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What is financial freedom in Canada? + MORE Oct 23rd
Canadians aren’t short on advice for achieving financial freedom. A quick online search for “how to become financially free” will give you results that can be either informative or confusing. To be fair, some of it is correct, some is misleading, and some is downright wrong. Sources range from.... More »
Making sense of the markets this week: September 6, 2021 + MORE Sep 5th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
The rich get richer as rates go lower
We know that lower rates set by central banks help to stimulate economic growth by providing cheap money. On the flipsi.... More »
Ontario Fall Economic Update: Small Businesses Get Tax Cut; Minimum Wage Hike Moves Forward + MORE Nov 23rd
The Ontario government recently published its Fall Economic Statement which outlined some new tax breaks for small businesses and further acknowledged its plans to increase the minimum wage in the new year.
Good news for small businesses
For businesses that earn less than $500,000, the corporate in.... More »
How much credit card debt does the average Canadian have? + MORE Nov 7th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
Stock news for investors: Cineplex and Aritzia post strong results despite industry headwinds + MORE Oct 15th
Here’s a round-up of news for Canadian investors this week.
Cineplex
Aritzia
Trilogy Metals
Barrick Mining
Cenovus-MEG Energy
Featured RRSP Accounts
featured
EQ Bank
Buil.... More »
How to choose a retirement date
– moneysense.ca
(Getty Images / shapecharge)Q: With $560,000 in RRSPs between my wife and I, $37,500 in TFSAs and another $120,000 in savings, is it wise to stop working now or continue to 65? I am currently collecting $870 from the Canada Pension Plan (CPP), but also working. I am on track to earn $100,000 or more. My wife will collect $600 per month from CPP when she starts to collect. We are both 63 and cannot decide when to stop working. I am trying to sort the tax problems of working too long before spending.
—Don
A: There is a fine balance between work and retirement, Don. Many people who are still working want to be retired. Some who are retired miss working. But as you approach retirement, you owe it to yourself to try to figure out if you’re ready to retire financially as well as from a lifestyle perspective.
First, Don, let’s do some number crunching.
In addition to your CPP retirement pensions, you should both likely be entitled to Old Age Security (OAS) pensions of up to $564 per month each at 65…
