When should you start taking CPP? Take it too early or too late and you could sell yourself short + MORE Dec 16th

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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How long can you put off saving for retirement? Surprisingly, waiting until your 50s makes sense for some + MORE Jan 6th

Ideally you should draw up a saving plan in your late 30s or early 40s. But it can still be an enormous help if you don’t manage to get to it until your late 40s or 50s or even later..... More »

Your retirement investments did well this year. You can thank Donald Trump + MORE Dec 23rd

You may dislike the man, but his business-friendly policies, trade truces and lower interest rates all helped lift North American markets, writes Gordon Pape..... More »

How does income from a rental property create RRSP contribution room? + MORE Jan 13th

Q. I understand that net rental income creates RRSP contribution room—so, even as a retiree, I should be able to accumulate additional RRSP room. Does foreign net rental income add to RRSP room? When I do my Canadian taxes using tax preparation software, the reported net foreign rental income does.... More »

RRSP or TFSA? Here’s the simple and definitive answer Jan 20th

Should you save for retirement in an RRSP or a TFSA? For many high earners, an RRSP is your best bet, writes David Aston.... More »
When should you start taking CPP? Take it too early or too late and you could sell yourself shortAge 65 is considered the “standard” age for beginning both CPP and OAS, but you can start taking CPP any time between ages 60 and 70 and you can start OAS any time between 65 and 70.

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Planning for an inheritance

– moneysense.ca

My mother passed away three days after her 66th birthday, leaving me with an inheritance I never expected.
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had great support from family and from government-funded resources.
But I have also seen things go the other way. Families burn through savings to cover full-time care for an aging parent at costs that can exceed $10,000 per month. In those cases, at the end of an aging relative’s life, there may be no inheritance left to pass along to loved ones.
At our financial planning practice, one thing we ask clients is if they are expecting an inheritance; it’s a question on our intake form. We ask because it is relevant, both for retirement planning and discussion purposes. But as the two scenarios I’ve just described show, the most we can ask for is a best-guess answer. On the benefactor’s side, nobody knows how long they will live, nor what potential long-term care costs may be incurred during one’s later years—so a beneficiary may or may not receive an intended inheritance…

Continue Reading On moneysense.ca »


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