In the fall of 2019, some troubling patterns emerged with my father that would change my life. It began innocently with what I thought were phone calls about confusing letters from creditors that turned out to be bills he had forgotten to pay for months. Soon after, he failed a mandatory cognitive test required for […]
A new KPMG survey reveals that eight in 10 Canadians with a professional financial plan feel confident they can retire at their desired age. Among those without one? Just 36%. That’s a massive gap—and it’s widening at a time when more Canadians are rethinking their financial strategy. The survey of 1,045 Canadians found that 52% […]
When you are in your career’s home stretch and approaching retirement, whether you do or do not contribute to your registered retirement savings plan (RRSP) becomes particularly important. Contributing to your RRSP—for most of your working life a wonderful tool for building wealth—can, in some cases, be detrimental to your financial security. When should you […]
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too. When to apply for CPP? When […]
While working people may envy those at or near retirement, once you get there there’s a certain amount of anxiety over markets and the prospect of outliving your money should stocks and interest rates fail to cooperate. Of course, those with guaranteed-for-life, taxpayer-backed, defined benefit pension plans may well be in an enviable position. I […]
Ask MoneySense Your recent article is the first time I have seen reference to a CPP death benefit of $2,500. Can you explain it, please? —Sam The primary purpose of the Canada Pension Plan (CPP) is to pay a retirement pension to contributors. Employers as well as employed and self-employed Canadians contribute to the CPP […]
Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition. Taxation in Canada When you are working, your employer calculates the payroll deductions […]
As the oldest Gen Xers start reaching the big 6-0, many of them are doing so while caring for aging parents—helping with financial, health-care, and housing decisions, alongside resetting the wifi and picking up groceries. At the same time, a growing share of these middle-aged life coaches don’t have kids of their own, which leads […]
Ask MoneySense Both my wife and I are retired. My wife is 72 years old and I am 68. Our combined incomes are based on CPP, OAS, RRIFs and dividends (both from our non-registered investments portfolio and corporate dividends that we both get quarterly from a holding company that manages the corporate investments). We currently augment […]
The unique market conditions of the 2022 bear market exposed a major flaw in the traditional 60% stocks/40% bonds balanced portfolio used by millions of investors. That year was defined by two forces: surging inflation across both the U.S. and Canada, and aggressive interest rate hikes by their respective central banks. From January to December […]
