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Raiding your retirement to make a down payment on your first home is a Canadian tradition that has long been encouraged by the government, but for young Canadians who bought homes at the top of the market, the strategy is looking like a disaster. The average sale price of a home peaked in March 2022 […]
Canada’s high cost of living is eroding the confidence of its residents when it comes to their retirement plans. Two-thirds of Canadians say inflation has made it difficult to save for retirement, while 74 per cent said high prices have added to the concerns that their retirement nest egg may not be enough, according to
Posthaste: Increasing cost of living is eroding Canadians’ retirement confidence Read More »
Let’s pretend your boss promises you a big raise and a bonus, but you won’t actually receive either for 24 months. Now, imagine the government taxes you on that promise today. Say the raise and bonus will eventually total $50,000. Even though you won’t see a dollar of it until two years from now, you
Taxing unrealized gains is a silly idea that Canada should ignore Read More »
Q. Will you review the financial plan prepared for me by a certified financial planner? I am 65, single and have a good income, but I’m scared I don’t have enough money to retire even though the plan says I do. —Kate FP Answers: Hi Kate. Reading your question started me wondering about two things.
‘Chicken Little’ worth about $4 million is scared she won’t have enough to retire on Read More »
At 69 and 73 respectively, Marie* and Jonathan are just about to start withdrawing from their investment nest egg to fund their lifestyle. Up until this summer, Marie worked part time, earning about $3,000 a month. She wants to replace that earned income with investment income, but is concerned they may not have enough savings
Still working after 65, couple wonders if they can afford to retire Read More »
There is supposed to be no such thing as free lunch in this world, but an unnecessary number of Canadians will be a lot hungrier at retirement because they gave up that offer on a platter. We spend endless hours looking for ways to maximize investments, but a guaranteed 100 per cent return through employers’
Canadians have the option of contributing to a registered retirement savings plan (RRSP) and tax-free savings account (TFSA) to build long-term savings and benefit from tax-sheltered growth. But how do you ensure you are using them to their full potential? The Financial Post asked financial advisers to share their best tips for getting the most
These are the TFSA and RRSP tricks that can make you a fortune Read More »
There are thousands of unsold condominiums in Canada’s two priciest cities for housing, with not many buyers in sight. Who blinks first — buyers or sellers — is the biggest question that will determine whether sales pick up. A wildcard could be private equity groups, which are already eying inventory in Toronto and Vancouver, hoping
Garry Marr: As Canada’s condo market swoons, private equity is circling Read More »
Borrowing to fund your registered retirement savings plan (RRSP) or your tax-free savings account (TFSA) may seem tempting at this time of year, as promotions abound, especially for RRSP loans. But does it actually make sense? The answer depends on which plan you are targeting, how much you expect to make on investments, your appetite
Garry Marr: Borrowing to fund your TFSA or RRSP is tempting — but is it worth the risk? Read More »
Deciding how to divide your savings between a registered retirement savings plan (RRSP)and tax-free savings account (TFSA) to maximize the tax benefits can be challenging. But there are some mistakes that can really cost you, especially if you run afoul of the Canada Revenue Agency (CRA). With just a month to go until the March
Avoid these TFSA and RRSP mistakes to keep the CRA off your back Read More »
Whether you’re just entering the workforce or moving into your retirement years, you are likely grappling with the question of how to get the most out of Canada’s two main tax-deferred savings accounts. The tax-free savings account (TFSA) allows Canadians aged 18 and up to make limited after-tax contributions each year that grow tax-free and
Could retirement really be just a year away? Arnold*, 56, and Heather, 60, are hoping the answer is yes. The Ottawa-based couple have been running the numbers and scenario planning. They anticipate they will need to generate $118,730 after tax annually in retirement, which includes about $15,000 for travel. The empty nesters would also like
Should Ottawa couple defer CPP and OAS if they retire early next year? Read More »
I like many things that are automatic : automatic transmissions, automatic doors, automatic bill payments, automatic software updates. In each case, the automatic feature makes my life easier by handling routine functions or frictions that I’d otherwise have to spend time on or endure. Automation is often a clear improvement when things work as intended.
Could 2026 be the year of the renter ? After 15 straight months of rental price declines , the power balance may finally be swinging back into the hands of tenants, something that should come as a relief to cash-strapped Canadians, though not all will be in position to take advantage. At the end of
Garry Marr: Why 2026 could be the year of the renter Read More »
Canadian consumers might think that capping credit card interest rates would be a win for them, but some are warning that could spawn a slew of unintended consequences. United States President Donald Trump set off alarm bells in the C-suites at some of the world’s biggest banks when he called out lenders to cap interest
The mid-January blues are here … do you have them yet? If it helps to pull you out of them, here’s a gentle reminder that you have roughly 3.5 months to file your 2025 personal tax return. Awesome, eh? You can start getting all your receipts and information together in a safe spot and get
Q. What happens to the remaining balance in a registered education savings plan ( RESP ) account after the kids have finished their education? Could I keep it open and continue to invest the money before the time limit expires and I have to withdraw it? What are my options and which is the best
What happens to what’s left in an RESP after the kids have finished their education? Read More »
With registered retirement savings plan (RRSP) season now in full swing, here are five ideas that can help you take full advantage of this tax-saving vehicle. Contributions in-kind If you don’t have the cash available to make an RRSP contribution by the March 2 deadline to claim the deduction on your 2025 tax return, you
5 ways to unlock RRSP tax savings Read More »
Tommy Tindall writes for NerdWallet. Email: [email protected]. The article 6 Clever Ways I’ve Saved Money (That Weren’t as Scary as I Thought) originally appeared on NerdWallet. https://www.nerdwallet.com/finance/learn/clever-ways-to-save #financialliteracy #financialfreedom #finance #financialindependence #personalfinance #money #financialeducation #investing #financialplanning #entrepreneur #debtfree #wealth #creditrepair #budgeting #investment #debtfreecommunity #credit #financialadvisor #creditscore #financetips #financialgoals #realestate #debtfreejourney #moneymanagement #creditrestoration #invest #wealthbuilding #creditrepairservices
6 Clever Ways I’ve Saved Money (That Weren’t as Scary as I Thought) Read More »
B.C.-based couple Tina*, 38, and Brian, 37, are busy. They have three young children under the age of five, including a newborn. Still, they are trying to think long-term and save for retirement , but keeping up with expenses doesn’t leave much. “How can we invest smarter and be more tax efficient?” asked Tina. Ideally,