How to Retire in Canada

03 October 2018

In a high tax country like Canada, it is almost impossible to save enough to retire. The way we see it, you have three choices to make enough to retire.

The first and easiest way is to get a Government job with a defined benefit pension plan and maybe indexed to inflation too. The downside is your job may be mind numbing for thirty years and you need to learn how to say, "yes sir, no sir, three bags full."

Your second choice is to start your own business. As a business owner I can tell you it is a 24/7 job. And the failure rate amongst small businesses is high.

The third choice is buy and hold real estate. Remember I said 'hold' not 'flip' real estate. By my calculations you need to own three properties and to get the tenants to pay off your mortgages through their rents. Then you can retire. The beauty about owning real estate is that it will also appreciate over time to keep up with inflation. Buying and selling real estate is not complicated, it just takes discipline and at the same time , you can also pursue your real passions.

So, there you have it. It's not easy to make it to retirement in Canada, but you do have options.

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