Not sure how to make a savings plan? Read on…
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Can a first-time home buyer have a mortgage co-signer? Sep 18th
If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate .... More »
How segregated funds can help protect your nest egg in a volatile market + MORE Sep 20th
For older Canadians afraid of having their savings wiped out in a market downturn, segregated funds could be an effective option, writes Gordon Pape..... More »
Forgot to File Your Taxes Last Year? What You Need to Know Jun 7th
If filing your taxes before the deadline went over your head this year, procrastinating can only make things worse.
Unlike sales tax, which is a pay-at-the-pump proposition, Canada’s income tax system is based on self-assessment. Make your money, plan your affairs as best you can and then, pay up.... More »
A good deal in the States can still cost you more + MORE Aug 23rd
Why you should use a U.S. account to build up savings..... More »
What types of tax-free savings accounts (TFSAs) exist? + MORE Nov 20th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
10 retirement questions, answered
– moneysense.ca
(EpicStockMedia/Shutterstock)1. Am I saving enough for retirement?
Ah, the million-dollar question. Lets look at a specific example, shall we? Say you have a $50,000 per year salary and $160,000 in your RRSP at around age 60 and plan to contribute another $10,000 a year for 10 years. Is this enough to retire at age 70 and have enough to last until you’re 100? Well the answer is: it depends. You need to consider inflation and factor in CPP payouts, too. Learn more.
2. What’s the best way to drawdown my retirement savings?
An RRSP, TFSA and holding company. Which one should you tap when, to minimize your tax bill? Starting with the corporation might be a good idea but watch out how it may affect your OAS and CPP. Next, go for accounts like TFSAs and RRSPs. Here’s why.
MORE: 7 ways to prepare for retirement
3. Does the Couch Potato make sense for retirees?
The Couch Potato doesn’t necessarily have to be a long-term portfolio. Someone who’s nearing retirement may consider just shifting asset allocation to be a little heavier in bonds…
