Should I transfer a 401K into Canada? + MORE Nov 2nd

Q: There was a lot of press a while back when an Ontario couple had to fight to get compensation after a financial planner steered them into transferring their U.S.-based retirement savings into a Canadian RRSP. The tax hit was large and put a serious dent in their retirement plan. What are the pitfalls and how do you avoid them when it comes to transferring money from a U.S. registered savings plan (Roth IRA or 401K or other) into Canada? And when might it be better to not transfer it at all?
A: The issue is certainly complicated, and fraught with pitfalls and therefore requires the help of qualified experts familiar with all sides of the issue. Best time to do this is before you invest and of course, before you transfer the funds. The tax treatment in Canada essentially depends on what type of retirement savings accounts were held in the U.S.  A regular IRA, Roth IRA and 401K are three different account types and not all are treated the same way when it comes to transferring them to an RRSP in Canada…

Q: I have topped up my TFSA to date and my wife has done the same. Returns have been good enough, no problem.
The TFSAs currently hold equity mutual funds as part of ‘near balanced’ allocations with a large mutual fund manager.
For estate planning and future risk planning (we are both 67), what happens to a TFSA upon death?
Is it liquidated and transferred to the survivor as cash?
Is it transferred ‘as is’ to the survivor and added on to their plan?
—Edmund
A: Tax-Free Savings Accounts (TFSAs) are still relatively new accounts, having been introduced in 2009. I find there is still some uncertainty about how they work, ranging from what to buy to what happens when you die.
Ask a Planner: Leave your question for Jason Heath »
In general, there are three options with a TFSA on death, Edmund:
1. Name a successor holder who becomes the accountholder.
2. Name a beneficiary who receives a distribution from the account.
3. Name your estate to receive the distribution, with the proceeds distributed based on the terms of your will…

The emergency fund is a popular concept in personal finance, and for good reason. It refers to the savings you should have on hand for unforeseen events such as job loss, car repairs or vet bills. The amount saved in the fund is discretionary, but enough to cover six months of expenses is a common frame of reference.
Millennials don’t have it easy. From expensive housing to the cost of education, it can be tough to find extra savings to throw toward an emergency fund, but with some careful planning there are a few ways to ensure it’s topped up and ready for those times you wish you didn’t need it (but glad you had it!).
Set a Goal
Before you get started, set a goal of how much you want in your fund. Is it six months of expenses? Is it a set figure such as five or 10k? A good first step is to figure out your fixed expenses per month. Then, think about how much you’ll need for complete peace of mind, and work to get yourself there. Splitting it up into smaller amounts and setting mini deadlines will help motivate you and make it a tad less daunting…

Making an effort to save money every day might sound like a lot of work. Maybe it involves changing a habit, or it means you’ll have to become more active. Or maybe you’re afraid it will involve giving up something you love.
The good news is, it’s pretty easy to cut costs – it simply requires you to be mindful of the little things you do every day. As someone who was brought up in a family with a savings mindset, I learned early on the importance of sticking to a budget. In my university years, I became quite creative in ways I could cut costs and enjoyed plenty of evenings out on the town for less than $15.
So here are eight ways on how to save money every day. Keep in mind that this is written from the perspective of a 32-year-old, but there are still plenty of good tips for people of any age who are looking to embrace frugality:
Swap Clothes with Friends
This is my number one piece of advice for sticking to a budget and I can proudly say it has saved me thousands of dollars over my lifetime…