Tag Archives: RRSP

Rethinking your RRSP in the new normal

Rethinking your RRSP in the new normal

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Rethinking your RRSP in the new normal

Everyone’s retirement vision and plan to get there is different – especially now – and TD Financial has some advice for how to adjust in these unprecedented times.

Some Canadians have the option of participating in an employer-led retirement savings plan, while others may not have access to this option or prefer to choose an alternate way of saving for the future.

Photo: iStockPhoto.com
Photo: iStockPhoto.com

Regardless of your personal situation, the economic fallout of the COVID-19 public health emergency has caused many Canadians to rethink their retirement plans and assess if they’re still on track to meet their goals.

TD Financial Advisor Mohamad Hannouf offers some tips for those who may be rethinking their retirement plans:

Honest assessment

It’s important to truly understand your current situation, current needs and concerns for the future. Many consumers want to know they are on the right track, and they are wondering whether they should be buying or selling.

Careful approach

One of the first things to consider is how financial markets perform long-term. Review your financial plan on a regular basis, such as once a year or whenever you have a major life event, such as buying a home or losing your job. But if your long-term goals – such as saving for retirement – haven’t changed, be careful with adjusting your plans.

Avoid common mistakes

If you attempt to predict the ups and downs of the market, and you find yourself buying and selling at the wrong times, you could find yourself missing out on long-term growth.

A pre-authorized payment plan allows you to make regular contributions towards your RSP, so you don’t need to think about the best time to buy.

Staying focused on long-term investment goals is critical, as the best times for investment growth come after a downturn. Those who sell during a down market could miss out on returns during the recovery.


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Tax tips for seniors in a COVID-19 world

Tax tips for seniors in a COVID-19 world

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Tax tips for seniors in a COVID-19 world

Proper tax planning, ideally, should be a year-round activity. And this year, especially, with everything so out of whack, it’s never too late, or too early, to plan.

Photo: bigstockphoto.com
Photo: bigstockphoto.com

For example, are you turning 65 or older? The Chartered Professional Accountants of British Columbia (CPABC) offers some tax tips from to help you maximize tax savings:

1. Get your benefits

If you’ll soon be turning 65, make sure you have applied to receive your Old Age Security and, if you haven’t done so already, consider applying to Canadian Pension Plan (CPP). The default age to claim CPP pension benefits is 65, but you can choose to begin receiving your pension benefits as early as age 60, at a cost of reduced monthly benefits, or you can choose to delay receiving your pension benefits until after age 70 to receive increased monthly benefits.

2. Make plans for your RRSP funds

You must wind up your RRSP by Dec. 31 of the year you turn 71. However, a complete withdrawal at that time is usually not the best option, because your entire RRSP balance will be taxed in the one year. Instead, consider transferring your RRSP funds on a tax-deferred basis to a Registered Retirement Income Fund (RRIF), or use your RRSP funds to purchase an annuity.

3. Divide and conquer (your pension income)

Consider splitting your pension income with your spouse to allow the higher-earning individual to share up to half of their pension income with their lower-earning spouse. This will help level your income so one person isn’t taxed significantly more than the other.

4. Retain your medical expense records

In certain circumstances, you can claim a tax credit for medical expenses. For 2019, the tax credit is available only on the portion of the medical expenses that exceeds the lesser of three per cent of your net income or $2,352 for federal tax purposes.

5. Report foreign property

If you spend the winter months living in your vacation home and then rent it out during the rest of the year, you will be required to file a U.S. income tax return and report that income on your Canadian income tax return. You must also indicate whether your foreign property is worth more than $100,000. The foreign property reporting requirements are complex, and failure to comply can result in significant penalties.

When in doubt, contact a chartered professional accountant.


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Postponing retirement a new reality?

Postponing retirement a new reality?

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Postponing retirement a new reality?

With so much uncertainty these days, postponing retirement has become a new reality for many older workers. According to the CD Howe Institute, this underlines the need to reform the rules around retirement saving in tax-deferred programs.

Ottawa should raise the age at which workers must stop contributing to tax-deferred saving vehicles and start receiving income from them to age 75 from the current 71, says Joseph Nunes of CD Howe, an independent not-for-profit research institute.

