Inflation and the Impact on Timing CPP Benefits

While there has been little reason to embrace the high inflation of today, there may be a silver lining for certain government benefits. Higher inflation means higher Canada Pension Plan (CPP) benefits and the outcome can be especially significant the longer you wait to begin. The standard age to start CPP is 65, but you can begin as early as age 60. In fact, most people start early.1 However, if you have yet to apply for CPP, it may be an opportune time to revisit the timing decision.

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Tax Season: Bucking the Trend

Even Albert Einstein, a man with a brain capable of solving the most complex physics equations, stumbled when it came to taxes. “The hardest thing in the world to understand,” he said, “is the income tax.” These days, tax advice is everywhere. TV ‘experts’, newspaper columnists and social media influencers will dispense tips on how to keep more of your money, but these brush strokes, at best, aren’t suitable for everyone and, at worst, perpetrate damaging misconceptions about certain benefits and how to use them.

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RRSP Checkup: How Well Are You Managing Your RRSP?

Reminder that the deadline to contribute to your RRSP for the 2022 tax year is March 1st, 2023!

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RRSP Season Reminders

Contribute — The deadline RRSP contributions for the 2021 tax year is Tuesday March 1, 2022. Contributions are limited to 18 percent of the previous year’s earned income, to a maximum of $27,830 for the 2021 tax year. Consider an automatic monthly contribution plan to avoid missing the deadline. 

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