This year’s federal budget tacked another couple of years onto the maturity date of RRSPs. For 2007 and subsequent calendar years, the conversion age for RRSPs will be moved to the end of the year in which the holder turns 71. It was 69 previously. The budget changes recognize the fact that people are living […]
Senior couples with pension income may now be able to save taxes by splitting their pension income between the two partners. But the strategy only works if one spouse or partner is in a lower income tax bracket than the other. In that case, up to half the pension income of the higher-income spouse can […]
Budget proposals may persuade older Canadians to stay in the workforce
Advisor Terry Colton, 63, has been practising retirement. “I firmly believe if you’re going to be good at something, you really need to practise it,” he jokes.A keen sailor, Colton, owner of Worldwide Lifestyle Planners Ltd. in Coquitlam, B.C., spends several days a week on his 37-foot boat, sailing up and down the British Columbia […]
But older white-collar workers have more possibilities of extending their careers than older rank-and-file workers
Extending RRSP conversion age and phased retirement could alter your older clients’ financial plans
Incomes of the top 20% of Canadian families now $105,400 a year more than the lowest 20%, StatsCan reports
Although many countries — including Canada — are worried about how their pension systems will cope with aging populations, Britain plans to address the problem with a new system of mandatory personal accounts. Billed as “a new way to save,” the proposal is an attempt to deal with the chronic lack of pension saving in […]
Statistics Canada report shows many people are retiring early, and very few have plans to become self-employed
Statistics Canada also finds home equity lines of credit are up and the richest are getting richer