How to go about securing the best Retirement Plan in Canada.
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How much are withholding taxes on RRSPs and RRIFs? Jun 15th
I need to withdraw $6,600 from my RRIF over the next six months. This amount is in addition to my annual minimum. If I do the withdrawals in six monthly amounts of $1,100 (total of $6,600), will the tax withholding rate be 10% on each $1,100, or will it be a higher rate on the total $6,600 over the .... 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 »
Stock news for investors: Rogers posts loss, Teck profit surges Jul 25th
Here’s a round-up of news for Canadian investors this week.
Rogers
Teck
Scotiabank
Sleep Country
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 1.... More »
Stock news for investors: Mixed Q4 results with big profit gains for Enbridge, Nutrien, and Cenovus + MORE Feb 21st
Here’s a round-up of news for Canadian investors this week.
Enbridge
Nutrien
Teck Resources
Canadian Tire
MTY Food Group
Cenovus Energy
Featured RRSP Accounts
featured
EQ Bank
.... More »
Should RRIF withdrawals be based on the younger spouse’s age? Nov 9th
I am wondering about the minimum RRIF withdrawal calculation. We are wondering if it would be beneficial to use the younger spouse’s age to result in a lower annual combined income. Can you explain the reasoning behind this?—Bernie
When can you convert an RRSP to a RRIF?
Registered retirem.... More »
Timing the withdrawal of RRSP savings to minimize your tax hit
– moneysense.ca
Q. I’ve been fully retired since 2018, and living only on government pension (QPP, OAS and GIS). I have some RRSP and TFSA investments, and would like some help with determining when I should start withdrawing funds—and whether I will need to pay tax. I’ll be turning 71 in December 2021.
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
–Ellen
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit.
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed.
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
–Ellen
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit.
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed.
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…
Wedding, retirement party or honeymoon on hold due to COVID-19? Perhaps it’s time to rethink how you’ll spend that money
– thestar.com
From a down payment to saving for your children’s education to investing in your home office or maybe even yourself, there are a variety of other ways to spend the money you’ve set aside for your big event, Lesley-Anne Scorgie writes.
