With changes to pension limits and the ability to include an individual pension plan (IPP) in a succession plan, IPPs have become the registered retirement savings plan (RRSP) alternative for many business owners. Normally, on the death of the surviving spouse,¹ registered assets create a tax liability in the estate. An IPP for a family…
Do you know as much as you think you do about your retirement finances? You may be surprised. In 30 or 40 years on the job, you’ve probably become knowledgeable in your field. Maybe you know a lot about teaching. Or plumbing. Or project management. But you’ve never retired before, so how much do you know about that?…
Your retirement is about so much more than ending a career. It’s about starting something new and making the most of the opportunities ahead. Here are six tips to help you prepare: Look at your financial forecast Review your retirement savings including: pension plans, savings accounts, non-registered investment accounts and registered investments. Then speak to…
Have you thought about where you’ll enjoy your retirement? Hundreds of thousands of Canadian retirees believe the best place to spend winter is in the U.S. Sun Belt and other warm destinations. Many purchase vacation properties in Canada where they stay for long stretches throughout the year. Some are quite happy to stay put and others move…
Unless you prepare properly, your executor could end up feeling more like a detective. Where are receipts for the final tax return? Where’s the life insurance policy? What, there’s an old bank account from 20 years ago? The job of the executor is involved enough without having to search for information and documents that could’ve…
By Joy Blenman and Sun Life Staff A registered retirement income fund (RRIF) is a common way to turn your retirement savings into income. But what is a RRIF and how does it work? Here are some important facts you need to know. Most Canadians understand the importance of putting money into their RRSPs. There is,…
Start government benefits sooner and you collect a smaller monthly benefit, but right away and for a longer time. Delay the start and you receive a larger monthly benefit, but must bridge the waiting period with other resources. Knowing when to start isn’t always easy, and even many financial experts offer vastly different opinions. Some…
During income-earning years, a Tax-Free Savings Account (TFSA) can be used to fund numerous expenses – a child’s education, family trips, a wedding, just about anything. Once you retire, you’ll discover that a TFSA is just as versatile, helping you to meet a variety of needs unique to retirement. Continue to contribute Many people in…
When you’re retired, you need an income strategy that balances today’s cash flow needs with an investment strategy to safeguard your ability to produce income in the future. Tax-saving strategies You will also want to pay as little tax as possible so that you keep more of your hard-earned savings. Here are four ideas to help you…
If you take a minute to think about any retired individuals or couples you know of, you’ll probably note a variety of different retirement lifestyles and personalities. There are adventurers, flying off to tour Spain, returning home to visit their children and grandchildren, then taking off to Iceland. There are the happy homebodies, quite content…