stories that were popular with Globe and Mail readers in 2024 and likely to be relevant in the year ahead:Fear and loathing of the clawback of Old Age Security benefits for high earners is a central theme of retirement planning. The OAS clawback is actually a luxury problem right now in that it has recently affected about 8.3 per cent of total OAS recipients, or about 500,000 people.
The federal Liberals promised a 25-per-cent increase in the survivor’ benefit, but so far haven’t delivered. With an expected election in 2025, might we see this promise resurface?Over-contributions to tax-free savings accounts resulted in total penalties of $132.6-million in 2022, with an average penalty of $1,461.18. A big reason for these penalties is that people are using outdated information on their contribution room from the My Account portal for the Canada Revenue Agency.
Canada Mortgage and Housing Corp. says 1.2 million mortgages come up for renewal in 2025, most of them at much higher interest rates. Back in 2020, you could get a five-year fixed rate mortgage around 2 per cent or less. The comparable rate today is a lot more at roughly 4.2 per cent, but at least we’re down from peak levels around 5.5 per cent.