How much capital do Canadians think they’ll need to retire? On January 13th, 2019 RBC published the results of their 2019 RBC Financial Independence in Retirement Poll. What was the National Average for Private Savings? The study found that the average Canadian felt they needed $787,000 in “private savings” to be able to retire. Private savings […]
RRSP Deadline for Your 2018 Tax Return Quite simply, the “RRSP Deadline” is the last day this year that you can make a contribution to your Registered Retirement Savings Plan (RRSP) but claim the tax credit on the previous year’s taxes. The RRSP deadline for the 2018 tax year is March 1, 2019. But do you have unused RRSP contribution […]
Canada Pension Plan (CPP) You are eligible to begin receiving your Canada Pension Plan (CPP) as early as age 60. The base CPP payment is different for everyone because it’s based upon how many years you’ve worked, how much you’ve contributed each year plus many other factors. To determine your amount, go to the Government of Canada website, […]
Below are summaries of educational articles I have been collecting of late related to Retirement Income Planning. To read the entire article, click any blue title below to read more. Get ready for increased CPP contributions and benefits June 20, 2018 – Beginning in 2019, CPP contributions will increase gradually, such that the contribution rate in 2023 […]
Consider Sun Life Income Series for Guaranteed Lifetime Income in Retirement It may be worth considering Sun Life Income Series for Guaranteed Lifetime Income in Retirement. This product may be suitable for both pre-retirees as well as those already retired. If you want more guaranteed income than Canada Pension Plan (CPP), or Old Age Security (OAS) and private […]