Find out what types of income add to the calculation of deduction room
All clients want a worry-free retirement, but some could find themselves facing financial challenges in their golden years. Read: How much retirement saving is enough? That’s because 25% of Canadian retirees are living with debt, finds a national survey from Sun Life Financial. In fact, some retirees still use credit as they did before retirement, […]
A tax expert does the math
Canadians are dipping into retirement savings to fund short-term expenses, BMO Financial Group finds in its eighth annual RRSP study. According to the study, the first part of which was released earlier this month, 40% of Canadians have made a withdrawal from their RRSPs. Those who have done so have withdrawn an average of $20,952—an […]
Payday loans are becoming more popular for heavily indebted Ontarians. Read: Now’s a good time for that debt discussion Almost one-third (31%) of 2017 insolvencies in the province involved payday loans, finds research from Hoyes, Michalos & Associates, an insolvency trustee firm. That’s up from 27% in 2016, and is the sixth consecutive year-over-year increase […]
Many Canadians aren't taking full advantage of RRSPs
How Canadians are saving for retirement may be an issue
Though most clients need help saving for retirement, those aged 34 to 40 are particularly vulnerable to life getting in the way of those plans, finds a TD survey. In fact, 74% of respondents say they’d like to save more, but everyday financial obligations take precedence. Read: Canadians aren’t making saving a priority: survey Common […]
The federal government should raise the contribution limits for RRSPs and defined-contribution pension plans to reflect lower yields on investments and longer life spans, a report from Toronto-based think tank C.D. Howe Institute says. “People are living longer and — even more importantly — yields on investments suitable for retirement saving are very low. These […]
Understand which one offers a planning opportunity