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Gordi Moore (left) during a match at the West Vancouver Lawn Bowling Club.Tijana Martin/The Globe and Mail

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“I retired in 1992 at age 60 after a career in the electrical business, which included owning and operating an electrical shop and, later, a lighting store along with my wife, who is four years younger than me,” says Gordi Moore, 91, of West Vancouver, in this Tales from the Golden Age article. “Age and opportunity led to our decision to sell the store and retire. The timing was right for us.”

Moore says he didn’t struggle with the transition to retirement. Instead, he saw it as a chance to do many things he didn’t have time for while working full-time. “For the first seven years of retirement, I taught night school classes that helped others start and run a business,” he says.

“My wife – whom I’ve been married to for 66 years – and I also travel a lot. We’ve been to Maui 27 times and have travelled to many locations around the world, including Ukraine, where my wife has relatives. We also enjoy spending time with our two children, four grandchildren and five great-grandchildren, who live in different cities across British Columbia and Alberta.

“My wife and I are in good health and try to stay active. In 2018, we started lawn bowling, and I still play about three to four times a week, year-round.

“We don’t worry too much about money in retirement. The year before we retired, we kept track of every dollar we spent to know how much money we needed to retire.

“We also live quite frugally, which helps.

“My advice to others on retirement – if you can, do it. Don’t wait until tomorrow. There’s so much to do other than work.”

Read the full article here.

Are you a Canadian retiree interested in discussing what life is like now that you’ve stopped working? The Globe is looking for people to participate in its Tales from the Golden Age feature, which examines the personal and financial realities of retirement. If you’re interested in being interviewed for this feature and agree to use your full name and have a photo taken, please e-mail us at: Please include a few details about how you saved and invested for retirement and what your life is like now.

Can Max, 58, retire now with a $9,000 per month budget and still leave a good inheritance for his kids?

Fifty-eight and on his own again, Max returned to his native Saskatchewan a few months ago to be closer to family. He got a job and a house and now he’s preparing for the next stage of his life – moving to the country and retiring from the work force. He recently bought a recreational property that will be his principal residence.

Max hopes to quit his $88,000-a-year education job this spring when he turns 59. He’ll spend his time pursuing the outdoor activities he enjoys and, longer term, he plans to spend his winters “somewhere hot.” In addition to his salary, Max is collecting a survivor’s pension and some smaller pensions from previous employers totalling about $45,200.

Short-term, he plans to spend about $125,000 on a new truck and some toys – an ATV, a snowmobile and ice-fishing equipment, Max writes in an e-mail. He’s also thinking of buying a place in a nearby city for about $250,000 “to get some city life and because my grandkids live there.”

Max has three investment properties – two houses and one condo – that generate a positive cash flow. He has yet to decide whether to sell or rent the house he is leaving. If he keeps it, he plans to add a basement unit, which will cost about $50,000. Max plans to leave any rental properties he might have to his two children.

His retirement spending goal is $9,000 a month, or $108,000 a year. His main question is how to draw down his savings in a tax-efficient way.

In this Financial Facelift, Jeffrey Ryall, a certified financial planner (CFP), chartered financial analyst (CFA) and investment counsellor at Cardinal Capital Management in Winnipeg, looks at Max’s situation.

Want a free financial facelift? E-mail

How does the lifespan of an average woman compare with a female Olympic athlete or actor?

In this Charting Retirement article, Fred Vettese, former chief actuary at Morneau Shepell and author of Retirement Income for Life, takes a look at the longevity in women as it relates to what they do for a living here.

In case you missed it

Funeral planning and costs are often overlooked – here’s why they need more consideration

Earlier this year, Heather Borrelli visited a funeral home with a client who had asked for assistance with her pre-planning arrangements, writes Alison MacAlpine in this Globe Advisor article. This client, a widow, will be relying on a friend to settle her estate and wanted to make sure her wishes were clear and paid for.

However, Ms. Borrelli, senior wealth advisor with Assante Capital Management Ltd. in Dorval, Que., says a client considering funeral costs proactively like this is the exception, not the rule.

