It’s no secret that Millennials and Gen Z are in a financial quagmire. That’s old news: the cost of living, inflation, and a stagnant job market have all pushed younger generations to the brink of despair. Millennials (born between the early 80’s to the late 1990’s), and Generation Z (born in the late 90’s) have […]
Oh, Canada! Just as we Canucks dream of cross-country road trips and summers at the cottage, we also dream about the day we’ll hang up our work hats for good. But before you start daydreaming about lake views and leisurely coffee mornings, let’s talk cash. How many loonies and toonies (or perhaps, more accurately, how […]
Selfies have become a popular way for people to document their lives and share their experiences on social media. However, they can also have an impact on insurance, particularly when it comes to health and life insurance. In the case of health insurance, some insurers are using this type of technology to help prevent fraud. […]
Last week, we wrote about the importance of choosing a Guardian . This week, we are writing about the importance of choosing an Executor and all that entails. This individual is someone appointed by you to look after your estate and assets after your death. Just as choosing a Guardian can be a difficult choice, […]
The оnе person Donald Trump ѕауѕ he’ll nеvеr fіrе іѕ hіmѕеlf. Though he turnеd 70 thіѕ уеаr, thе rеаl estate and reality TV ѕhоwmаn insists thе thоught оf retirement nеvеr оссurѕ to him. “Mу fаthеr, whо wоrkеd untіl hе раѕѕеd аwау аt 93, uѕеd tо always say, ‘tо retire іѕ tо еxріrе,” Donald tоld SmаrtMоnеу.соm. […]
The FIRE (Financial Independence, Retire Early) movement is a personal finance and lifestyle movement that advocates for extreme savings and investment strategies in order to achieve financial independence and retire at an earlier age than the traditional retirement age of 65. The basic premise of the FIRE movement is to live frugally, save aggressively, and […]
RRSP stands for Registered Retirement Savings Plan. It is a type of tax-advantaged investment account that is available to residents of Canada. The purpose of an RRSP is to encourage individuals to save for their retirement by providing them with tax incentives. Contributions made to a retirement plan are tax-deductible, meaning that they can reduce […]
The federal government and all provinces allow a tax credit based on pension income received. The federal tax credit is 15 per cent of the lesser of $2,000 and the eligible pension income of the individual, while provincial percentages and limits vary.
The Canada Pension Plan (CPP) provides a number of benefits, the most significant of which is the retirement pension that forms an integral part of most Canadians’ financial plans for retirement. The Quebec Pension Plan (QPP) provides parallel benefits for Quebec residents. Every contributor to these government-sponsored pension plans will eventually need to make important […]
Individuals in receipt of eligible pension income can allocate or split up to 50% of the income with their spouse or common-law partner, and the allocated income is reported as the spouse’s taxable income. This allows the shifting of income from a higher-income spouse to a lower-income spouse, enabling the couple to reduce their combined […]
