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The best RRSPs in Canada for 2024 May 23rd
RRSPs
The best RRSPs in Canada
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.
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How are FIRE adherents making out? + MORE May 23rd
In the increasingly specialized world of financial blogging, there’s a subgenre of so-called “FIRE” experts, who expound on the acronym FIRE. FIRE stands for Financial Independence Retire Early. Some proponents are in their 40s or 50s and practising what they preach, having either reached fina.... More »
Stock news: Couche-Tard and BlackBerry post gains, Metro flags strike impact Jun 27th
Here’s a round-up of news for Canadian investors this week.
Couche-Tard
BlackBerry
Metro
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 1.50% intere.... More »
CPP payment dates in 2026, and more to know about the Canada Pension Plan Jan 3rd
In Canada, most retirement plans include the Canada Pension Plan (CPP). Whether retirement is just around the corner or still years away, CPP is likely to form part of your retirement income. How much you receive depends on factors such as your earnings history, contributions, and when you start col.... More »
Stock news for investors: Air Canada profit drops more than 50% in Q2 amid “challenging environment” Aug 1st
Here’s a round-up of news for Canadian investors this week.
Air Canada
George Weston
Lightspeed
Bombardier
Gildan Activewear
TFI
Algoma Steel
Featured RRSP Accounts
featured
EQ Bank
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What do to with a spousal RRSP at age 71
– moneysense.ca
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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?—John
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?—John
Withdrawing from a spousal RRSP
A spousal registered retirement savings plan (RRSP) can be an effective retirement and tax planning tool. Like a personal RRSP, it allows you to defer income tax to a future year. But unlike a personal RRSP, the contributor to the plan and the annuitant—the owner—are different parties.
Your wife’s spousal RRSP is hers. While you received the income deductions for making contributions to the plan, she owns it and will generally be required to claim the spousal RRSP withdrawals as income.
What to do with a spousal RRSP at age 71
By the end of the year you turn 71, an RRSP annuitant is no longer allowed to own RRSPs—personal or otherwise, including spousal…
