Twenty years ago, when CEIRP was first created, the purpose was simple — to help members to save for a comfortable retirement. Each of us have a dream of what our retirement might be like. Maybe it’s spending your time with friends and family. Or travelling the world. Or you might choose to take [...]
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The simple answer is a Canadian resident for tax purposes who is 71 years or younger and making an income, up to the individual’s annual contribution limit. So, what if you’re on a temporary work visa or you’re a Canadian citizen who’s lived overseas for a while and have now moved back? The CRA [...]
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 [...]
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 [...]
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 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? [...]
When it comes to creating a robust retirement plan, a lot of us tend to put it off. One reason may be because it’s difficult to imagine what life will be like in five, 10, 20 years from now. Another possible reason is that we may become overwhelmed by the amount of information available about [...]
Most financial institutions have now updated their bill payee list to include Canada Life Group RRSP and Canada Life Group TFSA. This means you can make direct contributions to your RRSP and/or TFSA by setting it up as a bill through your online banking. Just search for “Canada Life” in the bill payments section of your bank’s [...]
Do you remember the “Freedom 55” ads? These days, retiring in your 50s is only for a lucky few. “Freedom 65+” is more realistic for most Canadians. And according to Benefits Canada, it’s not merely realization facing Boomers and Gen Xers; Millennials are also coming to the same conclusion. Of course, when you work in [...]
