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When to consider extra RRIF withdrawals Apr 4th
I am in my 91st year and for my age, in reasonably good health. I drew down a significant extra sum in 2025 from my RRIF. Fortunately, due to some good earlier decisions, my RRIF remains with a very strong market value. I use this drawdown for two purposes: to reinvest in my non-registered accounts.... More »
Tax write-offs that Canadians often get wrong Apr 18th
I come across frequent questions from taxpayers about expenses they think they can claim as a tax deduction or credit. Often, they cannot be claimed, or there are strict criteria that apply.
Safety deposit box
Back in the olden days, investors sometimes kept stock certificates in their safety .... More »
What do to with a spousal RRSP at age 71 Jun 15th
Ask MoneySense
My question is in regards to a spousal RRSP that I have set up for my wife years ago. When she turns 71, do we have to turn it into something like a RRIF, which I did for my RRSP (I am older than her) and then withdraw from it annually? Or, could it be directly transferred to her TFSA.... More »
The best RRSPs in Canada for 2026 + MORE Jan 31st
Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differ.... More »
Common risks to retirement, investing and financial freedom Oct 11th
No matter what stage of financial planning you are in, it is important to be aware of and understand the common risks to your retirement plan and financial stability. The Toronto Star published the following chart showing reasons why Canadians delay their retirement:
While enthusiasm may be nece.... More »
What’s the best way to pay for a master’s degree in the U.S.?
– moneysense.ca
Q. My daughter, Sonia, is 27 years old with a bachelor’s degree in English from a Toronto university. Needless to say, she is currently not working in the field that she was trained in. She thinks going back to school would enhance her employability in the writing and publishing industry, so she applied to—and was accepted at—two universities in New York City.
The cost of tuition as well as living in the U.S. is not cheap. Tuition for a master’s degree alone amounts to $53,000 USD, or about $70,000 CAD. Now the question is: How does she pay for it? Sonia has $40,000 in a stock market account, a $25,000 TFSA* and a $40,000 RRSP account, all started by her at the age of 18. Do we liquidate everything, and what are the consequences of that?
I have other questions as well. Does she take out a line of credit? Or some other kind of loan? Can she get a student loan for an American university? Can a Canadian get American scholarships for things other than sports? Any advice would help.
–Tammy
A…
The cost of tuition as well as living in the U.S. is not cheap. Tuition for a master’s degree alone amounts to $53,000 USD, or about $70,000 CAD. Now the question is: How does she pay for it? Sonia has $40,000 in a stock market account, a $25,000 TFSA* and a $40,000 RRSP account, all started by her at the age of 18. Do we liquidate everything, and what are the consequences of that?
I have other questions as well. Does she take out a line of credit? Or some other kind of loan? Can she get a student loan for an American university? Can a Canadian get American scholarships for things other than sports? Any advice would help.
–Tammy
A…
Should you borrow to pay expenses on an investment property?
– moneysense.ca
Q. I have an investment property that I rent out. Now that I’m retired, I would like to use the income to supplement my retirement income. That would leave me with no money to pay the expenses on the property (mortgage payment, maintenance, utilities, etc.).
I’m wondering two things: One, can I borrow all my expenses from my personal home equity line of credit (HELOC), thereby making all of the expenses and interest tax deductible?
And, two, looking into the future, let’s say I have now done this for two years and the expenses are $20,000 per year. I now have a debt of $40,000 in my LOC. The interest costs are now double they were in year 1. Is all of that interest tax-deductible for year 2, or only the interest for year 2 expenses?
–Garry
A. Many rental property owners end up in a similar situation as you in retirement, Garry—that is, a point at which you need to access some of the value of your rental property, one way or another.
If you literally have no money to pay the expenses, as in no remaining investments to draw down upon, I think you need to consider if and when to sell the rental property…
I’m wondering two things: One, can I borrow all my expenses from my personal home equity line of credit (HELOC), thereby making all of the expenses and interest tax deductible?
And, two, looking into the future, let’s say I have now done this for two years and the expenses are $20,000 per year. I now have a debt of $40,000 in my LOC. The interest costs are now double they were in year 1. Is all of that interest tax-deductible for year 2, or only the interest for year 2 expenses?
–Garry
A. Many rental property owners end up in a similar situation as you in retirement, Garry—that is, a point at which you need to access some of the value of your rental property, one way or another.
If you literally have no money to pay the expenses, as in no remaining investments to draw down upon, I think you need to consider if and when to sell the rental property…
7 ways to prepare for retirement
– moneysense.ca
1. Face the facts
Saving for retirement is always a challenge. But a number of factors have added up in recent years that make it even tougher on those entering or preparing to enter retirement. Jonathan Chevreau, Retired Money columnist for MoneySense, says the strength and predictability of defined benefit pensions (which pay out until death based on your earnings) is disappearing, as corporate plans move to defined contribution pensions (which build wealth based on employee and corporate contributions but do not pay out based on guaranteed formulas). That’s hard enough, Chevreau argues, but where “financial oppression” really takes hold is that retirees are stuck with bond yields that are sitting close to zero, which means nest eggs stop growing as fast and have to be drawn down a lot faster than they were for past generations.
2. Know when to start taking CPP and OAS
You can start taking Canada Pension Plan benefits between the age of 60 and 70. It’s worth spending some time figuring out which age is right for you…
Saving for retirement is always a challenge. But a number of factors have added up in recent years that make it even tougher on those entering or preparing to enter retirement. Jonathan Chevreau, Retired Money columnist for MoneySense, says the strength and predictability of defined benefit pensions (which pay out until death based on your earnings) is disappearing, as corporate plans move to defined contribution pensions (which build wealth based on employee and corporate contributions but do not pay out based on guaranteed formulas). That’s hard enough, Chevreau argues, but where “financial oppression” really takes hold is that retirees are stuck with bond yields that are sitting close to zero, which means nest eggs stop growing as fast and have to be drawn down a lot faster than they were for past generations.
2. Know when to start taking CPP and OAS
You can start taking Canada Pension Plan benefits between the age of 60 and 70. It’s worth spending some time figuring out which age is right for you…
