Tag: Financial Planning
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Understanding CPP Contributions and the General Drop-Out Provision
Overview: CPP contributions and the retirement pension Canada Pension Plan (CPP) is a voluntary part of retirement planning that both employees and employers contribute to during your working years. Your CPP retirement pension is not a single annual grant you receive automatically; it is calculated based on your CPP contributions over your working life, adjusted…
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Weight loss jabs and enhanced annuities: how obesity and health can reshape retirement income
Understanding enhanced annuities and retirement income When people plan for retirement, they often consider how long they will live and what their monthly income will be. An enhanced annuity is a type of retirement product that pays more each year to individuals with poorer health, a higher BMI, or smokers, because they are statistically less…
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Five things to do if you’re retiring in 2026
Introduction: Planning for a 2026 retirement Retirement is a major life transition, and signing out of the workforce in 2026 comes with its own unique set of financial, health, and lifestyle decisions. Whether you’re counting down the months or just starting to map your path, focusing on five core areas can help you retire with…
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New RRSP and TFSA Limits for 2026: What Savers Need to Know
What’s changing in 2026 for RRSPs and TFSAs The Canada Revenue Agency (CRA) has released the 2026 limits for registered retirement savings plans (RRSPs) and tax‑free savings accounts (TFSAs). For Canadians who use these accounts to grow their retirement nest eggs, the headline change is a higher RRSP contribution cap in 2026. Alongside this, the…
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New Year’s Resolutions That Really Pay Off: Quit Smoking and Cut Café Costs in 2026
Why the New Year is a Turning Point for Your Wallet With a new calendar comes a chance to rethink daily habits that quietly drain your finances. Two of the most common but overlooked targets are smoking and frequent take-away coffee runs. For many people, these small indulgences add up to a surprising sum by…
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UK Consumers Stay Cautious About Spending Ahead of 2026, Says KPMG Survey
UK Consumers Maintain Spending Caution as 2026 Approaches UK households are edging toward 2026 with a cautious approach to spending, even as their sense of financial security remains broadly steady compared with the start of the year. A recent KPMG survey highlights a complex landscape: personal finances look resilient on the surface, yet many consumers…
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GTA assembly line worker wins $1M Encore Lotto 649 prize
One million reasons to celebrate: a GTA assembly line worker’s big Lotto moment When a routine work shift in the Greater Toronto Area ended on a high note, a proud assembly line worker learned that his life would be forever changed. Han Zeng Chen, a 47-year-old resident of Holland Landing, Ontario, matched all seven Encore…
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When a $250K Loan Turns into a $21M Nightmare: How High Interest Destroyed a Life
The Case in Brief In what is described as one of the most extreme debt spirals in recent memory, a man who borrowed $250,000 from a licensed moneylender ended up facing a debt topping $21 million. The borrower allegedly fell behind on payments, triggering a cascade of interest, penalties, and aggressive collection actions that magnified…
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Toronto-area Lawyer Faced Large Overspending After Mental Health Episode
Overview A 44-year-old lawyer in the Toronto area, identified here as Ella, recently faced a significant financial setback after a mental health episode triggered an abrupt and substantial overspending spree. In response, she canceled several credit cards, taking an important step to regain control of her finances. The case highlights how mental health can intersect…
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Mental health episode drives overspending: a Toronto-area lawyer’s debt rescue story
The turning point: a mental health episode and a surge in spending In a high-pressure profession like law, mental health challenges can ripple into every aspect of life. For a Toronto-area lawyer aged 44, a sudden mental health episode triggered a period of rapid and unplanned spending that left her with a daunting financial pile.…