CHIP Reverse Mortgage: Resources to Help You Make the Right Decision

Retirement Planning

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As you approach retirement, all those years of contributing to RRSPs are finally going to pay off. However, you’ll need to start making arrangements to start withdrawing money from your savings rather than adding to them. To do that, you’ll need a complete understanding of why you have to convert your RRSP to a RRIF. Once you stop working, you’ll need a constant source of retirement income, and the money saved in your RRSPs will probably make up a considerable amount of it.

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Sometimes, when you’re looking to buy a new home, not all of the real estate stars align. This is particularly the case in hot markets, when it can be hard to buy a new home or sell your old one.
This can lead to a situation where the closing dates for your old home and your new one are weeks or even months apart. When this happens, the best solution can often be bridging finance for a property purchase, or a bridge loan for a home purchase, as it is also known.

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The Canada Pension death benefit is one of several benefits that the CPP provides to Canadians who contribute to the pension plan. The CPP death benefit is a one-time payment made to a CPP contributor’s estate after they’ve passed away. It’s important to know that you must make a CPP death benefit application in order to receive it, as CPP death benefits are not paid out automatically. In this article, we’ll cover everything you need to know about applying for CPP death benefit: who claims the CPP death benefit: CPP death benefit eligibility; how to apply for the CPP death benefit; how much is the CPP death benefit worth; and taxation of the CPP death benefit.

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As Canadians approach 65, it’s really important that they fully understand all of the retirement income that may be available to them. Many Canadians have a company pension and/or RRSPs, and many more also qualify for the Canada Pension Plan. However, not all Canadians know much about Old Age Security (OAS): whether they qualify for it, and if so, how much they’re likely to receive. Many are also unaware that they may have to apply for OAS online or on paper: receiving it is not always automatic. We take a look at why OAS might be important to you, the situations where you could have to apply for OAS, and how to submit an old age security application form.

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With close to two-thirds of Canadians having no company pension plan, it’s more important than ever for Canadians to grow their own retirement savings, so that they have additional income to supplement their CPP and OAS when they retire. Registered retirement savings plans (RRSPs) provide an effective way for Canadians to do just that. An RRSP is a government-registered, tax-deferred plan that allows you to save your money faster. Any increases in your savings — including interest, dividends, yields and capital gains — will grow tax-free.

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Taxing home equity in Canada stems from the tax laws on capital gains. Capital gains are profits from selling an asset, such as a property or financial investments. Do you have to pay taxes on home equity? The confusing answer is yes… and no. You do have to pay taxes on home equity when you sell a property that is not your primary residence (where you live most of the time) and it has increased in value since the time you bought it. The amount of taxes on home equity payouts of this type will depend on your other income that year and your tax bracket.

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Unfortunately, most people only begin to ask what is a CPP survivor benefit at what is a very stressful time in their life, rather than preparing themselves beforehand. To put it simply, survivor benefit for CPP in Canada is a monthly payment that the government makes to the survivors of a CPP contributor after that person’s death. There are different types of CPP survivors’ benefits:

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Most Canadians don’t receive the maximum CPP payment: in fact, the average monthly CPP payment in 2021 was just under $620. In this article, we’ll answer some of the most frequently asked CPP questions, including: what are CPP deductions, exactly, and how do they work; what is CPP tax; is CPP taxable income: what are EI and CPP maximum contributions; and what are self-employed CPP contributions?

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While RRSPs are undoubtedly a popular retirement savings vehicle for many Canadians (around two-thirds of us have one) many people are confused about how they work. As many as 30% of Canadians don’t understand RRSP tax rules, and 27% don’t know the difference between an RRSP and a tax-free savings account. So, what is an RRSP, how does an RRSP work, what happens when you withdraw from an RRSP, and what should you know about RRSP withholding tax (also known as RRSP withdrawal tax)?

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