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Are You Counting On CPP For Retirement?

A majority of Canadians recently polled say they are relying on the Canada Pension Plan, many of them heavily, to get through retirement. The Bank of Montreal survey found that 89 per cent ... said they would have to rely on the CPP when they stopped working. Nearly a third ... 31 percent ...

Retiring Canadians

Nearly 30% of retired Canadians have returned to work and a major reason is that they misjudged

how much their expected life of ease would cost.

July 2013 Highlights

Was a positive month for global equity markets,with developed markets outperforming their emerging counterparts.Canada was shopping..Empire Co. bid for Safeway...Loblaws bid for shoppers drug mart...Hudon Bay co. bid for Saks.Volitilty still a big part of the markets activity.

Tax Planning

INDIVIDUAL SAVINGS PLANS

Registered Retirement Savings Plans (RRSPs) are available to help Canadians save for their retirement years.  In 2009, an additional savings plan was introduced, the Tax-Free Savings Account (TFSA), became available to Canadians age 18 and older to provide a savings vehicle to meet any on-going savings need.

Should I Make One Last RRSP Contribution?

If you are 71 years of age and have RRSP contribution room, consider making one final RRSP contribution - particularly if you expect to be in a lower tax bracket in future years.  RRSP contributions are generally not permitted for RRSP account holders who are older than 71, so this may be your last opportunity for a large tax deduction in one year.

Shifting Gears: From Accumulatiing To Drawing Down

For most of your working life, you have focused on saving and investing to accumulate enough assets to support you through retirement.  As you approach this milestone, you should begin to develop strategies for a different kind of plan; your income withdrawal plan -- creating, in essence, your new retirement paycheque.  This helps determine the most effective way to draw from your ret

New Old Age Security Guidelines

Canadians are living longer and costs for the Old Age Security (OAS) are rising.

On April 1, 2023 the Government of Canada plans to start raising the age of eligilbity for OAS to 67.

 

What does this mean to you?

Did You Know?

Dividends continue to account for a significant portion of equity market gains in Canada. Over the five years from Sept.30,2006 to Sept.30,2011,almost 40 per cent of the S&P/TSX composite index's total return came from dividends.Dividends can give a quite boost to equity market returns. 

Should I Take My CPP Early?

Let's assume you are age 60 and have the option of taking your CPP early.  My advice is to take it out, pay the tax and immediatley invest it into your RRSP to offset the taxes.  Below is an example of the kind of income you could generate on your own by taking your CPP early and investing it to age 71 at which time you would transfer to a RRIF (Registered Retirement Income Fund).

Retire With Confidence

For many, "the big day" seems as if it's a long way off.  For others,it's just around the corner.  We are talking about retirement and the fact that many Canadians plan to work after age 65.

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