Photo: bigstockphoto.com
Photo: bigstockphoto.com

Working longer is one of the levers that savers in defined-contribution plans have to build up their nest eggs to the desired level. Nunes quantifies the relationship between saving more during a shorter work career versus saving less and working longer. He finds that starting with a salary of $50,000 and a baseline savings rate of 10 per cent of salary, saving an additional 1.5 per cent at age 30 is equivalent to postponing retirement by one year. Comparatively, at a starting salary of $100,000, a one-year postponement of retirement equates to only a one per cent increase in the career-long rate of savings.

“This means that, given the COVID-19-related slump in the market, older workers may need to spend extra years on the workforce, or settle for a lower level of retirement income,” says Nunes.

Workers whose pensions are provided through the traditional defined-benefit retirement system are fully, or at least partially, protected from the unpredictable costs of pensions, since those costs are borne largely by the employers that fund their pension promises. In contrast, workers who rely on the defined-contribution pension system must, for the most part, bear responsibility for these unpredictable pension costs, the report notes.

The report offers a number of recommendations to help workers rebuild their nest eggs:

  • In order to allow workers saving in a defined-contribution arrangement (most of the private sector) to accumulate sufficient savings to allow for retirement before age 65, Ottawa should raise the allowable contribution limits in the defined-contribution system to reflect the fact that retirement at age 60 requires a significant rate of savings during a much shorter working lifetime.
  • Recognizing that working past age 70 will become more common in the future, Ottawa should also raise the age at which workers must stop contributing to tax-deferred saving vehicles and start receiving income from them to age 75 from the current 71.
  • In support of longer work lives, the federal government, with cooperation from the provinces and territories, should amend OAS and the CPP to allow for the deferral of income from these programs to age 75, with appropriate rates of increase in the benefit rates.

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Four tax changes you should know about

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Four tax changes you should know about

It’s a new year and there are a number of tax changes that kicked in Jan. 1 that will affect your pocket book. Many of them affect the lower and middle-class earners in Canada. In some cases, Canadians will be paying more for gasoline and natural gas. But, in most cases the changes will lower taxes for Canadians. Here is what you need to know about your tax situation in 2020.

Tax-free income

Beginning Jan. 1 2020, the basic amount Canadians, in a set income bracket, can earn without paying income tax went from $12,069 to $13,229. That basic personal amount will continue to go up until 2023, until it reaches $15,000. According to the Canadian Taxpayers Federation (CTF), this year residents of Quebec will save $113 in income tax and all other Canadians will see a savings of $138. “The good news is that the Trudeau government’s decision to increase the basic personal amount will mean most Canadians see a reduction in income-related taxes,” says Aaron Wudrick, federal director for the CTF. A note for higher earners: This amount will be reduced for anyone earning more than $150,473 and go to zero for any earning more than $214,368.

Pension premiums

Canada Pension Plan (CPP) premiums are going up by $97 a year, or 0.15 per cent, after increasing by the same amount in 2019. The CTF reports that this will cost taxpayers up to $97 in increased CPP tax, but the total tax cost is slightly less after accounting for the tax deductibility of the increased CPP tax. For a person making $60,000, the net cost of the increase is about $70, but varies depending on the province. This will mean a little more money off each paycheck towards CPP. But this will be offset by lower employment insurance (EI) premiums. In Quebec, the saving in lower EI premiums could be as high as $48, and in the rest of Canada it could go up to $20.

Help for homebuyers

Starting now, first-time homebuyers can access more money in their RRSP to use as a down payment on their first home. Through a program called the Home Buyers Plan (HPB), the money is effectively a loan to yourself that has to be paid back over time. The amount is increasing from $25,000 to $35,000. The program will also be available to anyone who experiences a marriage or common law partner breakdown. Those individuals can use this program to buy a home without having to pay any tax or penalty on the withdrawal if, for example, they had used the program before. The big catch is that you have to have the money already saved in order to access it.

