What Do I Need To Retire?

Contrary to the popular belief of many Canadians, collecting CPP and OAS isn’t quite enough to retire on. That’s because the maximum benefit for CPP is only slightly more than $1,100 and the OAS supplement is around $540. That means the maximum amount the government will give you when you’re wrinkly and retired is around…

Why It’s Not Dumb To Sell Your House And Rent

In a recent conversation the topic of renting versus buying came up for a retired couple. This said couple decided to sell their home and rent rather than downsizing or continuing to live in their own home. You can imagine the blasphemy that erupted from the table. “Why are they renting? Why would they sell…

Making The Right RRSP Choice

The RRSP deadline for Canadians that want to make a contribution is on March 1, 2018. That leaves just under 2 weeks away if you want to make a contribution this year. As RRSP goes, Canadians are making less and less contributions towards their retirement. In fact, as reported by the CBC, Canadians have been…

Why Do We Fear Losing Money?

Just recently a relative of mine cashed out in the frothy GTA real estate market by selling her home. It was quite a haul for a home that probably went up 2 times its original value. Now the question became how to retire on that amount of money? Of course this was a person from…

What Did You Do With Your RRSP?

A post-mortem done by the Bank of Montreal looked at the state of what Canadians do with their RRSP contributions and tax refunds after the end of the 2013 contribution deadline.  Here is what people buy with their RRSPs: 49% bought mutual funds 35% bought GICs 18% bought bonds 17% bought stocks 12% bought ETFs…

Nanny State

Normally I don’t like getting into politics, but the recent news of the Canadian provinces pushing for reform in the Canadian Pension Plan was an interesting topic.  The provinces claim that the Canadian Pension Plan was not doing its part in taking care of Canadians when they retire.  The argument presented was that the current…