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How Much To Take Out Of Your RRSP In Your 60s
The article “How much to take out of your RRSP in your 60s” was originally published in MoneySense on October 4, 2021. Photo by Marcus Aurelius from Pexels. Although RRSP withdrawals can be deferred no later than age 72, it may be necessary or advisable to make withdrawals before then.…
Read MoreHow To Figure Out Your Investment Fees
The article “How to figure out your investment fees” was originally published in MoneySense on September 28, 2021. Photo by Andrea Piacquadio from Pexels. John is unclear about what he’s paying his advisor, and cannot seem to get a straight answer. Q. I was wondering why there is no accounting in…
Read MoreFinancial Gifts: What You Need To Know Before Giving Money Or Investments
The article “Financial gifts: What you need to know before giving money or investments” was originally published in MoneySense on September 21, 2021. Photo by Marcus Aurelius from Pexels. We humans are wired for generosity: we feel joy and satisfaction when we give to others. What may not be as natural…
Read MoreHow To Avoid OAS Clawback When You’ve Had A Temporary Increase In Income
The article “How to avoid OAS clawback when you’ve had a temporary increase in income.” was originally published in MoneySense on September 14, 2021. A one-time bump in Sam’s income triggered an Old Age Security benefit clawback, and he wants to know if there is a remedy. Q. I liquidated a…
Read MoreIncorporated Business Owners: Should You Pay Yourself A Salary?
The article “Incorporated business owners: Should you pay yourself a salary?” was originally published in MoneySense on September 8, 2021. Photo by fauxels from Pexels. If you own an incorporated business, you can pay yourself a salary—but sometimes it’s the wrong choice. When it comes to their own compensation, a…
Read MoreTransferring Employer Pensions To LIRAs, LIFs and RRSPs
The article “Transferring employer pensions to LIRAs, LIFs and RRSPs?” was originally published in MoneySense on August 30, 2021. Photo by Pavel Danilyuk from Pexels. Q. I have a new LIRA valued at $102,500 from leaving an old employer. Can I transfer this money to a LIF, then to an RRSP?…
Read MoreHome Buyers: How Large Should Your Down Payment Be?
The article “Home buyers: How large should your down payment be?” was originally published in MoneySense on August 23, 2021. Photo by SHVETS production from Pexels. Is it best to maximize your down payment on a house or condo purchase, or keep some money to invest? When you buy a…
Read MoreHow Much Should You Withdraw From Your RRIF?
The article “How much should you withdraw from your RRIF?” was originally published in MoneySense on August 16, 2021. Sandy wants to deplete a registered retirement income fund by age 90 and wonders how much to take out each year. Q. I am 78 and have $330,000 in my RRIF account.…
Read MoreAre Interest Payments Tax Deductible?
The article “Are interest payments tax deductible?” was originally published in MoneySense on August 9, 2021. Interest paid may be tax deductible under the right circumstances. Find out which scenario might apply to you. Taxpayers may be eligible to claim a tax deduction for interest paid on a loan or…
Read MoreCan You Change Your Mind About Taking CPP Early?
The article “Can you change your mind about taking CPP early?” was originally published in MoneySense on August 3, 2021. Photo by Anna Shvets from Pexels. Rena started receiving Canada Pension Plan benefits at age 60 and wants to know if she can now defer the pension, or if other…
Read MoreDivorce Over 50: Managing Your Finances If You Find Yourself Single In The Run-up To Retirement
The article “Divorce over 50: managing your finances if you find yourself single in the run-up to retirement” was originally published in MoneySense on July 28, 2021. Photo by Pavel Danilyuk from Pexels. “Grey divorce” is on the rise—and it can have significant financial impacts, from daily cash flow to…
Read MoreCan You Receive A Government Pension If You Live Outside Of Canada?
The article “Can you receive a government pension if you live outside of Canada?” was originally published on MoneySense on July 19, 2021. Photo by Frida Aguilar Estrada on Unsplash. Helen wants to know if her father can receive Old Age Security benefits, despite not living in Canada for many…
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