The New Kid on the Block…the Variable Annuity! The variable annuity of commonly referred to as a GMWB is on the horizon. In June 2006, I attended the Morningstar Investment Conference, which focused on “Retirement Income Planning”. One well-known speaker, Moshe Milevsky, introduced the concept in retirement planning of not just how to generate retirement […]
I had a great question from a client who recently asked “When I convert my RRSP to a RRIF, how much money must I withdraw each year?”. That’s a great question, so I thought I would explain RRSP and RRIF withdrawals and the basic rules. You can make a withdrawal for any amount, up to […]
Service Canada – Canadian Retirement Income Calculator With RRSP season having just ended and tax season ramping up, the last thing on most people’s minds right now is planning for their retirement. Whether you do your own investing on-line, use your local bank, broker, or a financial planner do you know your “Number”? Experience shows […]
The Registered Retirement Savings Plan (RRSP) is an investment plan used by Canadians to save for retirement. Contributions are tax deductible for tax purposes, however there is a limit. The contribution rate is 18% of earned income up to a $31,560 which equates to an earned income of 175,333.33. This amount is reduced if you […]
Tax Free Saving Account (TFSA) Updates for 2025 Canadians can earn tax-free investment returns using the plan referred to as the Tax-Free Savings Account (TFSA). Often I am asked, “should I contribute to an RRSP or a TFSA”. The two plans are very different. You get a tax deduction for contributions to an RRSP but […]
As rising interest rates continue, annuity payouts have increased too. Below I have a table showing how annuity payout rates have increased substantially since the when I started this blog, September 2020, almost three years ago. Methodology I update the default annuity quote (using the Cannex system). The default client is as follows. 65 year […]
Canadians Travelling Outside of Canada Whether it’s an overnight trip to the USA or a longer vacation, travel insurance is highly recommended. Please see the attached real life story for the cost encountered by a Canadian on a trip to Florida. You can purchase travel insurance up to six (6) months ahead, so if you need a […]
May 25, 2023 – Toronto, Canada – Assuris, in partnership with our member life and healthinsurance companies, is pleased to announce higher levels of policyholder protection. Assuris’mission is to protect Canadian policyholders if their life and health insurance company fails. Ourindustry is committed to the financial wellbeing of all Canadians and the increased protectionlevels provide […]