The more many low-income Canadians save save, the less GIS they will receive
as those earning less than half of the median of about $68,000. A significant source of their retirement income is the Guaranteed Income Supplement . The more they save, the less GIS they will receive. As a result, the optimal amount to save is surprisingly low. Consider a two-income couple earning $50,000 a year in total.
If they saved 10 per cent of their pay in the years leading up to retirement, whether in an RRSP or a TFSA, their disposable income in retirement would be substantially higher than during their working years. This may sound like a good thing, but not if it comes at the cost of further depressing working income that is already low. The ideal saving rate for this couple is about 4.2 per cent a year. It produces after-tax income that is virtually the same before and after retirement.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Competition policy becoming a ‘kitchen-table issue’ for Canadians amid inflation - National | Globalnews.caAs Canadians grow more concerned about rising inflation, competition across different sectors of the economy has become a 'kitchen-table issue'.
Lire la suite »
This east Vancouver neighbourhood program is helping newcomers and Canadians learn about each others' foodsWorkshops in this POC-majority neighbourhood offer 'an easy way for people to connect,' according to program creator Ryan Ng.
Lire la suite »
This east Vancouver neighbourhood program is helping newcomers and Canadians learn about each others' foodsWorkshops in this POC-majority neighbourhood offer 'an easy way for people to connect,' according to program creator Ryan Ng.
Lire la suite »
Americans oppose a digital dollar while Canadians are open to a CBDCRecent surveys shows that Americans are largely opposed to the creation of a digital dollar while the majority of Canadians are open to using a digital Canadian dollar.
Lire la suite »
Opinion: Canadians' perception of the economy is improving, albeit cautiously, new poll findsForty-two per cent of British Columbians say Canada's economic conditions are 'very good' or 'good.'
Lire la suite »