How to go about securing the best Retirement Plan in Canada.
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30 and no pension: What are your options? Sep 6th
Alexandre Crupi has a lot of expenses. The 31-year-old investment specialist at Steadyhand Investment Funds, along with his fiancee, are paying for a September wedding. Then there’s the cost of their forthcoming honeymoon. They hope some day to buy a house. On top of all that, Crupi doesn’t curr.... More »
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 »
Making sense of the markets this week: November 5, 2023 Nov 9th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Apple earnings are solid if not spectacular
When a company makes a habit of achieving record-breaking growth, it can be .... More »
The best RRSPs in Canada for 2024 + MORE May 2nd
RRSPs
The best RRSPs in Canada for 2024
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.
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Are you missing out on RRSP matching and more? Feb 28th
A registered retirement savings plan (RRSP) is a powerful retirement savings tool, yet many Canadians aren’t getting its full benefits. A lot of us are also missing out on RRSP matching and other incentives—essentially, free money—that could go a long way to funding a more comfortable retireme.... More »
When to break up with your financial advisor
– moneysense.ca
TORONTO – When Deborah Ison decided to break up with her financial advisor last year, investment performance had nothing do with her decision.The 45-year-old human resources project manager from Burlington, Ont., was in the midst of a divorce and went to her advisor with pressing questions about her financial obligations. But rather than addressing her concerns, she says, he quizzed her on investment risk tolerance and retirement goals.
It was then and there that Ison decided to make a switch.
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“I had walked into this office pretty much a broken person. My entire future had done a 180. I didn’t know how I was going to pay my mortgage or my bills or my debts,” she says.
“The furthest thing from my mind was my retirement. It seemed like an obtuse and insensitive question for him to be asking me…
Retirement tax tips
– moneysense.ca
During the wealth-accumulation years, the RRSP is a key tool, both to minimize income tax on taxable income (especially salaries) and to accumulate a retirement nest egg. Indeed, for those driven primarily by the immediate tax reduction, the byproduct of a retirement nest egg may even come as a pleasant surprise.However, it eventually comes as a shock to new retirees to discover tax may become one of their biggest expenses, surpassing even food or housing costs. This often occurs the year you turn 71 and convert an RRSP into a Registered Retirement Income Fund or RRIF. (This isn’t necessarily mandatory, as you can also choose to annuitize or cash out, although few do the latter because of the harsh immediate tax consequences.)
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In practice, most retirees choose the RRIF route, even though Ottawa mandates forced annual (and taxable) withdrawals that start at 5…
