I came across a recent CTV News Consumer Alert article/video clip about taxes on the estate when the bulk of the deceased’s assets were held in a Registered Retirement Savings Plan (RRSP) and a principal residence that had been owned as a secondary property for...
Read More
When Canadians think about retirement, one recurring complaint is that “RRSPs aren’t fair.” The argument goes like this: you get a tax deduction when you contribute, and your savings grow tax-deferred, but then you’re forced to pay full tax when you take money out of...
Read More
Introduction Linda and David, both recently turned 65, are lifelong residents of Cambridge, Ontario. They’re now settling into retirement with a mix of anticipation and uncertainty. They bought their home 39 years ago, just a year after getting married. It’s where they raised their two children and...
Read More
Over 25 years ago, I first learned about options trading. I never got around to implementing any such strategies for my accounts, but unexpectedly, I found myself in the investment industry, initially serving U.S. investors at a discount brokerage that had a contact centre here...
Read More
When Life Hits Harder Than Expected At age 25, I was diagnosed with chronic kidney disease. Three decades later, I started peritoneal dialysis, followed by a kidney transplant from a living donor at age 57. In between, I underwent surgeries for my gall bladder (2007) and...
Read More
Allow me to introduce Daniel—a 32-year-old single man living in Calgary, earning $105,000 per year. He contributes regularly to his TFSA and personal RRSP, and also to a group RRSP through his employer, who matches his contributions via a Deferred Profit Sharing Plan (DPSP). Daniel...
Read More
Let’s imagine a married couple, James and Sandra, both age 65, recently retired, and living in Winnipeg. They own a mortgage-free home worth about $500,000. Their financial assets are currently worth about $1.7 million with 25% in RRSPs, 15% in TFSAs, and 60% in a jointly...
Read More
My first full-time job did not have any benefits. I am aware that in certain careers, a lack of an employer-sponsored retirement saving benefit is the norm, whether a Defined Benefit pension, plan, Defined Contribution pension plan, Group RRSP, or Deferred Profit-Sharing Plan. Nevertheless, for...
Read More
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...
Read More
The Problem of No Pension Benefits Hannah’s Exciting Start At 24, Hannah has just graduated with a master’s degree, specializing in Information Systems and Design. She’s landed a job in the tech sector in Toronto, earning a solid salary of $85,000 per year. The Missing Piece While the job...
Read More