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Financial Library

How much will I need to retire?

Posted on: September 11, 2012

Good question. Many retirement income planning tools use a percentage of income to determine an income need in retirement and then calculate an amount needed to provide that income. People with similar incomes often have different spending and lifestyle habits. This can affect their income needs in retirement.

It is still important to calculate what the income needs will be in retirement. Arriving at the right percentage of income to replace may require a little more work.

Tags: 
retirement planning

Home Ownership Can Be Less Taxing Than You Think

Posted on: August 14, 2012

Front lawns across Canada are sprouting For Sale signs. That this annual phenomena occurs at about the same time as the tax refund season may be purely coincidental. Understanding the financial incentives for home ownership available in the Income Tax Act may save you thousands when buying a home.

Tags: 
tax planning

RRSPs & TFSAs - What's the Difference ?

Posted on: July 10, 2012

Tax Free Savings Accounts (TFSAs) were introduced in 2009 and they seem to be struggling to catch on. Registered Retirement Savings Plans (RRSPs), however, have been around for over fifty years and attract billions of dollars of deposits each year. If you are serious about saving for your future, it is important to know the differences between the two.

While RRSPs and TFSAs seem to be very similar on the surface, they are really apples and kumquats apart. The only similarity is that, within limitations, earnings inside either plan are allowed to grow without current taxation.

Tags: 
retirement planning

Late Career Retirement

Posted on: July 10, 2012

The most recent federal budget caused quite an outcry when the feds proposed changes to Old Age Security (OAS). If you haven't heard, the plan is to change the eligibility age to 67 from 65. While these proposed changes only affect those under age 54 as of March 31, 2012, it became apparent that even a few hundred dollars a month in retirement can mean a lot to many future Canadian retirees.

Tags: 
retirement planning

Financial Action Plan for Newlyweds

Posted on: June 12, 2012

John and Jane had spent many months planning for their special day. They had also budgeted and spent many thousands of dollars to celebrate their wedding. Now what?

Since John and Jane have made a for richer or poorer commitment to each other, it's time to do something about it; and they need to start right away. Following is a list of the primary areas that will need their immediate attention:

Tags: 
financial strategies

It Doesn't Pay to Procrastinate

Posted on: May 8, 2012

Many people have no idea. Some people have a vague idea. A few people, a very few, have it all worked out. When it comes to retirement planning, many people don't take action until forced to by a mid-life event (career change, death of loved one) or by hearing about seniors running out of money. It's strange that people find it so difficult to plan for their retirement. As all the basic financial books say, you start by recording your expenses, see where you can cut back, and then determine how much you need to save to achieve your retirement income goals.

Tags: 
financial strategies

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