Archive for January 2024
DIY Canadian Retirement Planning With Kyle Prevost
“Will I be OK in Retirement?” “How much do I save this year if I don’t want to have to eat pet food when I’m 83?” “What do most Canadians spend each month after they retire? I don’t even know where to start with this stuff!” In response to questions like this, most mutual fund…
Read MoreWeekend Reading: When To RRIF Edition
One chief concern for retirees and the soon-to-be retired is when to convert their RRSP to a RRIF. A common misperception is that this conversion has to take place in the year you turn 71. While it’s true that your RRSP must be closed by December 31st of the year you turn 71 and the…
Read MoreAdvanced Term Life Insurance
Readers of Boomer and Echo are likely familiar with term life insurance (see B&E’s previous article on insurance). In years past, simply going to a life insurance shopping website and comparing premiums was sufficient – and that article talks about doing exactly that. But things have changed. Companies are tinkering with their term life insurance…
Read MoreWeekend Reading: Funding A Good Life Edition
Over the holidays I made a spending and savings plan for the new year. I reviewed our previous year’s finances and incorporated our new financial goals for the year. My wife and I discussed our “rich life” vision – what we want to do more of, what we what to do less of, what new…
Read MoreRRSP Over Contribution Limit And Carry Forward Rules
Your current year’s RRSP contribution limit is 18% of your previous year’s earned income, to a maximum of $31,560 (2024) plus any unused contribution room carried forward from previous years. There’s some confusion around the RRSP over contribution limit and RRSP carry forward rules. This post explains both of these rules. RRSP Over Contribution Limit…
Read MoreInvestment Returns for 2023
Stock markets rebounded in a big way last year after a taking it on the chin in 2022. It was technology stocks once again leading the way – with the NASDAQ gaining 52.28% (XQQ) in 2023. The vaunted S&P 500 also posted an impressive 24.39% gain in 2023 after falling nearly 20% in 2022 (XSP).…
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