How I Reached $500K Net Worth by Age 29

FrugalTrader (FT) reaching his long-term goal of a net worth of a million dollars inspired me to tell my personal financial story. Similar to FT, I’ve set out a financial plan to reach a net worth of a million dollars by age 35. Through discipline, hard work and determination, I’m already halfway there, recently reaching…

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A Primer on the Pension Benefits Guarantee Fund

In pension administration this is a question I hear quite often from plan members and with good reason. Private sector defined benefit pension plans are becoming increasingly underfunded. A lot of this can be attributed to external market conditions – low interest rates, changing demographics and rising cost of plan administration to name a few.…

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What is a Pension Adjustment (PA)?

What Is A Pension Adjustment

Whether you’re a member of a defined benefit (DB) or defined contribution (DC) pension plan, you’ll receive a pension adjustment (PA) each year. It’s important to understand what a PA is because it affects the maximum amount you can contribute to your RRSP each year. Let’s explore the PA, how it affects RRSP room and…

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Pension Basics: The Commuted Value

If your employer provides you with a defined benefit (DB) pension consider yourself lucky. According a 2009 study by Statistics Canada, fewer Canadian employees are covered by DB plans today. In 1991 41 per cent of Canadians were covered by DB, while in 2006 only 30 per cent of employees were covered. If you have…

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