…goals. These objectives could include target income during retirement or expected returns upon your retirement date. Also, it’s important to regularly discuss potential rebalancing of your portfolio to make sure…
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Locked-in retirement account (LIRA)
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Managing your finances solo
…a lifetime. The earlier you start putting aside money for any goal, the better. 5. Have a retirement plan Retirement planning can feel daunting for anyone. It’s is a long-term…
How overconfidence bias may affect your financial decisions
…out, even though they have exceeded that limit many times in the past. Saving for retirement – People who feel healthy and energetic today can be overconfident about how they…
Using annuities for other financial planning goals
…Money for charity: A charitable gift annuity A charitable annuity can be an effective way to generate retirement income and support a charitable cause. Here’s how it works: Make a…
Buying your first home
…Registered Retirement Savings Plan (RRSP) – First-time home buyers can withdraw up to $60,000 from their RRSP towards a down payment. You won’t pay tax on the money provided you…
Other types of workplace savings plans
…What is a deferred profit sharing plan? A deferred profit sharing plan (DPSP) is set up by your employer to help you save for retirement. Companies often combine a this…
How to make a financial plan
…out a plan to achieve them. A financial plan can help you if you’re hoping to purchase a home, pay off your student loans or prepare for retirement. It can…
Understanding the tax deductions on your pay stub
…time off due to specific life events such as pregnancy or illness. Canada Pension Plan (CPP) is a retirement pension that pays a monthly benefit to those who qualify. In…
How setting goals can help you save
…short-term goals. Long-term goals – If you haven’t thought about retirement planning yet, this is a great time to start. The sooner you start, the longer time horizon you’ll have to save or invest the…
How the First Home Savings Account (FHSA) works
…that issues Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). What can go into an FHSA? An FHSA can hold savings or investments. The same qualified investments that…