09 Sep How to plan for retirement when you have no pension
Retirement ...
Author: Study Direct Admin
09 Sep Update on bare trust tax filing rules for 2024 and beyond
If the trust is required to provide beneficial ownership information, the Schedule 15 form must list the name, date of birth, address and social insurance number of all trustees, settlors, beneficiaries and controlling persons to the CRA. Do bare trusts need to...
07 Sep Mortgage payments going up at renewal? Here’s what to do
Prolong the mortgage amortization period Extending the amortization is a popular option these days, with 25-plus year mortgages becoming the norm. In 2023, RBC reported that 43% of its residential mortgages had amortization periods of more than 25 years. And, as first announced in the...
07 Sep OAS payment dates in 2024, and more to know about Old Age Security
For example, for income year 2023, the threshold amount is $86,912. If your income in 2023 was $120,000, then your repayment would be 15% of $33,088 (the difference between $120,000 and $86,912). That comes out to $4,963.20. OAS clawbacks are paid off...
07 Sep Which savings should retirees draw down first?
Working as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset, I question if a decumulation plan based on tax efficiency is the best use of someone’s money. I wonder whether...
06 Sep How to manage as a single parent with no pension
“If someone’s not lucky enough to have a company pension, it’s that much more crucial for them to be building up savings on their own,” says Millie Gormely, a Certified Financial Planner at IG Wealth Management in Thunder Bay, Ont. “But that’s...
06 Sep Making sense of the markets this week: September 8, 2024
Macklem says we could see a soft landing For the third straight month, the Bank of Canada (BoC) decided to cut interest rates. The quarter-point cut takes the Bank’s key interest rate down to 4.25%. The news that’s perhaps bigger than the widely anticipated...
06 Sep 30 and no pension: What are your options?
Yet Crupi isn’t neglecting retirement. He’s maxing out his tax-free savings account (TFSA) and registered retirement savings plan (RRSP) contribution room to save for all of his long-term financial goals, including life in his golden years. In fact, Crupi’s been putting away...
06 Sep Variable mortgage rates regaining traction as Bank of Canada cuts rates
Are more rate cuts likely? In announcing the rate cut Wednesday, Bank of Canada governor Tiff Macklem said if inflation continues to ease broadly in line with the bank’s July forecast, it is reasonable to expect further cuts in the policy rate. Julie...
05 Sep Don’t squander your legacy – MoneySense
The essential guide to inheritance planning Neglecting to plan your inheritance is a bit like leaving your garden unattended for a few seasons. What starts as a minor oversight can quickly turn into a jungle of complications. Shockingly, two-thirds of Canadians haven’t put their estate...
