Now is the time to be especially wary
Posted on:Uncertain economic times and rising rates of unemployment are creating a new breed of desperate people. Some are turning to frauds and scams as a way out of their troubles. Others are becoming more susceptible to schemes they had hoped would help but are being bilked out of their dwindling cash reserves instead. Hard times tend to bring more frauds and scams out of the woodwork. Fraudsters are…
Read MoreProposed Changes to the Canada Pension Plan
Posted on:On May 25, 2009 Finance Canada announced some proposed changes to how Canada Pension Plan will work. If approved, the changes will take effect over a period of time from 2011 to 2016, so they will affect anyone planning to retire after 2010. Below is a brief summary of some of the most important changes: Early retirement (before age 65) will result in a reduction in CPP benefits by 7.2% per year…
Read MoreFuzzy Retirement Goals
Posted on:Retirement funding is a complex machine, with several moving parts. For many Canadians employer pensions and government benefits will make up the core of their retirement income. A recent RBC survey found 54% of Canadians expect their pension will be the largest source of income, but when asked what kind of pension they have, 19% do not know. Personal savings, whether in the form of an RRSP or…
Read MoreHow you can benefit from this flexible life insurance
Posted on:Glenn had thought of his life insurance purely as a protection plan. The anti-avoidance rules, risks and general restriction of tax benefits applicable to most shelters prompted him to take a new look at his life insurance for tax deferral as well. A type of policy, called Universal Life, separates the cost of insurance and the 'savings' element of your premium. You know how much of it is being…
Read MoreIs a reverse mortgage the way to go?
Posted on:Ralph and Louise have seen the TV commercials featuring Gordon Pape, the financial author, as the spokesman for Canadian Home Income Plan Corp. (CHIP) reverse mortgages. They were wondering if it would be a good way to go to help ease their current financial situation. A reverse mortgage is simply an advance on the value of your home that accumulates interest. The accumulated debt does not need…
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