How to consolidate your registered accounts for retirement income in Canada Oct 1st

How to go about securing the best return for your investment in Canada.

Latest News

New active U.S. ETFs for Canadian investors—are these funds worth your money? May 1st

Despite U.S. President Donald Trump’s trade wars and tariffs on key partners, including Canada, the U.S. asset management industry continues to view Canadian investors as an attractive market for actively managed exchange-traded funds (ETFs). In October 2024, Capital Group, best known for manag.... More »

Tax write-offs that Canadians often get wrong Apr 14th

I come across frequent questions from taxpayers about expenses they think they can claim as a tax deduction or credit. Often, they cannot be claimed, or there are strict criteria that apply. Safety deposit box Back in the olden days, investors sometimes kept stock certificates in their safety .... More »

The best GIC rates in Canada for 2025 + MORE Oct 20th

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 »

Mutual funds vs. ETFs: What you need to know to decide what investment works for you Jul 8th

The popularity of exchange-traded funds often triumphs over old-school mutual funds among social media-savvy investors. But experts say they both have their place in the financial system. The investment decision between the two boils down to your financial goals, risk tolerance, and time horizon,.... More »

$70B Anglo-Teck merger faces Ottawa review, shareholders react positively + MORE Sep 10th

In what’s shaping up to be the world’s biggest mining deal of the past decade, Teck Resources Ltd. has agreed to a tie-up with London-headquartered Anglo American PLC to create a copper-focused giant worth about $70 billion. The companies have proposed the deal as a “merger of equal.... More »

How to consolidate your registered accounts for retirement income in Canada

– moneysense.ca

Ask MoneySense
My wife has an RRSP in her name and a spousal RRSP in her name, plus a small LIRA. She will be turning 71 next year.

My question is: Can she open a RRIF account and contribute both of her RRSPs plus the LIRA amount into one single RRIF account without incurring any taxable consequences?

—Steve

Consolidating registered accounts

As you know, Steve, your wife must make some decisions about her registered accounts by the end of next year because of her age. It seems like a good time to consider consolidation of her accounts. In some cases, this is possible, but it’s not always. So, I will clarify the rules generally as well as how they may apply to her situation.

Before you convert RRSPs to RRIFs

When you have a registered retirement savings plan (RRSP), you can only keep it open until December 31 of the year you turn 71. By that deadline, you must choose from these three options:

Cash in the account.

Buy an annuity from a life insurance company…

Continue Reading On moneysense.ca »

Why not follow our RSS feed to keep in sync with the latest Canadian Investment news?

Share