“People don’t think about it unless they’re faced with something like a death in the family or [of] a friend – somebody who is close to them in age who suddenly passes away,” she says.

“I get it. It’s not something that people like to talk about. I try to do it as delicately as possible, but I look at it as part of the needs analysis for insurance planning.”

Funerals vary widely in cost based on location and individual preferences, but the average price tag across Canada is in the $8,000 to $9,000 range, notes MacAlpine. Ms. Borrelli budgets for at least $5,000 if someone, such as her widowed client, has already purchased a burial plot.

She adds that encouraging clients to incorporate funeral costs into an estate and insurance plan has benefits that go well beyond the financial. The questions she asks during her discovery process lead to greater clarity around wishes – and then those wishes can be conveyed in important family conversations.

“It removes the pressure and anxiety for the surviving family when they know that they’re doing what their loved one would have wanted,” Ms. Borrelli says.

Read the full article here.

For more from Globe Advisor, visit our homepage.

People keep making this costly TFSA mistake – and paying penalties averaging almost $1,500

We have a surprising problem with tax-free savings accounts, says personal finance columnist Rob Carrick, in this opinion article. Call it over-enthusiasm on the part of contributors.

Canadians are adding too much to their TFSAs and paying big penalties. The system for keeping people updated on their TFSA contribution room could certainly be better, but TFSA holders themselves need to pay more attention to what they’re doing. A good start for many would be to ask themselves if they’re juggling too many separate TFSA accounts.

A penalty of 1 per cent a month applies to excess money added to a TFSA. The total amount of overcontribution penalties paid in 2022 was $132.6-million, Canada Revenue Agency numbers show. That’s more than triple the $41.7-million paid in 2019 and 38 per cent higher than the $96.2-million paid in 2021.

Read the full article here.

Figure out your TFSA limit with our calculator.

Sign up for the twice-weekly e-mail newsletter, Carrick on Money, here

Retirement Q & A

Q: How do I pass on my condo to a child or children tax efficiently?

We asked Chris Gandhu, partner and family office leader for Calgary, KPMG, Canada to answer this one.

When considering how to pass on your condo to your children in a tax efficient manner, several factors come into play.

First, understanding your personal circumstances is key to effective tax planning. Before you think about transferring any assets to your children, it’s important to consider your own financial needs in retirement. For example, will you need to sell your condo to pay for your retirement? If so, then gifting the property during your lifetime is not advisable. Instead, you may prefer to leave it as an inheritance.

Other factors can significantly impact the tax implications of the transfer. For example, is the property solely owned or jointly owned with your child? Is the property your primary residence? Or is it used primarily to provide a source of income (i.e. as a rental property)?

Whether transferring the property during a person’s lifetime or after death, a key tax consideration is the Principal Residence Exemption (PRE). If the property qualifies for the PRE, you can shelter accrued capital gains from tax, allowing for a tax-free transfer to your child.

One of the conditions to qualify for the PRE is that the property must be “ordinarily inhabited” in the year being claimed by the taxpayer. The CRA does not specify an exact duration of time required to reside at the property. However, it has been held to mean that a property can qualify for the exemption even if the property is only used by an individual or family member for a short period of time in a given year. Thus, even a vacation condo or other property with limited use may still qualify, provided certain conditions are met. However, if you own multiple residences, be aware that you can only designate one property in a given tax year.

If the property doesn’t qualify for the PRE, any accrued capital gain becomes taxable to the owner at the time of transfer (or death). Under Canadian tax law, the receiving child typically incurs no tax liability.

Keep in mind that if you plan to transfer the condo through your will, its value contributes to the total estate value, potentially subjecting your estate to probate fees based on your province of residence. A property transferred during your lifetime, based on your jurisdiction of residence, may also incur a land transfer tax.

Along with seeking professional tax advice, initiating a conversation with your children about your needs and wishes is a great place to start.

Have a question about money or lifestyle topics for seniors? E-mail us at and we will find experts and answer your questions in future newsletters. Interested in more stories about retirement? Sixty Five aims to inspire Canadians to live their best lives, confidently and securely. Sign up for our weekly Retirement Newsletter.

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