Posts Tagged ‘Financial Planning’
Should I take CPP before age 65?
Two thirds of Canadians take their CPP benefits before age 65, but determining what’s best for you demands that you better understand your options. First let’s consider the rules around taking CPP – which changed January 1, 2012. The chart below from www.moneysense.ca provides a nice summary. You can start collecting CPP (Canada Pension Plan)…
Read MoreWhy you probably shouldn’t ever want to own a cottage
As you are reading this on what is hopefully a beautifully sunny and warm day, sitting on your dock on the water, what could be better than being at your cottage. There is no question of how nice it can be, but do you really have to own it to enjoy it? Occasionally clients ask…
Read MoreHow the Bank of Canada’s rate cut may have added $100,000 to your pension in one day
When the Bank of Canada lowered the overnight interest rate by 0.25% this week, the obvious benefit is for those with variable rate mortgages. They will see an immediate benefit in lower interest payments on their mortgage. Another group who just received a big win may not even realize it: If you have a pension…
Read MoreHow to get richer, faster: Dump the cash for equities in your TFSAs
If a 30-year-old couple opened their first Tax Free Savings Accounts today, they could contribute up to $82,000, which is a big reason why such accounts are starting to be serious money for many Canadians. As far as investing the funds, they could choose cash, GICs, stocks, bonds and preferred shares, as well as use…
Read MoreA world with TFSAs vs without, Part II: Which helps a family with a modest income save an extra $1.5M?
Recently we did an analysis of a world before TFSAs vs. the world today that took some flak online. Using a 40-year-old couple with $80,000 of income each, and $100,000 of annual expenses, we concluded that they could save $1.1 million of taxes in their lifetime as compared to the world without TFSAs. There was…
Read MoreA world with TFSAs vs without: Guess which can help a middle-class couple save $1.1M?
Will the tax-free savings account’s expansion only help the rich? That seems to be the popular belief, but the middle class may in fact be the biggest beneficiaries of all. It might not be that noticeable for a few years, but crunch the numbers and there is strong evidence it will make retirement immensely better,…
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