It was launched by the Tories in 2009 as another option for Canadians to save for our retirements. The contribution limit was $5,000 per year. In the most recent government budget, the annual limit was increased to $10,000 per year. In contrast with an RRSP, contributions are not tax deductible. However, withdrawals are not taxed either (that includes income […]
The rate of breakup of marriages and marriage-like relationships is as high as it’s ever been. It is a complicated process, largely because there are many concerns to address at once, especially where there are minor children. There can be spousal support, child support, custody and asset division claims, and usually one of the spouses […]
As in Canada, the U.S. Social Security system is funded by payroll taxes and individual contributions. In the last couple of years, some ominous articles in various media have talked about the depletion of Social Security funds for Americans before 2033. If no steps are taken by Congress, Baby Boomers collecting Social Security could lose their pension […]
Given that the level of the CPP is such a significant issue across the country, it is constantly in the news, especially during the recent election campaign. The Toronto Star recently published an article on the subject. It suggests that the TFSA has been hailed as the most important savings vehicle out of Ottawa since […]
I have felt for many years that a senior widow/widower loses an inordinate amount of income. They lose their late spouse’s OAS entirely, and their CPP survivor benefit is only 60% of their late spouse’s CPP (and the maximum CPP benefit is now only $1,070, subject to the annual CPI increase). Thus, being a single […]
Last week, reasons for judgment were released in the case BH v. JH. The case involves a family with three adult children, whose parents were born in Germany and emigrated to Canada in the 1950s. Not long after their marriage in 1956, the wife became ill with Schizophrenia and ultimately lived in a group home. […]
Last month, reasons for judgement were released the case Johnston v. Johnston Estate. The facts of the case are extreme. The married couple purchased a home as Tenants in Common (rather than as Joint Tenants, which is customary) in 1968. In 1971, they separated and the husband left the home. Shortly after, the wife began […]