In our previous blog post, we discussed several roadblocks to retirement. In far too many instances, those roadblocks prevent Canadians from achieving the comfortable retirement they desire. In this post, we shift our attention to what happens after we retire, and some of the more common pitfalls that plague Canadian investors in retirement. Let’s explore ModernAdvisor’s “Top 3 Retirement Traps”. […]
Enjoying a comfortable retirement is common goal for most all Canadians. As such, a retirement savings strategy is a key element of most any comprehensive financial and retirement plan. To assist us, there are countless financial advisors, retirement planners, and online tools and resources available to help us determine how much we should save in order to reach our retirement […]
A client recently contacted us with the following concern: “I took some time off work for maternity leave when I had my child. Now I have returned to work, and I have been notified that I have the option to buy back my pension. What does this mean, and should I do it?” A pension buyback, also referred to as […]
Albert Einstein reportedly said, “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” When it comes to investing, there are two very important keys to success: harnessing the power of compound growth, and starting early. Let’s take a look at each of these concepts, beginning with compound growth. (Note […]
A spousal RRSP is not just for retirement planning – it can also be a great tax planning tool. Given the high level of taxation in Canada, tax savings should always be a priority for Canadian investors. Proper tax planning involves making the most of any potential tax savings strategies available to you. First and foremost, although the official terminology […]
Many Canadians approaching retirement wonder if they should share their CPP retirement pensions. While this may be advantageous for some, it’s not always the best choice for all. First and foremost, in order to be eligible to share your CPP pensions, you must currently be married or in a common law relationship. Single individuals, as well as those who were […]
In the past, most Canadians relied heavily on employer pension plans and government pension plans to provide a source of income in retirement. These days, many employers no longer offer pension plans, and individuals frequently change careers and employers. As such, the Registered Retirement Savings Plan, or RRSP, has become one of the most common retirement savings plans in Canada. […]
There are many issues to consider when contemplating the decision to become self-employed. Your access to government programs, including Canada Pension Plan (CPP) and Employment Insurance (EI), are important considerations for anyone moving to a self-employment structure. Let’s take a quick look at both CPP and EI, and highlight the key differences for employees and self-employed individuals. Canada Pension Plan […]
