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Ten Retirement Myths Series: Myth #4

Investments, Personal Finance

The myth of never touching your capital starts when people are working and saving for retirement. Some become conscientious savers, never touching their nest egg. That mentality spills over into retirement. Changing habits can be hard.

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Ten Retirement Myths Series: Myth #3

Investments, Personal Finance

How much is enough?  Books have been written on the subject of retirement and what you need to save. Myths abound on this question. Here’s one to consider.

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Ten Retirement Myths Series: Myth #2

Investments, Personal Finance

Myth 2: I’ll never be able to save enough for retirement.

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Ten Retirement Myths

Investments, Personal Finance

We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 four years ago. On average, 1,250 Canadians turn age 65 every single day. It’s part of a 20-year trend. But, most of the Boomers weren’t born in 1946-47. Most were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer.

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Ontario eliminating graduated income tax for testamentary trusts and estates

Investments, Personal Finance

The Ontario Budget, 2015 was released on April 23, 2015. The province intends to change its tax treatment of testamentary trusts to mirror that of the Federal Government. Federal changes announced in 2014 will eliminate the graduated income tax rates for most trusts as of 2016. Ontario's proposals are scheduled to take effect beginning in 2016 as well.

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Ontario to raise donation tax credits

Investments, Personal Finance

The Ontario Budget 2015 released on April 23, 2015, proposes to raise the provincial tax credit for charitable donations over $200 to 17.41% for top rate trusts. This move will make the maximum benefit of the donation tax credit the same as it is for Ontarions who pay the Ontario surtax. The proposal, if passed, would be effective the beginning of 2016.

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Higher TFSA Limits

Investments, Personal Finance

The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose account that was introduced in 2009. It is designed to help adult Canadians save money free of tax for any purpose they had in mind. Investors can take the money and earnings out tax free at a later date. They can even put all that money back into the plan down the road (i.e. in the following year or anytime thereafter). The plan had an initial annual contribution limit of $5,000 per individual, indexed to inflation in $500 increments.

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A welcome break for RRIF holders

Investments, Personal Finance

A Registered Retirement Savings Plan (RRSP) must be converted to either:

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Taking an income when initial rates of return are low

Investments, Personal Finance

You’re at a stage in your life where you need to generate some income from your investments. How can rates of return in the early years of doing this, affect your nest egg?

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Understanding Rates of Return

Investments, Personal Finance

Let’s say you invest $100. You lose $20 in year one. If you earn $20 in year two, you end up where you started.

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