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Category: Retirement

Should you consider a reverse mortgage?

For those Canadians approaching retirement age, with less than adequate savings in the bank but the good fortune to own a home, temptation has never been greater to consider the much-hyped reverse mortgage. Reverse mortgages are typically portrayed as a no-risk means of accessing the equity in your home, and using that money to help … read more

Selling your US property? Beware the tax implications!

Canadians Selling US Property

If you’re one of the many Canadians who took advantage of the dramatic decline in U.S. property prices in the wake of the debt crisis a few years back, you’re likely now sitting on a sizable return on your investment. Property values have been rebounding south of the border, and with the gains the U.S. … read more

The case for taking CPP before 65

Following our earlier examination of the Canada Pension Plan and the factors that affect how your benefits are calculated, you may be left wondering if there’s a good argument for starting your CPP benefits before you turn 65. To help explore this, we’ll look at a scenario involving two individuals, Bob and Sue. Both are turning … read more

Understanding your CPP benefits calculation

All Canadian workers pay into the Canada Pension Plan, or the Quebec Pension Plan if residents of the province of Quebec. However, few have a clear picture of how much they’ll receive in CPP benefits once they retire, and fewer still understand how the benefit amount is determined. Here we’ll provide details on how your … read more

RSPs, TFSAs and your retirement strategy

RSPs, TFSAs, and your retirement strategy

The Tax-Free Savings Account (TFSA) was frequently in the news during last year’s federal election campaign. TFSAs made headlines again when the newly-elected government followed through on its pledge to roll back the TFSA annual contribution limit. With the RSP deadline now looming, conversations are once again turning to TFSAs and the annual question of whether … read more

Creating retirement income with an annuity

When it comes time to convert your RSPs or other accumulated savings into steady retirement income, the choices primarily come down to transferring funds into a RIF, or purchasing an annuity. Both can provide a reliable source of income for your retirement years, but there are important differences between the two. We’ve previously looked at … read more

Will rising healthcare costs put your retirement at risk?

You’ve diligently saved for the day when you can finally leave the daily grind behind. You’ve crunched the numbers, and are on track to have the funds you figure you’ll need to afford the retirement you’ve been promising yourself your whole working life. Good job. But are you sure you haven’t missed something critical in your … read more

Enhanced border tracking helps IRS target Canadian snowbirds

Enhanced border tracking helps IRS target Canadian snowbirds

If you’re one of the thousands of Canadians who spend long stretches of time in the U.S. each year, you need to keep the number 183 in mind. Here’s why. In 2011, Canada and the U.S. agreed to the Perimeter Security Pact, which ties together the entry and exit data of the two countries. This … read more

Five things you need to know about RIFs

For every Canadian with a registered Retirement Savings Plan (RSP), an important event looms on the horizon – converting your RSP into a retirement income source. If not done earlier, you’ll be forced to convert your RSP by December 31 of the year you turn 71. At this point, you’re probably asking two questions: “what … read more