Retirement

Annual Pensions for Members of Parliament

Annual Pensions for Members of Parliament

Former Bloc leader Gilles Duceppe, 63 $140,765 per year Former Toronto Liberal MP Joe Volpe, 63 $120, 392 per year Former Liberal MP Ujjal Dosanjh $40,197 per year from federal government $35,000 per year from BC government Former Liberal leader Michael Ignatieff $ ??? per year Those pensions for retired/defeated MPs are NOT small...

Read more »

Average Annual Retirement Pension Income Canada

Average Annual Retirement Pension Income Canada

Thinking about retirement? Are you financially sound? Debt free or still fully loaded?! Want to retire and yet can’t afford to? How much need you save to retire comfortably? Check the following statistics and see if you are on par with or better than other senior retirees. Retired Seniors aged 55 and over Average...

Read more »

Tax Saving Tips for Business, Professional Corporation

Tax Saving Tips for Business, Professional Corporation

Income taxes are the biggest expense for most Canadian. If you have your own business or professional corporation, your company can help generate tax savings to accelerate your mortgage repayment or boost your retirement savings. Use Capital Gains Instead of Dividends If you are planning large cash withdrawals from your company, consider taking the...

Read more »

CPP: small plan, big potential?!

I checked my CPP Statement of Contributions just now. Sadly enough, I discover that I’m only eligible to receive a monthly retirement pension of $240, if I turned 65 this year and decided to receive CPP benefit. 🙁 How am I supposed to survive with that petty amount. I spend about $200 each month...

Read more »

IPP – Supersize Your Retirement Savings

Many Canadians have seen their RRSPs take a significant toll in the markets during this Global Recession. Most can do little more than hope for a quick recovery. But there is another option. It’s called Individual Pension Plan (IPP). What’s IPP? IPP stands for Individual Pension Plan. It is perhaps the least known, yet...

Read more »

Average Annual Household Income Canada

Average Annual Household Income Canada

The other day I posted an article on Average Annual RRSP Contribution in Canada for Year 2007. The maximum RRSP contribution limit was $19,000 for year 2007; however, the national median contribution that year was only $2,780. Because of such a huge discrepancy, I decided to do a search on how much an average...

Read more »

How to Calculate RRSP Contribution Room

How to Calculate RRSP Contribution Room

How is RRSP Deduction Limit / Contribution Room Calculated? Long Definition: a taxpayer’s RRSP deduction limit for a year is equal to 18% of the taxpayer’s earned income for the previous year (to a maximum amount) minus an amount in respect of benefits that accrued to the taxpayer under registered pension plans (RPPs) and...

Read more »

RRSP – national average annual contribution

Is your RRSP contribution up to par? According to Statistics Canada, RRSP contributions rose 5.3 per cent to $34.1 billion in 2007 with the following trends. Newfoundland and Labrador The highest percentage increase in the number of RRSP investors (up 5.3 per cent) Quebec The largest increase in absolute number of RRSP investors, at...

Read more »

Feature Story

How Much Do First Nations Chiefs Make Annually across Canada?

Chief Ron Giesbrecht in BC took home almost $1,000,000 INCOME TAX FREE! His band has a population of only 82!!! Chief Jim Boucher in Alberta claimed an annual salary of...

Read more »

Top Financial Stories

How Much Do Tim Hortons Owners Earn Annually?

Tim Hortons store owner pockets each year: $265,558 and more (after tax & interest)!!! In year 2002 for an average Tim Horton's outlet: Gross earning: $1.5Million...

Read more »