The Unexpected Problem The RRSP (Registered Retirement Savings Plan) has long been considered a cornerstone of Canadian retirement savings. It offers tax deductions now, tax-deferred growth, and (presumably) lower taxes in retirement. It's often described as a “no-brainer” for Canadians who want to retire comfortably. On the...
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Saving for Retirement is Easy; Spending in Retirement – Not So Much You have been saving for retirement all your life. If you are a resident of Canada, you have been building up credits toward receiving Old Age Security (OAS). If you have been employed, you...
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A couple we’ll call David and Marie are on the verge of age 65. They managed to pay off their mortgage back in 2008, but they haven’t saved much of anything since. Neither had employers who provided pensions or group Registered Retirement Savings Plans (RRSPs)....
Read More“Industry organizations are calling on the federal government to raise the age at which RRSPs must be converted to RRIFs and to reduce the annual RRIF minimum withdrawal rates.” “Industry groups call for changes to RRIF rules,” by Rudy Mezzetta, Advisor’s Edge, March 13, 2023 What is...
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When I was a young boy living on the more rural outskirts of Chilliwack, BC, my brother and I would often go over to our cousin’s place just up the road and sleep outside overnight. This was in the summertime, of course. We would look...
Read MoreThe Canada Pension Plan (CPP) seems to get all the press these days. There are these debates about whether one should take it as early as age 60, wait until the “normal” retirement age of 65, or even delay the start until as late as...
Read MoreYou have had it. You cannot stand even one more winter of shovelling snow or fearing the loss of your fingers and toes from frostbite. You are going to retire to Panama, or Malaysia, or Portugal, or… There are lots of lists on the internet...
Read More“Why not both?” This is the answer the wife gives to her husband when he asks whether they should install an indoor or an outdoor hot tub. Perhaps you recall that commercial from one of the major providers of reverse mortgages in Canada. While the...
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Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) are the two major federal programs that provide financial assistance for Canadian seniors. OAS is available to almost any qualified resident or citizen of Canada although it can be reduced depending on years of residency...
Read MoreI have written before about retiring on a low income, in this blog post. Much of that post relied on the writing of John Stapleton, an expert on benefit programs for low-income earners, and a retired Ontario civil servant. Periodically, Stapleton makes live presentations via programs...
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