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Your retirement investments did well this year. You can thank Donald Trump + MORE Dec 23rd
You may dislike the man, but his business-friendly policies, trade truces and lower interest rates all helped lift North American markets, writes Gordon Pape..... More »
Best cash-alternative ETFs for Canadian investors 2026 + MORE May 2nd
If the only investment account you have is a registered retirement savings plan (RRSP), you probably don’t need to concern yourself with cash or cash-equivalent holdings. But let’s say you’re in the market for your first home and you’re saving up a down payment. You can’t afford to lose mo.... More »
Can you make a transfer from an RESP to a spouse’s RRSP? Sep 1st
Q. I have an RESP account that I plan to wind down—and I have very little RRSP contribution room, but my wife has quite a lot. I just read this article you wrote for MoneySense about transferring money from an RESP to an RRSP. I thought it was permissible for a subscriber (that would be me in this.... More »
CPP Fund grows to $366.6B at end of June Aug 11th
Canada Pension Plan Investment Board says its main fund grew to $366.6 billion of net assets at the end of June, up $10.5 billion from the end of March..... More »
How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 19th
Ask MoneySense
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »
How to ‘find’ cash for your RRSP contribution
– moneysense.ca
RRSP ContributionYou don’t necessarily need new money in order to come up with the cash to maximize your 2017 RRSP contribution.
That should come as welcome news after all the holiday spending. January makes some big demands on cash flow as credit-card bills come due. Add to that the opportunity to top up your TFSA (as detailed last column), and you probably don’t want to be reminded that the annual RRSP deadline is already looming if you wish to minimize taxes for the just-completed 2017.
First, a quick fact check and reminder on deadlines. This year’s deadline is March 1st, which falls on a Thursday. The maximum you can contribute for 2017 is $26,010 (it will be $26,230 for calendar 2018), assuming you earned sufficient income to get that much room, and that you’re not in a good employer pension plan that chops RRSP room down by the amount of the Pension Adjustment (PA) shown on your T-4. Yes, Virginia, tax time is looming, so brace yourself for the annual blitz of T-4 slips, T-3s and T-5s…
