How to go about securing the best savings strategy in Canada.
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Can you transfer a RRIF to a TFSA—and what are the tax implications? + MORE May 28th
Ask MoneySense
What is the implication of transferring money from my RRIF to TFSA on my income and taxes? Do I need to allow for a 30% deduction when I withdraw and it becomes income to be taxed at the end of the year? Or it doesn’t affect my income?
—Soheir
Transfers between registered a.... More »
Ways to “unlock” retirement savings in a LIRA Dec 12th
Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.
Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:
Since I was already at re.... More »
Wealthsimple Cash review 2024 + MORE Jul 16th
Wealthsimple Cash is a high-interest chequing/savings account that offers one of the highest interest rates in Canada. It has appealing yields and includes a prepaid Mastercard with no foreign exchange fee, so many consumers are naturally attracted to the account. Is it any good? The short answ.... More »
How to Start an Emergency Fund When You’re Living Paycheque to Paycheque Sep 13th
When you’re living paycheque to paycheque and every dollar counts, it’s hard to imagine how to save any significant amount of money. The good news is, you can build up an emergency fund even while living paycheque to paycheque. The best news of all is once you’ve built up some sa.... More »
Stock news: Barrick’s gold-fuelled profit boom leads a busy week of earnings + MORE May 20th
Here’s a round-up of news for Canadian investors this week.
Barrick
Cineplex
Manulife
Brookfield
Canada Goose
Canadian Tire
Featured RRSP Accounts
featured
EQ Bank
Bui.... More »
If you want to retire comfortably today, you’ll need to have about a million dollars in savings by the time you stop work.Gifting your RRIF to your children
– moneysense.ca
Q: Can I change my RRIF back to RRSPs or put it all in a savings account? Bottom line is I want to gift the money to my children while I’m still alive and can see them use it.
I live in Alberta and have $220,000.
—Angie
A: Gifts to children and inheritance planning are very personalized choices. Some people, like you, Angie, like to see their children benefit earlier rather than later. Others prefer to keep control of their assets until their death.
Ask a Planner: Leave your question for Jason Heath »
There are pros and cons to both approaches. There’s no doubt it could be nice to see your children benefit from an inheritance while you’re still alive. And most inheritors could use the money sooner rather than later. But there can be tax benefits or consequences from passing along money early. And you must be careful about giving away too much money too early given it’s hard to know how long you are going to live and how expensive long-term care costs can be in your later years…
I live in Alberta and have $220,000.
—Angie
A: Gifts to children and inheritance planning are very personalized choices. Some people, like you, Angie, like to see their children benefit earlier rather than later. Others prefer to keep control of their assets until their death.
Ask a Planner: Leave your question for Jason Heath »
There are pros and cons to both approaches. There’s no doubt it could be nice to see your children benefit from an inheritance while you’re still alive. And most inheritors could use the money sooner rather than later. But there can be tax benefits or consequences from passing along money early. And you must be careful about giving away too much money too early given it’s hard to know how long you are going to live and how expensive long-term care costs can be in your later years…
If you want to retire comfortably today, you’ll need to have about a million dollars in savings by the time you stop work.
