it has formed the backbone of r.... More »
DIY investing for busy people—the portfolio management tool you didn’t know you needed + MORE Jul 13th
If you’ve been on the fence about managing a self-directed brokerage account because you think DIY investing is too much of a time commitment, think again. While DIY investing certainly can be an all-consuming “hobby” filled with spreadsheets, calculations and trade activity, it doesn’t have.... More »
When is the best time to start taking your CPP payments?
– moneysense.ca
For retirees or near-retirees who lack traditional employer-sponsored Defined Benefit pension plans, the federal government’s Canada Pension Plan (CPP) and Old Age Security (OAS) are the closest most of us will get to such a valuable pension.
True, RRSPs and TFSAs do allow you, in a tax-effective way, to build up nest eggs that can ultimately be converted to an annuitized stream of retirement income for as long as you live. But the good news is that just about every working Canadian eventually qualifies for the Canada Pension Plan, as well as Old Age Security, and both are inflation-indexed to boot, unlike many private-sector pensions.
Normally, those ready to retire contact Service Canada to get a record of past CPP contributions. They send you benefit estimates (both for CPP and OAS) some months before you turn 65 but you can also obtain this information before or after by visiting Canada.ca. There, you can find a CPP/OAS calculator provided by Ottawa, providing an estimate of expected sources of income…
True, RRSPs and TFSAs do allow you, in a tax-effective way, to build up nest eggs that can ultimately be converted to an annuitized stream of retirement income for as long as you live. But the good news is that just about every working Canadian eventually qualifies for the Canada Pension Plan, as well as Old Age Security, and both are inflation-indexed to boot, unlike many private-sector pensions.
Normally, those ready to retire contact Service Canada to get a record of past CPP contributions. They send you benefit estimates (both for CPP and OAS) some months before you turn 65 but you can also obtain this information before or after by visiting Canada.ca. There, you can find a CPP/OAS calculator provided by Ottawa, providing an estimate of expected sources of income…
