Seniorpreneurs Are on the Rise - Good Times. Older Canadians are leading the way as small-business owners By Jennifer Hughes Since we’re now living longer than ever before, retiring at 65 is no longer a given.
More and more Canadians are remaining in the workforce past 65 to ensure that they have enough savings when they eventually retire. The effect of low interest rates on one’s ability to save plus mortgage and credit card debt are other reasons seniors continue to work beyond 65. Many simply don’t want to stop working, however, and many of who have retired are re-entering the job market as entrepreneurs, giving rise to the term “seniorpreneurs.”
According to a recent RBC Small Business Poll, baby boomers are leading the way as entrepreneurs. In Oshawa, ON, Seniorpreneur Program 4 Innovation, Creativity, and Entrepreneurship (SPICE) is a pilot project created to see whether seniors over the age of 55 were interested in continuing to work and becoming their own bosses. What’s on Your Bucket List? - Good Times. While Canadians have dreams, they prioritize saving to meet practical goals By Jennifer Hughes Everyone dreams, but we Canadians seem to be pretty practical about.
In a recent online poll conducted for CIBC, 81% of more than 1,500 Canadians say they have a bucket list of things they’d like to do or see one day and that that list consists of both practical goals and dream goals. Asked which goals were more important, 41% of respondents with bucket lists said that practical goals are more important than indulgent goals. Only 9% said the dream list was more important; 36% think the practical list and the dream list are equally important. Canadians Are Feeling the Effects of Higher Interest Rates - Good Times. According to a recent survey, half of us are dreading further hikes By Katrina Caruso The Bank of Canada has raised interest rates three times since July 2017, and according to the results of a recent survey, half of Canadians fear the effects of more hikes.
More and more Canadians already say they’re feeling the pinch. Estate planning Archives - Good Times. Your Guide to Buying Rental Property - Good Times. Here are some dos and don’ts to keep in mind if you’re planning to buy an investment property.
By Katrina Caruso Would you take on a second mortgage if it meant generating income for your retirement? Given current interest rates, many people are choosing to invest in rental properties. The options are many: a second home, a condo, a duplex (you can rent out the floor you’re not occupying), or a vacation home or cottage that can be rented out when you’re not using it. The Biggest Retirement Living Mistakes - Good Times. By Olev Edur If you do it right, retirement can be a fabulous time of life.
But one of the difficulties in getting it right is that so many aspects of your life suddenly have to be rearranged. In addition to the obvious occupational and social adjustments, your income and its sources may change dramatically, new tax rules may come into play, your investment portfolio may need restructuring from growth to income orientation, life insurance can assume a new role, your estate may require more attention—the list goes on. What’s more, all of these differing aspects, financial as well as personal, are interconnected, so a minor change somewhere can sometimes have major repercussions elsewhere. You have to see the total picture to appreciate how all the pieces of the puzzle can best fit together, and you must also understand how the pieces themselves work, so it’s easy to make mistakes unless you’re extremely knowledgeable about finance—or know someone who is.
Credit, Debit, and Digital Are on the Rise - Good Times. Almost three-quarters of the payments in Canada in 2018 were electronic By Jennifer Hughes Will that be cash, credit, or debit?
For most of us, the answer isn’t likely to be cash. According to Payments Canada’s annual Canadian Payment Methods and Trends report, debit card transactions in Canada outnumbered cash transactions for the first time in 2018—by a score of six billion to 4.5 billion. And Canada is the country with the second highest volume of credit cards per capita in the world, after South Korea. Though most of us grew up making paper-based transitions, such as writing cheques, those are quickly becoming a thing of the past, though the report observed that there’s still a use for cheques—20% of cheque and money-order users pay their rent with a cheque.
Divorce After Retirement - Good Times. The experts agree: you need to get both legal and financial advice By Olev Edur Photo: iStock/Vasyl Dolmatov.