Climate Action Incentive

Any province that does not have a plan to tax carbon will be subject to increased carbon pricing. In Alberta, for example, it is a $20 per tonne charge for carbon emissions. This will add to the cost of gasoline and natural gas. The federal government is offsetting this with an increased carbon tax rebate – as high as $888 per family in Alberta and $448 per family in Ontario. In most cases, very efficient homeowners may be able to keep some of that money in their pocket. The fuel charge is added to the cost of your gas when you fill up at the pumps or added to your home heating bills, effectively putting a price on pollution. If you are energy efficient, however, your rebate may cover all these elevated costs, if not more, leaving money in your pocket.

Other tax changes include a credit for Canadians who spend more than $500 on digital news subscriptions, and two new types of annuities Canadians can use to save for retirement in certain registered plans. If you have more questions, speak to a tax specialist or your accountant to determine how your specific tax situation is changing in this year.

Rubina Ahmed-Haq is a journalist and personal finance expert. She is HPG’s Finance Editor. She regularly appears on CBC Radio and TV. She is a contributor on CTV Your Morning and Global Toronto. She has a BA from York University, received her post graduate journalism diploma from Humber College and has completed the CSC. Follow her on Twitter @alwayssavemoney.

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GTA waterfront homes

Budget 2019 comes up short

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Budget 2019 comes up short

GTA waterfront homes

The federal government released the much-anticipated Budget 2019 this week, with homebuyers, builders and others awaiting measures to address housing issues.

And in short, it comes up, well… a little short.

First-time homebuyer help

Much of the housing focus in Budget 2019 was on addressing the needs of first-timers, namely with a new First-Time Home Buyer Incentive.

  • The Incentive would allow eligible first-time homebuyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corp. (CMHC).
  • About 100,000 first-time buyers would benefit from the Incentive over the next three years.
  • Since no ongoing payments would be required with the Incentive, Canadian families would have lower monthly mortgage payments. For example, if a borrower purchases a new $400,000 home with a five-per-cent down payment and a 10-per-cent CMHC shared equity mortgage ($40,000), the borrower’s total mortgage size would be reduced from $380,000 to $340,000, reducing the borrower’s monthly mortgage costs by as much as $228 per month.
  • CMHC to offer qualified first-time homebuyers a 10-per-cent shared equity mortgage for a newly constructed home or a five-per-cent shared equity mortgage for an existing home. This larger shared equity mortgage for newly constructed homes could help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in the largest cities.
  • The First-Time Home Buyer Incentive would include eligibility criteria to ensure that the program helps those with legitimate needs, while ensuring that participants are able to afford the homes they purchase. The Incentive would be available to first-time buyers with household incomes of less than $120,000 per year.
  • Budget 2019 also proposes to increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000, providing first-time buyers with greater access to their Registered Retirement Savings Plan savings to buy a home.

Noticeably absent from the housing measures was any adjustment to the stress test, which a number of experts say is necessary.

Industry reaction

“The Building Industry and Land Development Association (BILD) agrees with (Federal Finance Minister Bill Morneau’s) comments that there aren’t enough homes for people to buy or apartments for people to rent,” says Dave Wilkes, president and CEO.

“BILD feels the policies presented in (the) budget are a step in the right direction to help first-time homebuyers. We will continue to advocate for a review of the stress test so that first-time homebuyers can realize the dream of homeownership. Supply challenges still exist and are at the centre of the current unbalanced market, and we call for action on these by the provincial and municipal government.”

Supply challenges in the Greater Golden Horseshoe are serious, and Budget 19 fails to address them.

“This was a re-election budget that didn’t move the dial for new-home buyers in the GTA,” Richard Lyall, president of the Residential Construction Council of Ontario (RESCON) told HOMES Publishing. “While increasing RRSP borrowing for first-time homebuyers is helpful, creating The First-Time Homebuyer Incentive at a maximum of $500,000 doesn’t help many Torontonians or GTA residents.”

The Canadian Home Builders’ Association (CHBA) had been recommending a shared appreciation mortgage approach for some time, as a tool to help those who can’t get into homeownership but have the means to pay rent.

The modification to the RRSP Home Buyers’ Plan will help get Canadians into their first home, but will also act as a burden because the loan has to be repaid within 15 years, including a minimum of 1/15th per year.

“This means that, in the years following their home purchase, a homeowner has the additional financial responsibility of repaying their RRSP,” says James Laird, co-founder of Ratehub Inc. and president of CanWise Financial.

