Latest Updates Around The World
Spouse beneficiary When a spouse inherits an IRA or 401(k), he or she can inherit the account as an inherited account or transfer the account to his or her own IRA or 401(k) on a tax-deferred basis. IRA and 401(k) accounts generally require minimum distributions (RMDs) beginning at age 73. These are subject to US […]
When my family and I moved to Canada seven years ago, we spent months driving around neighborhoods deciding where we wanted to build our lives. Every time I got excited about a quiet street, a peaceful cluster of homes, or a beautifully maintained community, my wife would gently remind me that I admired retirement communities. […]
As your financial needs change from early career to mid-life and from early retirement to retirement itself, the way you approach your investments must also change. Laying a foundation and driving growth Even though you’re likely decades away from retirement, starting investing in your 20s or early 30s is one of the best money moves […]
Many Canadians missed important goals A year ago, 51% of respondents in a similar poll said they wanted to pay off their debt by 2025, but only 26% were successful. A similar number, 49%, had the ambition to save for the future last year, but only 30% of this year’s respondents said they accomplished that […]
1. Reexamine your budget Budgets are a great tool to help you stay on track with your spending and savings goals, but they need regular updates to maximize their effectiveness. Hopefully you’ve recorded any changes to your income, expenses or financial goals during the year. If not, now is the time to do an in-depth […]
When the time comes, RRSP or Registered Retirement Savings accounts will be converted to RRIF or Registered Retirement Income Fund accounts, a change that must be made by the end of the year you turn 71. Shifting your portfolio for RRIF withdrawals You can hold the same investments in a RRIF as you would in […]
When Should You Continue Contributing to Your RRSP? If you have a group RRSP with matching contributions from your employer, this will provide a significant boost to your savings. Many group plans offer matching contributions of 25%, 50% or even 100% on contributions up to a certain dollar amount or percentage of income. To get […]
