Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Retirement taxes explained: Withholding, clawbacks, and other surprises Sep 19th
Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition.
Taxation in Canada
When you are.... More »
Bear markets: What’s a long-term investor supposed to do right now? + MORE Jul 13th
My mutual funds are doing terribly, and I know they always say that it is better to stay the course and ride out this market crash and whatever. But I’ve been thinking about divorcing my big bank for awhile now. I have RRSP with mutual funds that have high management fees with RBC, slightly b.... 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 »
Planning for retirement with little or no savings to draw on + MORE Mar 21st
Despite their best intentions, some Canadians, facing a variety of financial challenges throughout their working lives, are not able to save much towards retirement. It can be difficult to know how to manage in these circumstances, especially when so much of the financial planning advice that gets s.... More »
Stock news for investors: Dollarama, Transat and Roots release earnings Jun 13th
Here’s a round-up of news for Canadian investors this week.
Dollarama
Transat
Roots
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, t.... More »
The right adviser and the right habits can impose discipline, writes Lesley-Anne Scorgie.The best RRSP investments 2021
– moneysense.ca
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. However, you will have to pay income tax when you withdraw money during your retirement. The advantage is built on the assumption that your income is higher now than it will be in retirement. If you plan things right, you will be in a lower tax bracket in retirement, meaning that you pay less tax on your withdrawals than you saved initially by stashing your money inside an RRSP.
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
Best RRSP savings account: EQ Bank RSP Savings Account* (2.30%)
Best robo-advisors: Questwealth Portfolio and Wealthsimple Invest
Best brokerage account for passive investing: Wealthsimple Trade
Best brokerage account for active traders: Questrade
Best brokerage account for mutual funds: Qtrade
Best RRSP savings account
EQ Bank RSP Savings Account*
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