A layoff on the brink of retirement puts this Ontario couple’s savings plan to the test

A graphic arts manager recently let go from a four-decade career, Herb has lost his steady income of $80,000 per year, with only a $40,000 separation cheque to tide him over.Gigi Suhanic/National Post photo illustration Situation: Layoff and meagre settlement package leave husband worrying standard of living will crumble Solution: Draw down cash savings for …

Private bankers, think impact investing: One third of wealthy clients will go elsewhere if you don’t

Environmental concerns are top of mind for many, including wealthy investors who are increasingly watching where their money is going.Postmedia file photo Some of the world’s richest people may take their money away from private bankers and wealth managers unless they offer more impact investments and philanthropy deals, according to family offices and foundations. RS …

Everything you need to know about the government’s new stock option taxation rules

Employee stock options are used by some corporations as part of their total compensation package to entice and retain skilled workers./iStockphoto Last week, the federal government introduced draft legislation that proposes to limit the preferential tax treatment associated with certain employee stock options. The new rules, originally introduced in the March 2019 federal budget, fulfill …

If you win the lottery, your ex might hit the jackpot, too

The fight over the sharing of lottery winnings has not been without its controversy. For many family law lawyers, a cocktail party can become a hotbed for questions rooted in “what if” and “I’m asking for a friend.” For the curious party-goer, the topics inevitably focus on the sensational: infidelity, hiding assets and enormous support …

Private bankers, think impact investing: One third of wealthy clients will go elsewhere if you don’t

Environmental concerns are top of mind for many, including wealthy investors who are increasingly watching where their money is going.Postmedia file photo Some of the world’s richest people may take their money away from private bankers and wealth managers unless they offer more impact investments and philanthropy deals, according to family offices and foundations. RS …

CRA pays out first cash rewards in offshore tax informant program

Since inception, the program has generated more than 1,400 calls, over 600 written submissions, and 39 contracts with informants, which has allowed the CRA to identify $50 million in taxes and penalties owed, the CRA said in an emailed statement to the Financial Post.Photo illustration by Tyler Anderson/National Post files The Canada Revenue Agency has …

A layoff on the brink of retirement puts this Ontario couple’s savings plan to the test

A graphic arts manager recently let go from a four-decade career, Herb has lost his steady income of $80,000 per year, with only a $40,000 separation cheque to tide him over.Gigi Suhanic/National Post photo illustration Situation: Layoff and meagre settlement package leave husband worrying standard of living will crumble Solution: Draw down cash savings for …

Everything you need to know about the government’s new stock option taxation rules

Employee stock options are used by some corporations as part of their total compensation package to entice and retain skilled workers./iStockphoto Last week, the federal government introduced draft legislation that proposes to limit the preferential tax treatment associated with certain employee stock options. The new rules, originally introduced in the March 2019 federal budget, fulfill …

All the frugality in the world won’t let this millennial retire at 45

Michel’s plan to retire at 45 is based on not spending rather than on making a big score in investments.Illustration by Chloe Cushman/National Post files 07Situation: Man hopes good salary, conservative spending and careful investing support retirement at 45 Solution: Even with aggressive savings and low mortgage rate, 60 is a more realistic goal In …

Everything you need to know about the enhanced CPP — from how much you’ll pay to how much you’ll get

For each year of pensionable earnings after 2024, maximum CPP payouts will be roughly 1.3 per cent more than under the previous rules.Postmedia While it comes too late for retiring Baby Boomers, the generations that follow will benefit nicely from the newly “enhanced” Canada Pension Plan (CPP). Higher premiums to fund it began this month. …