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canada retirement

2 Quebec destinations were ranked among the best cities in Canada to retire

When it comes to the best cities in Canada for retirement, it appears as if Quebec should definitely be on your radar.

For those hoping to retire soon, selecting where you want to spend your older years is certainly no easy feat. Luckily, ConfidenceClub, an Australian-based company that specializes in self-care products for the elderly, dropped its list of the best cities in Canada to retire in.

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The Cheapest Places To Retire In Canada Were Ranked & This Quebec Destination Made The Cut

The cheapest places to retire in Canada were recently ranked and one city in Quebec managed to take the top spot.

Travel + Leisure released its list of the 10 Cheapest Places to Retire in Canada and Quebec City ranked number one, proving itself to be an enticing destination for Canadian seniors.

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How Much Money Do Canadians Need To Retire? A Bank Asked People & The Answer Is Scary AF

A study by BMO found that Canadians believe they'll need as much as $1.7 million in order to retire, a 20% increase from the results of last year's survey. But fewer than 50% of Canadians "are confident they will have enough money to retire as planned," the survey revealed, a 10% decrease from 2020.

In other words, Canadians believe they'll need more money than ever to retire and have even less faith that they'll make it there. It's not looking better on a provincial level, either.

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canada taxes

TFSA vs. RRSP — Here's How They Affect Your Taxes In Canada

It can be tempting to put off thinking about your retirement, especially if you're still in school or just starting your career. But the fact is, the earlier you start investing in your retirement, the longer your money has to grow. In theory, the best time to start investing is, well, yesterday.

In Canada, anyone aged 18 and up with a social insurance number can start investing in their retirement. Understanding a bit about how it works and how it can affect your taxes – whether you plan to file your taxes yourself or not – can be useful.

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