CANADIAN RETIREMENT CHECKLIST

Your retirement financial checklist: Done Y/N? Follow-up date? 1. Update your budget as a retireeYour spending habits and expenses may be different than they were before you retired. It’s important to regularly review your budget as your needs and lifestyle change.Get tips on budgeting during retirement.     2. Decide when to apply for public […]

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US RETIREMENT INFO

Social Security and How it Works Social Security provides you with a source of income when you retire or if you can’t work due to a disability. It can also support your legal dependents (spouse, children, or parents) with benefits in the event of your death.  What’s Social Security? Social Security is a program run […]

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Tax-Free Savings Account (TFSA) GUIDELINES FOR 2021

The Canada Revenue Agency (CRA) has announced a new TFSA ( tax-free savings account ) limit for 2021. For many, this news fell on deaf ears as the TFSA has been underutilized by Canadians for many years. The first question to ask is “What is a TFSA?” The simple answer is: A TFSA is a […]

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Canada Pension Plan: Should You Start Your Payments at 60 or 65 in 2021?

Commencing receipt of the Canada Pension Plan (CPP) isn’t an easy decision for pensioners. Most ask which is a more valid strategy, starting payments at age 60 or at 65? Some in excellent health will even delay it for another five years to receive higher payouts. Still, it would be best to make a few […]

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Retiring soon?

Like a good ol’ working soldier you started putting money away for retirement when you landed your first job in your early 20’s, right? Wrong. So, the first question you need to ask yourself is, can I afford to retire? How much you need to retire will depend on how you want to live. Many […]

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CRA: 3 Big Changes to the TFSA, RRSP, and CPP Pension

The changes to the TFSA, RRSP, and CPP pension are among the welcome news in 2021. Also, Canadians can invest in the TELUS stock to create passive income and have more financial cushion this year and beyond. The post CRA: 3 Big Changes to the TFSA, RRSP, and CPP Pension appeared first on The Motley […]

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Pension contribution rates effective January 1, 2021, for the 3 major public sector pension plans

Effective January 1, 2021, contribution rates for the public service, the Canadian Armed Forces–Regular Force and the Royal Canadian Mounted Police pension plans will change. These changes ensure the sustainability of the public sector pension plans. Pension plan members contribute a percentage of their salary to the plans through payroll deductions. The contribution rates tables below […]

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