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.
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3 regional Indigenous tourism boards separate from ITAC amid ongoing financial concerns - CBC May 15th
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The best GIC rates in Canada for 2026 + MORE Mar 30th
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.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Helping your kids buy a home? Why a cash gift may be safer than co-signing Sep 6th
It’s not uncommon for parents to want to help their adult children enter the housing market. For some, that help comes in the form of co-signing for their child’s mortgage, but experts warn that means taking on financial risks they might not understand and could impact their own debt and.... More »
“We’re well off in retirement. How can we pay less tax?”
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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 corporate investments). We currently augment our cash flow from our non-registered accounts as needed, cashing some stocks and declaring the capital gains. We also donate on average $30K–$40K every year to our preferred charities.
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 corporate investments). We currently augment our cash flow from our non-registered accounts as needed, cashing some stocks and declaring the capital gains. We also donate on average $30K–$40K every year to our preferred charities.
The challenge that we have every tax year is to come up with the optimum balance from a tax efficiency perspective. We can increase or decrease the corporate dividends, capital gains and RRIF payouts at least for the next several years.
Any general guidance or accepted strategies would be helpful. It’s a nice problem to have, but it would be helpful to hear from a professional.
—Mike
Hi Mike, congratulations on your financial success and your desire to give to charity…
