Many Canadians rely on the Canada Pension Plan (CPP) and Old Age Security (OAS) as their main source of income during retirement. These two government programs are designed to provide financial support for individuals who have worked in Canada and are now retired or nearing retirement age. Understanding how CPP and OAS work is crucial…
As retirement approaches, it’s natural to start thinking about your financial security and how you can ensure a comfortable lifestyle. One of the most effective ways to do this is by maximizing your contributions to your Registered Retirement Savings Plan (RRSP). An RRSP is a tax-deferred savings plan that allows you to save for retirement…
Retirement planning is an essential part of financial planning, and one of the key decisions that individuals must make is choosing between a defined benefit pension plan and a defined contribution pension plan. Both offer retirement benefits, but they differ greatly in how those benefits are calculated and funded. Let’s explore the differences between these…
As you approach your retirement years, it becomes increasingly important to plan for the distribution of your assets after you pass away. This process, known as estate planning, helps ensure that your wishes for your assets and property are carried out, and that your loved ones are taken care of after you are gone. Without…
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