Grey divorce—so many people in their 50s and beyond are getting divorced these days that the phenomenon has acquired its own sobriquet. And while any divorce is painful, it can be particularly devastating in or approaching the retirement years, according to most lawyers and financial advisors. Statistics on divorce correlated to age aren’t available in Canada (Statistics Canada stopped gathering such data in 2008), but a study conducted in 2017 by the Pew Research Center in Washington, DC, (see box below) found that divorce among US adults 50 or older roughly doubled between 1990 and 2015; among those 65 or older, the divorce rate tripled. Choosing Someone for Your Power of Attorney - Good Times. You need to take your time in choosing—remember, this person will have complete access to your money.
(Part II of a three-part series.) By Olev Edur Photo: iStock/MangoStar_Studio. If you’re of retirement age, you should have a power of attorney (POA) for both your finances and your personal care—or be thinking about creating them. Rights & Money Archives - Good Times. June 2019 - Good Times. Digital Banking Is Catching On - Good Times. More and more Canadians getting banking advice digitally By Jennifer Hughes Photo: iStock/shapecharge.
We’re often advised to consult a financial advisor about financial planning and investment decisions, and according to the J.D. Power 2020 Canada Retail Banking Advice Satisfaction Study, Canadians are largely happy with the advice they’re getting. The survey solicited input from 1,685 banking customers who had gone to their bank for advice. Perhaps the biggest surprise is that while the level of satisfaction with advice given in person has neither increased nor decreased in the past three years, satisfaction with advice received digitally—via e-mail, a website, or an app—increased by 10 points, from 773 on a 1,000-point scale to 783.
Lack of Confidence Keeps People From Investing - Good Times. Half of non-investors would like to have their money working for them but say they lack knowledge and confidence.
By Jennifer Hughes Putting money aside for your retirement is an important part of retirement planning, and investing that money is another. When you invest your money, you get it working for you to make you more money. But a lot of Canadians who would like to be investing aren’t. A recent national survey by the Investment Industry Regulation Organization of Canada (IIROC) found that 49% of respondents identified as “aspiring investors” (people who’d like to invest but don’t) say they avoid investing because they don’t know enough about it; 60% said they lacked confidence in their ability to make good investment decisions. Canadians Want Retirement-Planning Help - Good Times. There’s more to preparing for retirement than saving money—and half of boomers say they need to know more By Jennifer Hughes The transition from employment to retirement requires a lot of planning and preparation, and according to a recent survey, six in 10 Canadians (61%) say they want to know more about how to do it.
Commissioned by Mackenzie Investments, the study involved an online survey of more than 1,500 Canadians. Nearly half (47%) of respondents identified as boomers said they want more information and guidance. Nearly three-quarters (74%) of boomers and 72% of all respondents agreed that financial advisors need to help people understand the aspects of retirement planning that go beyond merely saving money for the years ahead.
Divorce After Retirement - Good Times. Four in Five Canadians Would Prefer a Better Pension to a Pay Raise - Good Times. Canadians are stressed about retirement security and foresee a “retirement income crisis” By Jennifer Hughes Photo: iStock/TheaDesign. Since we’re now living longer, healthier lives due to advancements in medicine and science, we can expect to spend more years in retirement than we might have years ago. The problem is paying for that retirement, and according to the recently published results of a public opinion survey on retirement, Canadians are more worried about having enough money in retirement about their mental health or personal debt.
Understanding the Tax Credit for Charitable Donations - Good Times. Add the federal and provincial amounts and you get a credit of about 50% A popular regular feature in Good Times magazine is “Your Questions,” where Olev Edur provides answers to questions from our readers regarding their rights, personal finance, and estate planning. Here’s one on the tax credits for charitable donations. Photo: iStock/payphoto. Q. One of your articles a little while ago left me confused: you said that for charitable donations, you get a 17 per cent federal tax credit on the first $200 that you donate and 29 per cent on the rest, until your income exceeds $200,000.
