If you intend to contribute to your RSP this year, you still have a few weeks to get in before the deadline of March 1. For the 2016 tax year, you may contribute up to 18% of your 2016 income, to a maximum of $25,370. As always, you can carry unused contribution amounts forward, thereby … read more
In late 2015, Canada recorded an ominous milestone. For the first time, there were more Canadians over the age of 65 than under the age of 15. This aging of the Canadian population is the result of the Baby Boomer generation (defined as those born between 1945 and 1965), and its significant membership winding down their … read more
You’d be forgiven for thinking that the term “Money Illusion” is some kind of magic trick. And while it does suggest that things are not as they appear, there’s nothing magical about it. The term Money Illusion describes the tendency many of us have when we think of money in absolute amounts, and not in … read more
Earning rental income to supplement other retirement proceeds is an approach that’s been used successfully by many retirees. Certainly, the prospect of an additional source of steady revenue is highly attractive. But it is not as simple as just sitting back and watching the rent cheques roll in. There’s much to consider before putting a … read more
We’ve all heard the old expression that it’s better to give than to receive. So the chance to “receive” a rewarding vacation adventure, while at the same time giving much needed aid and assistance, is a rare opportunity. For a growing number of Canadians, a volunteering vacation is the perfect way to experience a unique … read more
For those building wealth for retirement, a Registered Savings Plan (RSP) is a tried and true foundation relied upon by many savers. There’s good reason for this, as an RSP provides many advantages. But while most of us already know the merits of contributing to an RSP, fewer know of the other potential ways in which … read more
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
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
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
A couple of months back, we published a piece in the Oaken Blog outlining how the sharing of border information now makes it easier for U.S. and Canadian authorities to track how long travellers spend outside their home country. The article looked specifically at the implications for Canadians spending considerable time in the U.S., and … read more
