In our last post, we discussed in-kind contributions. Many investors, who are otherwise unable to make a TFSA and RRSP contributions, may be able to contribute existing non-registered investments to their RRSP accounts, thereby getting a tax deduction in the process. However, it’s important to be careful of a couple of potential tax traps when making in-kind contributions – superficial […]
While many investors have good intentions of making TFSA and RRSP contributions, the unfortunate reality is that the cash required to make a meaningful contribution isn’t always available. What can you do? If you want to make a contribution to your TFSA and RRSP this year, but don’t have the cash available, you can use some of the investments in […]
Welcome to 2021! We all know how challenging it can be to stay on top of ever-changing facts and figures in the field of personal finance. To help kick-off the New Year, we have compiled a short list of key 2021 facts and figures to keep in mind for the new year. TFSA Limit The 2021 TFSA limit remains at $6,000, […]
Question. I’m planning to retire next year and wondering about my pension. I have been with the same employer for about 25 years, and have a defined contribution (DC) pension plan. What are my options when I retire? Answer. That’s a great question, and a very important decision regarding your retirement. While retirement with a defined benefit (DB) pension […]
Question. Like many other Canadians, I have been affected by COVID-19 and the corresponding economic shutdown. I have been receiving Canada Emergency Response Benefit (CERB) payments for the last few months, and wondering if there are any tax implications? Answer. As we know, the Canada Emergency Response Benefit (CERB) is designed to provide financial support to both employed and […]
In our previous article, An Annuity: Should You Consider One?, we explored such items as: Basics of annuities Different types of annuities Key retirement risks Annuities for retirement income In this post, we continue our discussion of annuities. In particular, we explore the key advantages and disadvantages of annuities, to help you decide whether or not an annuity is suitable for […]
Question. I’m planning to retire soon, and working on my retirement plan. I have a small pension, but most of my income in retirement will come from my own investments. A friend of mine recently told me that I should consider buying an annuity with my retirement savings. How can I decide if an annuity is right for me? […]
Last summer, we published a blog post on the Top 5 Life Insurance Q&A. We explored such questions as: How much life insurance is enough? I have life insurance through my plan at work – is that good enough? Do I have to get medical testing? How much does it cost? Is it tax-free? Those are very important questions indeed. […]
