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Financial paralysis and how to get moving again + MORE Feb 28th
New findings from the Credit Counselling Society’s (CCS) 2026 Consumer Debt Report reveal a concerning pattern in how Canadians are experiencing debt. Under cost-of-living pressures, many are increasing their debt load, relying on credit to make ends meet. And while they’re making their minimum .... More »
Making the most of the pension tax credit + MORE Nov 29th
Ask MoneySense
I liked your coverage of RRIF taxation. I would like to see more information on LIF taxation. More precisely, on the following scenario: Individuals do not get the $2,000 tax credit for RRIF withdrawals before age 65. Did I read properly that for LIF withdrawals the $2,000 tax cr.... 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
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EQ Bank
Build your retirement savings with 1.... More »
Stock news for investors: Groupe Dynamite reports strong Q4, adjusts 2025 outlook Jan 17th
Here’s a round-up of news for Canadian investors this week.
Groupe Dynamite
Lululemon
Kinross Gol
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 1.5.... More »
Why “unretirement” may be the fate of so many Canadians Mar 14th
The idea of “unretirement” seems to be making a comeback as more Canadians find themselves under economic stress. Even before the tariff threats emerged under Trump 2.0, seniors and near-retirees were finding the economic uncertainty and rising cost of living becoming uncomfortable. No surprise .... More »
Can you delay a RRIF withdrawal?
– moneysense.ca
Ask MoneySense
I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a RIFF, if I want to minimize withdrawals, and I base the RRIF on my wife’s age, would I not have to take out 5.2% in my 71st year?
I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a RIFF, if I want to minimize withdrawals, and I base the RRIF on my wife’s age, would I not have to take out 5.2% in my 71st year?
I still have a fairly high income, so I’m looking to minimize incomes and claw backs.
Also, is one able to delay the RRIF withdrawal at age 71 for a year? Is that a good idea?
Sorry, one more question: Does my spousal RRSP get converted when I hit 71 or when my wife does?
—Ted
The basics around RRSP/RRIF conversions and planning opportunities
Great questions, Ted. On the surface, these may seem like basic questions, but it’s important to get the basics right. This is a good opportunity to review registered retirement savings plan/registered retirement income fund (RRSP/RRIF) conversions and explore how understanding the basics can help to keep your taxable income down…
