Retirement Income for Life: Why Canadian retirees love Frederick Vettese’s books and his PERC
MoneySense Magazine
by Jonathan Chevreau
2d ago
Since I turn 71 soon, my attention is naturally becoming focussed on the inevitable question of what to do when my registered retirement savings plan (RRSP) must be collapsed. Do I keep it as a registered retirement income fund (RRIF)? Or should I convert it into an annuity? Maybe I do a combination of both. I will focus on the mechanics of the RRIF conversion in an upcoming Retired Money column, as that will likely be my choice for most of my retirement savings. And, a year down the line, that will likely be the choice of my spouse. In the meantime, I have been reading the new third edition o ..read more
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Work-from-home tax credit: What Canadians can claim for 2023
MoneySense Magazine
by Jason Heath, CFP
3d ago
Ask MoneySense Is there any tax credit for working from home? Our company has gone completely remote since the pandemic. In the past few years, there was a tax credit based on how many days you worked from home. I believe the 2022 tax year was the last year for this credit. But now that I am permanently remote, is there anything I can claim for the 2023 tax year? —Imtiaz Work-from-home tax deduction in Canada Canadian taxpayers can claim a tax deduction for home-office expenses. This differs slightly from a tax credit, Imtiaz. A tax credit, such as those you get for medical expenses or dona ..read more
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How to qualify for EI benefits in retirement in Canada
MoneySense Magazine
by Jason Heath, CFP
4d ago
Ask MoneySense I’m a 75-year-old male, working part-time and contributing to EI every two weeks; and have for 10 years. I do have CPP and OAS income. Do I qualify to collect EI benefits for a period of time if I retire this year? I’ve paid contributions for 10 years and now plan to retire so I should qualify for some remuneration (benefits). —JM Getting EI in retirement Employment insurance (EI) is a program administered by Service Canada that provides both regular and special benefit payments. Workers in Canada contribute to the program through payroll deductions withheld from their salari ..read more
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Making sense of the markets this week: February 18, 2024
MoneySense Magazine
by Kyle Prevost
1w ago
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. Shopify struggles Canada’s second-largest company (or third, depending on the day) had a relatively strong earnings day on Tuesday, but the company’s share price took a beating based mostly on decreased earnings expectations going forward. Shopify earnings highlights Shopify is listed on both the Toronto and New York Stock exchanges, and it announces earnings in U.S. dollars. Shopify (SHOP/TSX): Earnings per share of $0.34 ..read more
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How do dividends work for Canadian ETFs?
MoneySense Magazine
by Aditya Nain
1w ago
Many investors buy stocks for the potential growth they offer. Their aim is to buy low and sell high to get a good return on their investment—a capital gain. But there’s another equally important aspect of stock investing for many investors: income from dividends. What are ETF dividends? Dividends are a portion of profits that a company shares with its shareholders, typically paid quarterly. Canadian stock markets include many companies that pay a high dividend. The dividend yield is the annual dividend per share divided by the price per share. Selecting and managing your own dividend stocks c ..read more
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How to buy the best washing machine and dryer to save money and the environment
MoneySense Magazine
by Candice Batista
1w ago
Sometimes saving money and helping the environment go hand-in-hand, usually because of less waste and less costs in production. When it comes to buying a washing machine and a dryer, going the eco root can also help your wallet. Candice Batista explains how in this excerpt from her new book Sustained: Creating a Sustainable House Through Small Changes, Money-Saving Habits, and Natural Solutions (Mango Publishing Group, February 2024), available at amazon.ca and Chapters Indigo. Drying your clothes also consumes a lot of energy, with dryers often using five to 10 times more power than washing ..read more
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How to afford a fun life
MoneySense Magazine
by Alicia Tyler
1w ago
It’s that time of year again when Canadians start to climb the walls. Fed up with winter, bored with streaming marathons on the couch and itching for a change of scenery—and, let’s face it—some fun. But rising living costs—including food and rent—make it hard enough to squirrel away a few bucks for the future, let alone stash cash aside for experiences like concerts, events, and, god forbid, a vacation. And those “funflation” costs are rising, too. Many of you might ask yourself if you can afford a fun life with everything you need to juggle on a low income. And despite what may feel pretty gr ..read more
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How to model retirement income in Canada
MoneySense Magazine
by Allan Norman, MSc, CFP, CIM
1w ago
Ask MoneySense I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago.  I have a work pension, and my wife was bought out for her pension.  We have considerable RRSPs, farm income, and farm property. Where do we start to see how much we can spend a month? We need a plan. My wife will collect CPP when she’s 60, and I will collect CPP when I’m 65. How do you cash in your RRSPs? Should you get GICs?  We’ve saved money all our lives, but how to you cash out now? We self-directed all our investments, but ..read more
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Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets
MoneySense Magazine
by MoneySense Editors
1w ago
Who doesn’t want to save money. But Kathleen Cassidy takes it to the extreme… with extreme couponing. It all started when she was a student at McMaster University, couponing to get better value for her purchases and her money. Now, still living in Hamilton, Ont., she’s using her savvy to educate Canadians on being thrifty, and she recently partnered with PC Financial as a spokesperson. Known on her popular social channels @LivingonaLoonie, she encourages her Canadian followers to save money, one loonie at a time. Featured credit cards featured Travel rewards card Earn 5 times the po ..read more
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Can you save on taxes by owning an investment account with your child?
MoneySense Magazine
by Jason Heath, CFP
1w ago
Ask MoneySense How is tax treated by CRA in a joint brokerage account with my son (not spouse). Is it the same as with a spouse? All funds are mine, and I moved them to a new brokerage account, but now included my son’s name. The reason being, as I am getting older, this move is to make my estate planning more convenient. I understand that I still declare all my dividends, capital gains and losses 100% and no splitting income. —Jing Tax implications of jointly owning an investment account with your children Before I delve into the answer for your question, Jing, I will do a little primer on ..read more
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