All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
Is semi-retirement stressful? You bet—here’s what to do about it Jul 27th
One of my semi-retirement philosophies is that reducing stress can sometimes be more important than maximizing revenue. Assuming you’re self-employed in semi-retirement, as I am, you may find yourself juggling multiple clients and conflicting demands on your limited time and energy.
The topic o.... More »
What to do when you overcontribute to your RRSP + MORE Jun 22nd
Ask MoneySense
I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution.
What options to I have to address.... More »
Stock news: Canada’s big banks raise dividends after strong Q2 earnings May 30th
Here’s a round-up of news for Canadian investors this week.
BMO
National Bank
Scotiabank
CIBC
TD Bank
RBC
Featured RRSP Accounts
featured
EQ Bank
Build your retirement.... More »
Stock market news for investors: Shopify’s new exchange, Google’s acquisition, Nvidia’s launches and OTPP’s performance Mar 21st
Here’s a round-up of news for Canadian investors this week.
Shopify
Google
Nvidia
Ontario Teachers’ Pension Plan
Featured RRSP Accounts
featured
EQ Bank
Build your retirem.... More »
Russ Dyck financial advisor Nov 8th
Meet Russ Dyck
Russ Dyck, a Certified Financial Planner and founder of Finovo, specializes in financial planning for professional couples and young professionals. He is passionate about helping clients navigate complex financial decisions with clarity and confidence, tailoring each plan to meet t.... More »
An easy guide to income splitting for seniors
– moneysense.ca
Q. My husband and I are both retired. He still has income from his business, and I have cashed in all of my RRSPs but one. My question is: Can Hubby cash one of his RRSPs (and pay taxes, of course), but then turn around and buy a spousal RRSP for me? Would that be worth doing? Then I could cash this spousal RRSP the following year.
— Cindy
A. Registered Retirement Savings Plan (RRSP) contributions are tax-deductible and withdrawals are taxable. The right mix of contributions and withdrawals—and timing them both—are key.
If your husband takes an RRSP withdrawal of, say, $10,000, and then contributes $10,000 back to an RRSP, Cindy, there’s no net impact on his taxes. He’ll have $10,000 more income, and a $10,000 deduction to reduce that income. He doesn’t need to deduct the RRSP contribution in the year he contributes; a taxpayer can contribute, and then save the deduction for that contribution for a future yea. But in your example, it sounds as though he would contribute and deduct that RRSP contribution in the same year…
— Cindy
A. Registered Retirement Savings Plan (RRSP) contributions are tax-deductible and withdrawals are taxable. The right mix of contributions and withdrawals—and timing them both—are key.
If your husband takes an RRSP withdrawal of, say, $10,000, and then contributes $10,000 back to an RRSP, Cindy, there’s no net impact on his taxes. He’ll have $10,000 more income, and a $10,000 deduction to reduce that income. He doesn’t need to deduct the RRSP contribution in the year he contributes; a taxpayer can contribute, and then save the deduction for that contribution for a future yea. But in your example, it sounds as though he would contribute and deduct that RRSP contribution in the same year…
