Retirement

T1036 Form

Understanding the T1036 Form: A Guide for Canadian Taxpayers

Most people intend to retire to their own homes after retirement from work; to aid this, the Canadian government has a program to facilitate and ease buying a home in Canada. The Home Buyer’s Plan (HBP) is a program that allows Canadians to withdraw funds from their Registered Retirement Savings Plans (RRSPs) towards HBP. This …

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Early Retirement

Strategies for Achieving Early Retirement in Canada

Financial freedom and the ability to call it quits at your job while young may seem unachievable for many Canadians today. But with a committed effort and the right financial strategy, even the unachievable can be doable in these challenging times. ‘How to retire early in Canada’ is one question burning on the lips of …

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What is a 401k?

Navigating 401k Plans: What You Need to Know

A 401k, also written as 401(K), is a US tax-deferred established retirement plan which allows employees to contribute a part of their salary towards retirement. The Canadian equivalent of a 401(k) is the Registered Retirement Savings Plan (RRSP). 401k allows an employer to equal an employee’s contribution to tax-deductible company contributions. Notably, earnings on all …

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RSP in Canada

RSPs Made Easy: How They Work and Why You Need Them

People often mistake a Registered Retirement Saving Plan (RRSP) for Retirement Saving Plan (RSP). Although they are both aimed towards retirement, they’re different. While a Retirement Savings Plan (RSP) refers to several retirement accounts, a Registered Retirement Saving Plan (RRSP) relates precisely to one account type. One of the most significant tax advantages of an …

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What is the Public Service Pension Plan (PSPP)?

With Canada’s aging population, more residents will be looking to retire in the coming years. A government benefit designed to help Canadian retirees is the Public Service Pension Plan (PSPP). The main objective of the Public Service Pension Plan is to supply a retirement income to eligible residents during their lifetime. In addition to retirement …

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What is the Ontario Teachers Pension Plan (OTPP)?

If you work for any school board in Ontario, you have probably heard of the Ontario Teachers Pension Plan. To no one’s surprise, this is a pension plan that is designed specifically for Ontario Teachers. But there’s a lot of questions that come along with OTPP. Let’s address some of the most frequently asked questions …

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