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Home Financial Health Blog Archive for category "Active retirement – the early years" (Page 3)

Active retirement – the early years

You’re physically active. You’re socially active. You’re still active in business or with volunteering. Make sure your financial picture continues to support your rewarding retirement choices and lifestyle for years to come.

A Guide to Retirement Planning

The Financial Services Commission of Ontario (FSCO) has created “A Guide to Retirement Planning”, an easy-to-understand video series aimed at helping Ontarians prepare for their retirement. This series provides an overview of the three pillars of Canadian retirement income system as well as tips and resources you can use to make informed decisions about yourRead More…

 

Convertible Bonds

The stability of a bond, the upside of a stock A convertible bond or debenture is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company. It is a hybrid security with debt- and equity-like features. The investor receives the potential upside ofRead More…

 

Travelling? Don’t leave home without this…

Did you know that a four-day stay in a U.S. hospital for an appendectomy could cost $39,400* (USD), with only $1,600 (CAD) covered by your OHIP. A one-day stay in a U.S. hospital for a broken arm and wrist could cost $32,600* (USD), with only $400 (CAD) covered by your OHIP. With travel insurance, you’llRead More…

 

Health insurance: Not covered by a company group plan?

Do you want the health benefit coverage the province doesn’t provide? If you are one of the millions of Canadians not fully covered by a group health plan, you are vulnerable to healthcare expenses not covered by your Government Health Insurance Plan. Overall healthcare funding is continually reassessed. As governments reduce coverage for some healthcareRead More…

 

Should you take early CPP retirement benefits?

Before talking about the financial implications of taking your Canada Pension Plan benefits early, you should know that if you pass away before you elect to take your CPP benefit, your spouse will not be entitled to the survivor’s benefit.  And if you have a pressing financial need to take CPP early, then you mayRead More…

 

Strategies to reduce impact of the OAS clawback

Old Age Security (OAS) benefits are available to anyone in Canada 65 years of age and older as long as they meet specific residence requirements. You do not need to be retired and employment history is not a factor when determining eligibility. The Old Age Security program is financed from Government of Canada general taxRead More…

 

Why do you need a will?

Hearing that you ought to update your will is a little bit like being told to take up jogging. Everybody knows it’s the right thing to do, but that doesn’t make it any easier to get started. Douglas Gray has made it his mission to do exactly that. The former lawyer left his practice atRead More…

 

What is the Pension Income Tax Credit?

The Pension Income Tax credit is available to you if you are 55 years of age or older. Basically, it enables you to deduct, from taxes payable, a tax credit equal to the lesser of your pension income or $2,000.00. Depending on which province you live in, this equates to $440-$720 in actual tax savingsRead More…

 

How much can you expect in CPP and OAS?

Fewer Canadians will contribute to their Registered Retirement Savings Plans this year (or plan or save for retirement at all). A Scotiabank survey finds that just 31 per cent of Canadians plan to contribute this year, compared with 39 per cent last year. Canadian households spend about $1.65 for every dollar earned, according to StatisticsRead More…

 

How spousal RRSPs can minimize your taxes

Spousal Registered Retirement Savings Plans are an important tax-planning tool. An RRSP is designated as spousal when one spouse contributes to a plan in the other spouse’s name. Spousal RRSPs will appeal to couples where one spouse earns a higher income than the other spouse, and is therefore in a higher tax rate bracket. ByRead More…