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Category: For Your Information

Canadians facing longer wait for retirement

Let’s hope you like your job, or are in a position to get one you like. The reason: on average you will be spending longer toiling away than you previously thought: for the first time since Sun Life Financial has been polling the retirement plans of working Canadians, more employees expect to still be in the workforce when they reach 66, or one year past “normal” retirement, than those who expect to opt for full-time retirement.

To read the full article click here.

Drawing Conclusions: What to do if you missed the RRSP deadline

The RRSP contribution deadline comes and goes every year. If you find yourself missing it each year, setting up an automatic, regular contribution over the course of the year can remove the stress of the deadline. Preet Banerjee explains how it works

Click here to watch the video.

How saving for retirement beats paying down your mortgage

There – a long-standing debate in Canadian personal finance is settled. To build wealth in today’s low interest rate world, divert money you were going to use to pay down your mortgage balance to your registered retirement savings plan or tax-free savings account.

To read the full article click here.

Yearning for yields? Why GICs beat five-year government bonds

Why are yields on five-year guaranteed investment certificates (GICs) so much higher than yields on five-year government bonds, when both have the same term and would appear to have the same level of risk?

GICs do indeed yield more than bonds – a lot more. When I compared GIC rates on Globeinvestor.com this week (scroll down the page at tgam.ca/personal-finance), the top five-year yield was 2.95 per cent, offered by Hubert Financial, the online division of Manitoba-based Sunova Credit Union.

To read the full article click here.

RRSP season: Have you planned for beneficiaries?

And so it shall be. The family convinced me to leave my registered retirement savings plan (RRSP) assets, among other things, to them instead. Since it’s RRSP season, it’s worth talking about the beneficiaries of your RRSP. Who have you named to receive your plan assets when you’re gone? At the time of your death you’ll be deemed to have collapsed any RRSP that you have. This can create a tax bill on the full fair market value of the assets in your RRSP. Naming your spouse or common-law partner as the beneficiary of your RRSP will allow you to avoid the tax on the plan assets.

To read the full article click here.


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