The federal election is still several months away, but Old Age Security (OAS) benefits are making news recently. The federal government had announced changes to the plan: Starting in 2023, the age for receiving this pension will increase from 65 to 67. Another change to the rules means that Canadians who opt to start receiving […]
Tax-Free Savings Accounts (TFSAs) are an easy way to save for your financial goals throughout your lifetime. It can be used to save for a down payment on your first home or to start a new business. Over time, your goals may change. Travel, retirement or other life events may become your priority. Regardless of […]
One of the things that we would find hardest to give up is our independence, and that may be why the idea of signing a power of attorney is so difficult for many people. There are times when having a signed power of attorney in place can benefit you and your loved ones, though.
Critical Illness Insurance Makes the Difference in Whether you Financially Survive a Serious Illness
You’ve been planning for retirement, and you’re thinking that 65 seems doable but 60 is even better.You’ve followed your financial advisor’s advice to be debt-free as soon as possible and then redirected those mortgage payments toward your retirement savings. With even moderate growth and with your pension income you will have the necessary cash flow […]
It’s a fact of life that more Canadians are caring for elderly parents or relatives, and many of them are also looking after their own children at the same time. According to a 2012 survey conducted by BMO, seven out of 10 caregivers are providing some type of financial assistance to their parents or relatives. […]
Do you remember the good old days when deciding to spending our tax refund frivolously wasn’t such a big deal? We had stable jobs, house values seemed to be on a never-ending climb and the stock market was booming. There is a lot of insecurity or fear out there and so spending our tax refund […]
Registered Retirement Savings Plans (RRSPs) are an important part of your overall financial plan. They allow you to invest funds that will grow on a tax-free basis until they are withdrawn. To get the most out of your RRSPs for 2014, you need to understand how they will benefit you.
The RRSP deadline for the 2014 tax year is approaching quickly. If you have not made your contribution for the year or you want to catch up on your unused contribution room, you may be wondering whether it makes sense to take out an RRSP loan.
Having a good financial strategy is an essential part of preparing for a comfortable retirement. Contributing to a Registered Retirement Savings Plan (RRSP) should be part of your plan. Unfortunately, there are a number of common RRSP myths which can get in the way of taxpayers getting the maximum benefit from these long-term savings […]
Do you find the term “RRSP carry-forwards” confusing? If you do, you’re not alone. A Registered Retirement Savings Plan (RRSP) is a way for taxpayers to put money aside which can provide a source of income later in life, as well as provide a tax deduction now. The “carry-forward” part of that term simply means […]