A common concern of many Canadians is: “I can never retire.” It’s usually followed by: “I haven’t saved enough.” These worries are understandable since we live and spend money in the “now.” It’s much harder to visualize how we’ll live and spend money in retirement when it may be 5, 10, 15, 20 or [...]
Over the last few years, the financial industry has taken note that women are taking more responsibility for personal and household financial decisions. A recent article in the Toronto Star on the subject noted that 90% of Canadian women will find themselves in this role by way of personal lifestyle preference, divorce or by [...]
If you are turning 71 this year you will need to close your RRSP by December 31. This being said, it doesn’t mean you have to leave the CEIRP plan. You may have already been contacted by Canada Life and have made a decision about opening a CEIRP RRIF. This account offers the same [...]
Here are some ideas on how to stay financially disciplined starting in your 20s through to your 40s: Twenty-something: Do you know where your money goes? Knowing how you spend money now will benefit you in the long-term. There are lots of financial apps that you can try, which are designed to make budgeting and [...]
With the summer ending and fall here, schooling and education tends to be top of mind for many families. With the rising costs of post secondary education, many families wonder how and when to start saving. It can be difficult for students to cover post-secondary expenses from their earnings alone, which are usually very [...]
TFSA stands for the Tax Free Savings Account Anyone can have an account—almost: Any Canadian resident over 18 years old can contribute to a TFSA. Annual limit: In 2022, the contribution limit for TFSA is $6000. For this year, your cumulative contribution limit is $81,500. Withdraw funds with ease: Unlike an RRSP, a TFSA [...]
Some members might not be sure about how Individual and Group RRSPs work. Here's a quick refresher sourced from the Canada.ca website: The Registered Retirement Savings Plan helps you save for retirement during your working years You can contribute 18% of your previous year’s income (total limit for 2020 is $27,230). The amount that [...]
We can all agree that this school year has been challenging and unpredictable. With so much uncertainty, it may seem ridiculous to even make plans for the next school year. But, things are looking up and September will be here soon enough, so it may be safe to start thinking ahead. And when it [...]
We all know that we need to have a strategy if we expect to reach our goals. The same can be said for saving for retirement. The idea is to define your retirement objectives and decide how you’ll achieve your savings plan. To get started, ask yourself: How do you picture life in retirement? [...]
As life slowly gets back to normal, we’re all looking forward to reasons to celebrate. In the coming months, an increase in weddings might be included in that list. So if you and your partner have been dreaming of when to have your big day, here are some financial conversations to consider before you [...]
