Government Benefits Can Boost Retirement Income
In a 2010 report to the Minister of Finance, it was found that approximately 160,000 Canadian seniors were not aware of the full range of benefits they were entitled to in their retirement years. In fact, nearly $1 billion in retirement benefits from the Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed […]
Estimating Retirement Expenses
By far one of the most crucial financial strategy steps is accurately estimating retirement expenses. Correctly accounting for retirement living expenses is critical to ensuring that retirees do not outlive their money. For those already retired, there are usually few good options for creating new income sources later in life. Getting retirement spending projections correct […]
Maximizing Your Retirement
Bob and Lisa are wondering just how their retirement will turn out. After all that’s happened over the past few of years, their RRSP accounts aren’t what they used to be. Even in the best of times, the accounts weren’t as large as they could have been, at least for all their post-retirement desires. The […]
Traveling in Retirement
One of the top retirement goals for many is travel. As many as 1.5 million so called ‘snowbirds’ travel to the Southern United States during the winter. With summer just around the corner, thoughts turn to travel within our borders, too. The Canada Safety Council states that a few simple precautions can help ensure a […]
Proposed Changes to the Canada Pension Plan
On May 25, 2009 Finance Canada announced some proposed changes to how Canada Pension Plan will work. If approved, the changes will take effect over a period of time from 2011 to 2016, so they will affect anyone planning to retire after 2010. Below is a brief summary of some of the most important changes: […]
More Overlooked RRSP Tricks
More than 65% of Canadians have made deposits to Registered Retirement Savings Plans (RRSPs). Many do so just for the tax savings, but here are some often overlooked tricks you should be aware of: RRSP loans – Those who use investment funds for their RRSPs should be well aware of the strategy of ‘buying low […]
Is a reverse mortgage the way to go?
Ralph and Louise have seen the TV commercials featuring Gordon Pape, the financial author, as the spokesman for Canadian Home Income Plan Corp. (CHIP) reverse mortgages. They were wondering if it would be a good way to go to help ease their current financial situation. A reverse mortgage is simply an advance on the value […]
Guaranteed Minimum Withdrawal Benefit
Roger and Linda are approaching their retirement. With continuing volatility in the markets, they are concerned about what effect a market downturn in the few years leading up to or just after retirement would have on their income. They also think that GIC investments would not protect their retirement income very well from inflation. Like […]