Important details of the First-Time Home Buyer Incentive program have yet to be released. For example, says Laird, it remains unclear whether the government would take an equity position in homes, or whether the assistance would act as an interest-free loan.

“This is an important distinction because if the government is taking an equity stake in a home, the amount the homeowner would have to pay back would grow as the value of the home increases,” he says.

The very launch of the program is surprising, Laird says, given that the BC Government implemented a similar measure a couple years ago, with unsuccessful results, and it was terminated in 2018. First-time home buyers found it difficult to understand and unappealing to have the government co-own their home.

Let’s do the math

Under existing qualifying criteria, including the stress test, homebuyers can qualify for a house that is 4.5 to 4.7 times their household income.

Under the new First-Time Home Buyer Incentive, however, the government has set a purchase limit of four times household income for the mortgage, plus the amount provided by the government, according to Ratehub.

By participating in this program, first-time homebuyers effectively reduce the amount they can qualify for by about 15 per cent, and their monthly mortgage payment naturally decreases in lockstep.

A household with $100,000 of income, putting a minimum down payment of five per cent, can currently qualify for a home valued at $479,888 with a $2,265.75 monthly mortgage payment.

Affordability calculations

The maximum purchase price for the same household, if they participate in the first-time homebuyer incentive, drops to $404,858.29 with a five-per-cent minimum down payment. The total mortgage amount would then be $400,000 (or four times their household income).

Mortgage payment calculations

If the household took a five-per-cent incentive from the government (for resales), their mortgage amount goes to $378,947.37, and monthly payment is now $1,810.90.

If the household took a 10-per-cent incentive, (for new homes) their mortgage amount goes to $357,894.73, and  monthly payment is now $1,710.29.

Stress test modifications

The CHBA is among the industry groups that is pushing for modifications to the existing mortgage stress test, which has served to lock out too many well-qualified Canadians due to the market and interest rate changes of the past year.

“The First-Time Home Buyer Incentive, if coupled with immediate adjustments to the stress test, has the potential for getting the housing continuum functioning again,” says CHBA CEO Kevin Lee. “It is essential that these changes come quickly, though. Current restrictions on mortgage access mean that many millennials and new Canadians are seeing homeownership slipping away, and in many markets the economic impacts are substantial.”

Looking ahead to the 2019 federal election, CHBA will be encouraging all federal parties to address housing affordability in very meaningful ways in their respective platform documents.

Budget 2019 housing measures

Budget 2019

 

 

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Debt

Paying down debt a top priority in 2019

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Paying down debt a top priority in 2019

Debt

It may be a new year, but not necessarily a happy one for everyone. A new CIBC poll finds paying down debt is the top financial priority for Canadians in 2019. Almost a third (29 per cent) say they’ve taken on more debt in the past 12 months, citing day-to-day expenses as the key reason for piling up debt.

“Debt weighs heavily on Canadians, so it’s no surprise that Canadians continue to put debt concerns at the top of their list of priorities each year,” says Jamie Golombek, managing director, CIBC Financial Planning and Advice. “Debt can be a useful tool for achieving long term goals such as home ownership or funding education, but if you’re turning to debt to make ends meet, it may be time for cash-flow planning instead.”

Key poll findings:

  • Canadians say their top sources of debt are: credit card (45 per cent), mortgage (31 per cent), car loan (23 per cent), line of credit (22 per cent), personal loan (11 per cent)
  • 28 per cent say they have no debt
  • Top concerns are rising inflation (64 per cent), low Canadian dollar (34 per cent), and rising interest rates (31 per cent)

While two-in-five (39 per cent) Canadians worry that they’re forsaking their savings by focusing too much on their debt, the vast majority still (84 per cent) believe that it’s better to pay down debt than build savings. This poll finding comes as Statistics Canada recently reported that the average Canadian household owes $1.78 for every dollar of disposable income, even as the pace of borrowing continues to slow.

“There’s rarely enough money to do everything, so it’s critical to make the most of the money you earn by prioritizing both sides of your balance sheet – not debt or savings, but both,” says Golombek. “It boils down to trade-offs, and balancing your priorities both now and down the road. The idea of being debt-free may help you sleep better at night now, but it may cost you more in the long run when you consider the missed savings and tax-sheltered growth.”

