All posts for Financial Planning

What Happens to Your RRSP at Age 71?

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. […]

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Self-Employment: What about CPP and EI?

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 […]

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Top 5: 2020 Year-End Tips

While the deadline for filing your taxes is still months away, the 2020 year-end is only weeks away, and most strategies discussed in this post would have to be implemented before December 31st in order to effective for the 2020 tax year. Let’s take a look at our top 5 tax saving tips and strategies.   Make your RESP contributions. […]

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DC Pension Options: Your Retirement

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 […]

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Annuities – Top 3 Advantages and Disadvantages

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 […]

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