Ask MoneySense My dad is 77 years old and we live together in a house worth $840,000, which we own together. Dad retired at age 70 and commuted his pension so he would have money to leave to me. He has about $580,000 divided between a LIF and a RRIF and his CPP is $17,000 […]
Canada’s largest pension fund is being sued by four young Canadians who claim that CPP Investments is failing to properly manage climate-related financial risk. The four allege in a lawsuit filed in the Ontario Superior Court of Justice on Monday that the investment manager for the Canada Pension Plan is breaching its duty to invest […]
Because I get a lot of free review copies of financial books, it’s rare that I actually order one from Amazon, let alone three. But I did just that recently when I was curious about three influential authors who released new financial books within weeks of each other. The first can be regarded by retirees […]
Ask MoneySense I am 64 and retirement is coming up soon. Not sure exactly when. I took my CPP at 60, and will take my OAS June of 2026. I have no private pension plan and limited RRSP ($50,000). My dilemma is do I sell my condo (no mortgage) as I will not be able […]
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 […]