From RRSP to RRIF—managing your investments in retirement + MORE Nov 19th

Retirement brings many changes in a person’s life and your investment portfolio is one of them. Tracy Andrade, a wealth adviser and certified financial planner at Marnoa Private Wealth Counsel, says it’s challenging for people to see their savings start to decline as they begin spending their nest egg. “That’s the biggest mental mind shift that people have to kind of think about when they’re heading into retirement,” she says. “It’s hard to see your balance go down.” 

When the time comes, RRSP, or registered retirement savings plan accounts, are converted to RRIF, or registered retirement income fund accounts, a change that needs to be made by the end of the year that you turn 71.

Shifting your portfolio for RRIF withdrawals

You can hold the same investments in a RRIF as you hold in an RRSP, but you won’t be able to continue making fresh contributions like you did before the conversion. Rather, the opposite will be the case…

While traditional savings accounts offer minimal returns, cryptocurrency platforms are presenting Canadians with new options for their cash. Coinbase’s latest offering—3.85% rewards* on USDC balances—highlights a growing shift in how people think about storing and growing their money.

The potential for greater yields comes with different risks. Stablecoins aren’t protected by CDIC insurance, and the regulatory landscape around them remains uncertain; however, Coinbase One members can access account protection upwards of CA$250,000 for Premium members. Coinbase offers an alternative to conventional banking—one that prioritizes accessibility, transparency, and competitive returns.

We’re diving into what you need to know about USDC Rewards to decide whether this approach to consumer-first finance is right for you.

The challenge with traditional banks

Anyone with a traditional savings account knows that you won’t earn much on your balance. Big banks typically offer up to 1…

Savings comparison tool

Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.

Advertisement

Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

Best high-interest savings account rates in Canada

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…

Here’s a round-up of news for Canadian investors this week.

Barrick

MEG Energy

Loblaw

Manulife

Linamar

Brookfield

Hydro One

MDA Space

George Weston

Featured RRSP Accounts

featured

EQ Bank

Build your retirement savings with 1.50% interest, tax-deferred contributions and zero fees.

go to site

featured

Registered GIC rate

Earn a guaranteed 2.75% in your RRSP when you lock in for 1 year.

go to site

Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada.

read now

Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999…