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How to Get More on Your Income Tax Return with the New Climate Action Incentive + MORE Apr 12th
The federal government’s Carbon Tax officially came into effect on April 1, increasing the costs of gasoline and fossil fuel consumption.
The tax was introduced in an attempt to encourage Canadians to use more environmentally-friendly and energy-efficient processes, though subsequently, a tax cre.... More »
What to do about your debt after the interest rate hike + MORE Jan 18th
TORONTO — Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point.
The country’s biggest banks raised their prime rates after the Bank of C.... More »
Do You Need Loan Insurance? + MORE May 31st
Managing debt can be a challenge. Sometimes that challenge is driven by circumstances out of your control. Critical illness or disability can put a huge strain on your finances, making it hard to pay off a credit line or loan.
Those times of distress are what loan insurance is designed for. .... More »
Canada’s Best Credit Cards 2019 + MORE Mar 1st
It goes without saying that finding the right credit card could save you hundreds if not thousands of dollars a year. Whether you’re looking for lower fees, higher net reward points or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your c.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Nov 12th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Can we retire with $6,500 a month?
– moneysense.ca
Randy and Sandra LukeUp until last year, Sandra and Randy Luke were focused on paying off their mortgage. With that goal behind them, they’re ready for their next challenge: to retire in 10 years. But can they save enough to build a portfolio capable of delivering a monthly net income of $6,500 in retirement?
The current situation
Randy Luke, 51, and his wife Sandra, 49, live in Winnipeg. Randy is in the printing business and Sandra is a healthcare instructor, but come 2027 they both hope to have a different job title: retired.
“We felt we had to have a goal and 10 years from now for full retirement is a good time,” says Randy. “Sandra has a defined benefit pension plan at work and that’s when she reaches her factor 80 date for a full pension.”
The couple’s finances are in good shape after paying off their $475,000 home a year earlier than planned. Currently, they have a combined $720,000 in their TFSAs, RRSPs, and other savings. The couple doesn’t have children, which means all of their savings can be put towards their retirement…