Tips to make your money go further in 2019 

  • Write down your income and expenses for a three-month period to determine if your cash flow is positive, neutral or negative
  • Make a plan. If you’re cash-flow positive, use the extra cash to pay off high-interest debt – not your mortgage – first. Use the surplus to build long term savings in an RRSP or TFSA, and if you have kids, put away a little extra in an RESP. If your long-term savings are on track, consider increasing your mortgage payments. If you’re cash-flow neutral or negative, look for ways to cut expenses or lower interest by consolidating debt at a lower rate
  • Automate your plan. Time your savings or debt-repayment plan with your payroll. Putting money directly to your goals right off the top can help you both achieve your goals and get by with less
  • Review and prioritize your goals. You likely have many goals competing for your wallet. Meet with an advisor to build a financial plan that gets you on track to achieving what’s important to you today and the many years ahead

Source: CIBC

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Tax

How retirees can maximize their tax savings 

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How retirees can maximize their tax savings 

Tax

While retirees may be exempt from the morning alarm and the daily grind that follows, they unfortunately aren’t exempt from paying tax – and filing as a retiree can be complicated.

Although there’s no longer employment income to account for, new forms of income from a pension or Registered Retirement Income Fund (RRIF) withdrawals result in different tax obligations as well as new credits and deductions to consider.

For this reason, H&R Block has compiled the top things retirees need to know about filing to ensure they’re keeping their taxes to a minimum while avoiding penalties.

Take advantage of pension income splitting

Splitting income is usually a good idea when one spouse or common-law partner receives a larger pension than the other, as it can help reduce the overall tax burden as a household. Up to 50 per cent of pension income can be transferred from one spouse or partner to another, assuming you both live in Canada and have not split up for more than 90 days at the end of the year. To split the pension income, you’ll have to complete Form T1032 (Joint Election to Split Pension Income).

When reporting pension income, you may also be entitled to the pension credit, which could provide you with a personal amount of up to $2,000 come tax time. What’s even better is that if you and your partner split your pension income you may both be able to claim it.

The tricky part is knowing which pension income is eligible for splitting and which isn’t – as it depends on both age and type of pension received. Unfortunately, CPP (Canadian Pension Plan), OAS (Old Age Security) and QPP (Quebec Pension Plan) are some forms of income that are not eligible for splitting. However, if you’re 65 or older, eligible pension income includes annuity payments under a Registered Pension Plan (RPP), Registered Retirement Savings Plan (RRSP) or a deferred profit sharing plan (DPSP), and payments out of or under a Registered Retirement Income Fund (RRIF). If you’re under 65, eligible pension income only includes lifetime annuity payments under an RPP and certain other payments received as a result of the death of your spouse or common-law partner.

For example, Mary’s total income for 2018 is $70,000, of which $55,000 is pension income ($15,000 was from other income sources) and qualified for splitting, as she’s more than65 years old. Her spouse, Joe, did not make any pension income that year and made only about $10,000 total through other sources of income. Mary can allocate up to $27,500 of her pension income over to Joe. When they file, Mary will report $42,500 in taxable income and Joe will report $37,500,but both will be able to claim the $2,000 pension income amount.

Know the qualifications for the age amount

It pays to age. If you’re 65 years or older by the end of the tax year, you can claim the federal age amount credit – as long as you earn less than $85,863 per year. The federal age amount is a non-refundable tax credit that allows you to reduce the amount of taxes you owe. The amount decreases as income increases, but if you have an income less than $36,976 you’ll be able to claim the maximum amount, which is $7,333.

Don’t forget, if you’re eligible to claim the federal age amount, you’re also entitled to claim a corresponding provincial age amount, which varies depending on which province or territory you live in.

The great thing about these credits is that they’re also transferable to a spouse or common-law partner, which you may want to do if all or part of the age amount isn’t needed to reduce the amount of taxes you owe to zero dollars. For example, Joe can claim the maximum age amount of $7,333, but does not have any federal tax payable. Since the age amount is non-refundable and cannot be carried forward for use in a future year, this means it’s wasted if he keeps it in his hands. However, he can transfer this amount to his wife Mary to hopefully help offset the amount of taxes she owes to zero. It’s a win-win!

