Benefits Of The Spousal RRSP

What is the best gift to give your loved one with Valentine’s Day and the RRSP deadline coming in the same month?  Nothing says romance better than the spousal RRSP.  It’s about you saying to your lower income (but better) half, “I want our collective taxes to be lower in retirement”.  Music to anyone’s ears.… Continue Reading

What To Do With Your Retirement Nest Egg

If you don’t have a Defined Benefit Pension from your employer, and you want to supplement whatever Old Age Security and the Canada Pension Plan will provide (which likely won’t exceed $20,000 a year in today’s dollars), then you’ll want to build up a nest egg of your own. These nest eggs might come in… Continue Reading

Retirement – Are You Saving Enough?

What do you want to be when you’re retired?  Where do you want to live?  What hobbies do you want to pursue?  Where do you want to travel? Very few people under 50 are asking themselves these questions, but maybe they should.  Study after study indicates that Canadians are not saving enough for retirement, and… Continue Reading

Understanding CPP and OAS

Knowing when to retire is a complicated calculation. And it’s never just about the numbers. You need to be ready to use the time effectively, replacing the time you spent at work with pursuits that fulfill you – whether it’s hobbies, helping out family, travel, community clubs, sporting pursuits or friendships. When it comes to… Continue Reading

Minimizing an Estate’s Income Taxes

Well, June 9th was Tax Freedom Day in Canada. Let’s face it, as Canadians we hate paying income taxes and we pay more than all but a small handful of countries in the world. A massive industry is built around minimizing taxes for Canadians – they are wonderful folk we call accountants. And while it… Continue Reading

Understanding Taxes Owing at Death

Many seniors worry about the taxes owing upon death – or what used to be called Probate Tax. If you have a loved one who is starting to think through their estate, and who is wanting to limit the taxes owing, you may want to know about this too. Those living in Ontario need not… Continue Reading

Income Splitting Options in Retirement

Benjamin Franklin once said “Nothing is more certain than death and taxes”. But when it comes to paying taxes, those with a common-law partner or married partner are simply better off. Paying less total income tax is not only possible, but a virtual guarantee because of the gifts granted by our government to encourage long… Continue Reading

Is a loved one of yours turning 71 this year?

If so, they have a big decision to make with their RRSP investments: cash them out, convert them to a RRIF or convert them to an annuity by the end of the year. First off, what is an annuity? It is basically an insurance product (and thus only sold by life insurance licensed professionals). They… Continue Reading

How much should you save for retirement?

This is an age-old question, and just about every money expert has weighed-in on it over the years. If you don’t want to figure out exactly what the government is going to throw your way in the form of the Canada Pension Plan, Old Age Security and perhaps the Government Income Supplement, you may want… Continue Reading

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