The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
Latest News
The best GIC rates in Canada for 2025 May 16th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Should you sell stocks to simplify with an all-in-one ETF? Aug 12th
Ask MoneySense
I have a mixed bag of stocks in my TFSA, RRSP, corporate trading account, and in my non-registered accounts.
I am in my mid-50s and looking to simplify my portfolio. I would like to sell all positions within each account and deploy a 2 to 3 ETF portfolio. Am I able to sell off ever.... More »
Does good financial advice have a shelf life? Jul 10th
I have come to believe that one of the clearest signs of progress is our willingness to ask questions. Not necessarily the big, life-changing ones, but the quieter questions that make us stop and wonder whether the way things were is really the way they should still be. Every question we ask becomes.... More »
What’s my RRSP contribution limit? Dec 12th
Your RRSP contribution limit is the maximum amount you can add to your registered retirement savings plan each year without triggering penalties. It’s based on your unused RRSP deduction room plus 18% of your previous year’s earned income, up to the annual CRA limit.
Use our RRSP contri.... More »
Kruger says $32M investment at Kamloops mill will boost tech, preserve jobs - Castanet Kamloops Sep 12th
Kruger says $32M investment at Kamloops mill will boost tech, preserve jobs Castanet KamloopsView Full Coverage on Google News.... More »
RRIF and LIF withdrawal rates: Everything you need to know
– moneysense.ca
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 the balance of your RRSP and pay tax on it, use the account to purchase an annuity from an insurance company, or convert it to a RRIF. Most Canadians choose to convert their RRSP to a RRIF.
You do not have to wait until age 71 to convert your RRSP. Most people consider doing so once they have retired.
RRIF withdrawal rates
The minimum age at which you can convert an RRSP to a RRIF varies by province: it’s 50 in some, and 55 in others. But starting the year after conversion, you must begin to make minimum withdrawals from your RRIF. The table below includes the minimum withdrawal rates for all RRIFs set up after 1992. It shows the percentage of the account balance (at the previous year-end) that must be paid out in the current year…