Is It Better to Buy or to Lease a Car? - Good Times. The answer depends on your needs and preferences A popular regular feature in Good Times magazine is “Your Questions,” where Olev Edur provides answers to questions from our readers regarding their rights, personal finance, and estate planning. Here’s one on deciding whether to lease or to buy a car. Q. TFSA Limit Rises to $6,000 for 2019 - Good Times. With the recently announced increase, anyone who’s never had a Tax-Free Savings Account before will be able to contribute up to $63,500 next year By Matt Smith The Canada Revenue Agency has announced that the annual limit for Tax-Free Savings Account contributions will be raised to $6,000 for the year 2019. It’s been 10 years since the TFSA was first introduced in 2008 (becoming available in 2009), and the contribution limit was intended to rise to adjust for inflation. Every fall, the CRA assesses the effects of inflation and announces next year’s contribution limit.
The maximum someone can contribute is cumulative, so, as long as you were a Canadian resident and over the age of 18 in 2009, if you’ve never opened a TFSA, you can contribute the full amount, which today totals $57,500 and as of January 1, 2019, will be $63,500. Energizer 4000 watt 12 volt power inverter. Review: BMO Bank of Montreal Savings Builder Account - Ratehub.ca Blog. Ways to Use Your Tax-Free Savings Account (TFSA) Your TFSA questions answered. Jim asks: Can you transfer stocks, bonds, etc from your RRIFs to your TFSA without selling the stock or bond? TFSA Tax Advantage Savings Account. Are You Using a TFSA to Full Advantage? Is now a part of Verizon Media. Tax-Free Savings Account (TFSA), Guide for Individuals. RC4466(E) Rev. 19 Our publications and personalized correspondence are available in braille, large print, e-text, or MP3 for those who have a visual impairment.
Wealthsimple review 2020. Clients make their transactions over a mobile app (there is no Web version), and can currently hold their portfolios in just three account types: personal (non-registered), TFSA or RRSP. Investors are restricted to ETFs and stocks that are listed on the NYSE, NASDAQ, TSX or TSX-V exchanges. There are other limitations as well: Stocks must be priced at a minimum of $0.50 per share and trade an average of at least 50,000 shares daily; and if an asset is a dual-listed security, meaning it’s on both a U.S. and a Canadian exchange, only the Canadian-listed asset is available. What is compound interest? What is compound interest? How To Activate & Use An iPhone Without A SIM Card (Or Wi-Fi) Thanks for confirming your email address - The Motley Fool Canada. Toronto In Home Care Agency since 1979 - Selectacare. Will Canada ever see Negative Interest Rates? The Real Picture.
Will Canada ever see Negative Interest Rates? The Real Picture. Mortgages that pay you and savings accounts that don't — the new rules of low rates. African Americans and Kidney Disease. Due to high rates of diabetes, high blood pressure and heart disease, Blacks and African Americans have an increased risk of developing kidney failure.
Blacks and African Americans need to be aware of these risk factors and visit their doctor or clinic regularly to check their blood sugar, blood pressure, urine protein and kidney function. Blacks and African Americans suffer from kidney failure at a significantly higher rate than Caucasians - more than 3 times higher. African Americans constitute more than 35% of all patients in the U.S. receiving dialysis for kidney failure, but only represent 13.2% of the overall U.S. population. Diabetes is the leading cause of kidney failure in African Americans. Chet Bennett hosted his last celebrity hair battle at Howard University on Saturday, an event he'd b.
T4RIF Statement of income from a Registered Retirement Income Fund – slip information for individuals. For detailed information on the amounts shown in the boxes of your T4RIF slip, see the corresponding box number below the following image: Box 16 – Taxable amounts This is the amount of taxable payments received in the year. Withholding Tax on RRSP Withdrawals: What You Need to Know - MapleMoney. One of the benefits of an RRSP is having the flexibility to withdraw some of the money before retirement.
However, even though you can withdraw money from your RRSP prior to retirement, it doesn’t mean that you should. Withdraw too much from your RRIF? You may be able to put that money back and deduct the contribution again. If you are between 71 and 94 years of age, the minimum amount you must withdraw each year from your Registered Retirement Income Fund (RRIF) has been reduced, starting in 2015. This measure from the 2015 federal budget pleased seniors who worried that forced annual (and taxable!) T4RIF Statement of income from a Registered Retirement Income Fund – slip information for individuals.
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