Making sense of the markets this week: December 10, 2023 Dec 14th

How to go about securing the best Retirement Plan in Canada.
Latest News
 retirement savings

How to change a past tax return Apr 11th

Ask MoneySense I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now? —Ian How to change a tax filing to claim investment m.... More »

How job changes can affect your taxes + MORE Mar 28th

Landing a new job or being laid off from your current position can be life-changing—whether it’s an exciting transition, a tough stretch or a chance at a fresh start. But months after the dust settles, people often forget that job changes can also impact that year’s tax return. Expe.... More »
 canada pension plan

RRIF and LIF withdrawal rates: Everything you need to know Mar 7th

At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »
 retirement savings

“We’re well off in retirement. How can we pay less tax?” + MORE Aug 29th

Ask MoneySense Both my wife and I are retired. My wife is 72 years old and I am 68. Our combined incomes are based on CPP, OAS, RRIFs and dividends (both from our non-registered investments portfolio and corporate dividends that we both get quarterly from a holding company that manages the corporat.... More »

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 »
Making sense of the markets this week: December 10, 2023Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.

Interest rates stay the same—bank accounts, not so much

As was widely anticipated, the Bank of Canada (BoC) chose to keep the key interest rate at 5% this week.

if(typeof(wpDataCharts)==’undefined’){wpDataCharts = {};}; wpDataCharts[10] = {render_data: {“wdtNumberFormat”:”1″,”options”:{“title”:{“text”:”Bank of Canada interest rate vs annual inflation rate”,”floating”:false,”align”:”center”},”series”:[{“type”:”column”,”name”:”Annual inflation rate”,”color”:””,”label”:”Annual inflation rate”,”orig_header”:”12monthchange”,”data”:[1,1.1,2.2,3.4,3.6,3.1,3.7,4.1,4.4,4.7,4.7,4.8,5.1,5.7,6.7,6.8,7.7,8.1,7.6,7,6.9,6.9,6.8,6.3,5.9,5.2,4.3,4.4,3.4,2.8,3.3,4,3.8,3.1,0,0],”yAxis”:0},{“type”:””,”name”:”BoC interest rate”,”color”:””,”label”:”BoC interest rate”,”orig_header”:”rate”,”data”:[0.25,0.25,0.25,0.25,0.25,0.25,0…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!