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Home > Retirement

Retirement 10

Top Dividend Tax Credit Questions
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The dividend tax credit is a useful tool to reduce the tax burden on investors, but it only applies to dividends from Canadian companies and is most effective at certain tax levels. While it’s worth taking advantage of, this tax strategy should also be looked at in conjunction with all of an investor’s holdings, to make sure it’s being used in the most effective way. The dividend tax credit can be a useful tool for investors looking to reduce the taxes they pay on their investments, especially at lower tax brackets. But it only applies to dividends from Canadian companies, and may interact wi...
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Personal Pension Plans
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Planning for retirement has gotten increasingly difficult for Canadians in general, but when it comes to business owners or the self-employed, having a steady income after leaving the workforce can be hard to imagine. One [glossary_exclude]option[/glossary_exclude] incorporated professionals may want to consider are Personal Pension Plans, a vehicle meant to allow them to both save and invest, all while making the most out of the tax breaks available to them. What’s a Personal Pension Plan A Personal Pension Plan is a registered retirement fund available in Canada that combines a defined b...
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Who Should Bother With an RRSP?
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Registered Retirement Savings Plans are the best tax break available for the average Canadian for one simple reason – they give the saver the opportunity to deduct contributions from taxable income and the money you make from your investments won’t be taxed. Not immediately, anyway - you will have to pay tax on your withdrawals. Nancy Grouni, a certified financial planner with Objective Financial Planners in Richmond Hill, Ont., says the main sticking point when deciding whether or not an RRSP is a good idea is your tax rate. “The higher the tax bracket you’re in, the more it makes sense...
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An Insurance Policy Can Help You Make Sure Your Loved Ones – Not The Taxman – Get Your Inheritance
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A life insurance policy is a useful tax-deferral tool that can help you build wealth without a big tax-bill – and leave more behind for your loved ones. The more money you have the more you tend to have to pay out in taxes, and for those wealthy enough to max out traditional tax-saving vehicles like RRSPs, a life insurance policy can be an efficient tool to shelter capital. While people tend to view an insurance policy as a way to protect themselves, their business or their family should anything unexpected happen, permanent insurance can also be used as an investment tool – and perhaps ...
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What to Consider in a Mid-Life Career Change
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Switching your career in middle age is not for the faint of heart or the unprepared. To carry it out, it’s vital that you know yourself, the job prospects and your financial health. Many of us didn’t plan on working in the field we ended up in. Maybe you wanted a career in design but instead settled for insurance because design jobs just weren’t available the year you graduated. Before you knew it, the years rolled by, you found yourself smack in middle age and thought, “I’ve got plenty of good years left; it’s time to make a career change.” That’s well and good. But in choosing a sec...
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When Should I Start Collecting CPP Payments?
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You can collect CPP Payments as early as your 60th birthday. But there is a significant price to pay if you opt to cash in that early. It all comes down to whether you need the money – and the state of your medical history. Congratulations! You’ve reached the finish line. You’re about to hit 60 years old and retirement is no longer an abstract concept. It’s time to consider one of the most difficult questions – when to start collecting Canada Pension Plan - CPP payments. Unfortunately, like so many other money issues, there is no cut-and-dried answer that applies to everyone. “From an a...
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Getting Divorced?
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Getting divorced is almost always difficult as the two people involved are involved in tense negotiations over everything from property to children. But it can be a lot easier if the soon to be ex-couple can control their emotions. Getting divorced can seriously impact your financial health and retirement plans for the simple reason that the two people are dealing with raw emotions that can hinder rational thought. In other words, they really aren’t themselves. And because people aren’t thinking straight, they will lose sight on how much money is being spent on getting divorced – even if t...
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Investment Tax Strategies
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Planning ahead can pay off big when it comes to taxes, because the right tax strategies can ensure as much money as possible stays in your pocket instead of the taxman’s. Investment tax planning requires lots of work and cooperation among the various parties involved - but if done right, it can help investors avoid a huge tax hit. While investors generally know taxes can eat into their returns, most only have a cursory understanding of their impact, and the lack of an investment tax strategy can turn out to be expensive. “Taxes are, for most Canadians, the biggest expense they ever have, s...
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Investing At Different Wealth Levels
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Unless you’re really sophisticated financially, you may not really know exactly where you fall in the overall wealth spectrum, and that can make finding the right money manager hard to do. Here’s what the experts have to say about how prospective clients stack up. How Wealthy Are You? You may have worked hard all your life and saved lots of money, but what’s an exorbitant amount to you may not be as impressive to wealth managers used to dealing with billionaires. That may sound disappointing – and a little insulting – but the fact is that different wealth advisors cater to different finan...
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What Is a GIC?
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Guaranteed Investment Certificates offer safety. But you will pay for that safety and generally have to leave the money ‘locked up.’ What Is a GIC? Guaranteed Investment Certificates or GICs offer a guaranteed rate of return over a fixed timeframe. They are useful vehicles for investors who want an ultra-safe place to put their money and don’t mind that it is usually locked up for set periods of time. The biggest upside of GICs is safety; the principal is protected and would only be at risk if the bank or trust company where you bought them defaulted. In that case, your investment in GICs...
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