Report foreign property to avoid penalties

If you have assets abroad with a total cost amount of more than $100,000, you’re required to report the details of those assets on Form T1135 (Foreign Income Verification Statement). There are penalties for non-disclosure or late filing of these items of $25 per day, up to $2,500 per taxpayer, so you don’t want to forget about this one.

Foreign property encompasses everything from real estate, bank accounts, investment accounts, shares in foreign companies and bonds. Luckily, there are a couple of exemptions, such as Canadian registered accounts (RRSPs, TFSAs, RRIFs) as well as property overseas solely for personal-use or property used for business. However, as soon as a property is rented, it must be reported as a foreign asset.

Decide when to tap into retirement savings

At some point, you’ll want to convert your RRSP into a RRIF, which will provide you with a steady stream of retirement income. However, this does not have to be straight away. If you have other sources of income, it may be worth holding off and continue contributing to your RRSP for as long as possible – as contributions are deductible and can reduce their tax bill. Everyone has until Dec. 31 of the year in which they turn 71 before they have to convert their RRSP into a form of retirement income.

The bottom line is, you have many avenues in which you can maximize your savings. When it comes time to file, it never hurts to get professional advice from a Canadian tax expert as there are a ton of credits and deductions you won’t want to miss.

Tips provided by H&R Block Canada.

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RRSP Deadline Approaches

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RRSP Deadline Approaches

One week until RRSP deadline

You have until the end of the day on Thursday, March 1st to contribute to your 2017 RRSPs.

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Finance: Lessons Learned

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Finance: Lessons Learned

What Sears Canada taught us

Sears Canada permanently closed their doors as of January, 2018. Like Simpsons, Eaton’s and Simpson Sears before them, these iconic stores are all part of our history. It’s sad news when we hear about the bankruptcy of a business that brings back so many nostalgic memories.

The closing of Sears has left 12 thousand people out of work, and 18 thousand former employees wondering if they will receive the pension that they were promised. This is a perfect example of why all Canadians have to take steps to plan for their retirement, and to make sure that they will be financially secure no matter what happens. Regardless of what your savings situation might be, there are ways to disaster-proof your retirement.

Is your pension plan fully funded?

There are two major types of company pension plans – defined benefit plans and defined contribution plans. In a defined benefit plan, your pension income is guaranteed. Whereas, contribution plans can fluctuate depending upon the investments that you choose.

For defined plans, 99.9 per cent of pensions (private or public) are safely managed, and the money that you are promised is guaranteed. However, make sure that your private company pension plan is fully funded. You can do this by checking your annual pension statements. Look for something called the transfer ratio. You want it to be one-to-one or 100 per cent. That means that the fund is fully solvent, and even if the company goes bankrupt, the pension plan can meet its already existing pension obligations.

In the case of Sears Canada, pensioners may get less money than they had hoped for from their defined plan, as the fund has a funding shortfall of 19 per cent.

Self-pilot your savings

Making monthly contributions to your company pension plan is an excellent way to save for your retirement. However, that doesn’t mean that you should put your savings on autopilot, and assume that it will be enough. Even if you retire, and receive the full pension that your company plan has promised, you may have unexpected expenses that you didn’t plan for. In addition, your initial retirement plans may end up costing more than you originally budgeted. If finically possible, invest money in your TFSA and, if you have room, in your RRSPs.

Make a long-life plan

If you plan to retire in your 60s, take a look at what you might expect your spending to be over the next few decades. If you’re looking to create extra income, be creative. Make use of the skills that you already possess. Perhaps you could consult in your field of expertise, teach or tutor students. Take a look at your home environment, and determine if you have space for an income suite that can be rented for short or long-term stays. Any of these ideas would help to fund the retirement that you want – and they’d be on your terms.

We all want a comfortable retirement, so it’s important to build in insurances and make other arrangements if things don’t go as planned.

Rubina Ahmed-Haq is a journalist, personal finance expert and HPG’s finance editor. She appears on CBC TV and radio, CTV Your Morning, Global Toronto, and writes for ratesupermarket.ca. Follow her @alwayssavemoney. AlwaysSaveMoney.ca

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