OAS payment dates in 2025, and more to know about Old Age Security + MORE Apr 2nd
The best high-interest savings accounts in Canada for 2025 + MORE Jan 7th
Can you put an inheritance into a joint account? + MORE Jul 1st
Which ETFs are the most tax-efficient for Canadian investors? + MORE Sep 10th
The best high-interest savings accounts in Canada for 2025 + MORE Jun 25th
The best high-interest savings accounts in Canada for 2024
– moneysense.ca
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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How to plan for retirement when you have no pension
– moneysense.ca
In years past retirement planning was relatively easy. Fifty years ago, more than half of working Canadians, and an even higher proportion of men, could fall back on a corporate or union pension plan as their main source of income in retirement.
That’s no longer the case. Just 38% of paid workers in Canada were covered by a registered pension plan in 2021, the most recent year surveyed by Statistics Canada. The retreat of pension coverage is particularly marked in the private sector.
The news isn’t all bad. Pension coverage has stabilized over the past two decades after falling significantly between 1980 and 2005. The number of Canadians covered by workplace pensions actually increased 1.8% in 2021, to 6.7 million, with the fastest growth coming from defined-benefit plans, the gold standard of pension coverage. Still, that failed to keep pace with the rate of employment growth.
That leaves a majority of Canadians needing to cobble together their own retirement plan based on government programs, registered retirement savings plans (RRSPs), tax-free savings accounts (TFSAs) and non-registered investments…
Update on bare trust tax filing rules for 2024 and beyond
– moneysense.ca
Bare trusts have had a lot of attention in 2023 and 2024. Taxpayers and tax professionals have been confused by the filing requirements for bare trusts, and the federal government has been somewhat uncertain in its messaging.
Starting with the 2023 tax year, trustees of bare trusts were supposed to begin filing T3 Trust Income Tax and Information Returns, including Schedule 15 (Beneficial Ownership Information of a Trust).
T3 returns are normally due March 31, but because this date fell on Easter weekend in 2024, the deadline was extended to Tuesday, April 2.
On March 28, 2024, a few days before the deadline, the Department of Finance changed its mind about the reporting rules. Bare trusts were exempted from filing for 2023, except in the unlikely event that the Canada Revenue Agency (CRA) directly requests the filings from the taxpayer.
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How to manage as a single parent with no pension
– moneysense.ca
“If someone’s not lucky enough to have a company pension, it’s that much more crucial for them to be building up savings on their own,” says Millie Gormely, a Certified Financial Planner at IG Wealth Management in Thunder Bay, Ont. “But that’s really hard to do when you’re supporting yourself and your kids, because you’re having to stretch that income that much further.”
As of 2022, there were about 1.84 million single-parent families in Canada, and they face unique financial challenges. For starters, the primary caregiver may be covering more than their share of the responsibility and cost of raising their kids, footing bills for everything from food to clothing and childcare…
Which savings should retirees draw down first?
– moneysense.ca
I am retired and, like many seniors, don’t like touching my savings. However, I would like to figure out a decumulation strategy. Can you talk more about how to do this as my husband and I are towards the end of the Boomers.
Note we have already taken our CPP so much of what I have read doesn’t apply to us.
—Donna
Donna, if you are at the tail end of the Baby Boomer generation, I am guessing you are in your early 60s and you have, what, maybe 20 years of active living left? Sound about right? What do you want to do with that time? I’m hoping you see that as motivational.
Working as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset, I question if a decumulation plan based on tax efficiency is the best use of someone’s money. I wonder whether it is even possible to design “the best” long-term, tax-efficient withdrawal strategy.
I have modelled many different combinations of withdrawal strategies, such as RRSP first, non-registered first, blending the two, depleting registered retirement income funds (RRIFs) by age 90, dividends from a holding company, integrating tax-free savings accounts (TFSAs), and so on…
