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Can you maximize your RRSP and TFSA with an income of $0? Feb 22nd
Ask MoneySense
I have $119,000 room allowed in my RRSP and $81,000 room in my TFSA.
I am 47, live in B.C., currently not earning income as a caregiver for a parent. I have a business with a registered GST number to claim income now or in the future. But for my question, let’s assume I will be c.... More »
A growth portfolio for the long term Apr 8th
Srinivas Velanki (Jason Franson)
The problem
Srinivas Velanki, a 52-year-old engineer from Edmonton, has a defined-benefit pension plan and real estate properties. Right now his low six-figure retirement portfolio is invested mostly in an RRSP of 90% balanced mutual funds, 7% global equity funds and.... More »
What’s the best way of using your home equity during retirement? Nov 9th
Not sure how to make a retirement plan? Read on...
What’s the best way of using your home equity during retirement? - thestar.comContinue Reading On thestar.com »Getting the most out of your Retirement Plan in Canada can be tricky - let us help! Visit our Retirement page for.... More »
Registered vs unregistered accounts: Where retirees should make withdrawals + MORE May 25th
Ask MoneySense
We are in the age bracket where we need to take RRIF withdrawals every year. I am 81, and my husband is 82. We also have an unregistered account. We need to withdraw additional money to pay our expenses. We have already taken the mandatory withdrawal for this year from our RRIF. .... More »
Retiring on bonds? + MORE Jun 24th
This is the fourth post of Jonathan Chevreau’s new column, Retired Money, which will explore smart ways to draw down income in retirement and semi-retirement.
Just how tough is it for modern retirees to generate a liveable income solely from fixed-income investments? According to BMO Asset Man.... More »
Why you should top up your TFSA
– moneysense.ca
It’s not uncommon for people with unused space in their tax-free savings account or RRSP room to hold non-registered investments simultaneously. While you could make a case for not maxing out your RRSP, it’s tough to justify leaving room in your TFSA if you have the savings available. (One exception might be if you have non-registered investments with accrued capital gains that will trigger a large tax liability if you sell or transfer the investments.) Here’s what could happen if you move your non-registered savings into a TFSA and limit the amount of taxable income you’re earning.
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The post Why you should top up your TFSA appeared first on MoneySense.
Withdrawing money from a spousal RRSP
– moneysense.ca
Q: If I have two spousal RRSPs, can I stop contributing to RRSP No. 1 for three years and then begin to withdraw from it without being subject to attribution rules, even if during that time I contribute to RRSP No. 2?
—Murray Hooper, Cambridge, Ont.
A: “All for one. And one for all,” goes the mantra of the Three Musketeers. I think the Canada Revenue Agency is chanting that refrain when it comes to spousal RRSPs. “The CRA considers all spousal RRSPs as one, and all withdrawals from them subject to the standard attribution rules,” explains Cindy Brannan, an advisor with Toronto’s Brannan Investments. Spousal RRSPs allow couples to shift some savings from the bigger breadwinner to the smaller one, so that retirement income is taxed at a lower rate. The attribution rule basically says that your contribution must stay in the spousal RRSP for three years and prevents the spouse from immediately withdrawing that money, to avoid being taxed at the higher-income earner’s tax rate…
—Murray Hooper, Cambridge, Ont.
A: “All for one. And one for all,” goes the mantra of the Three Musketeers. I think the Canada Revenue Agency is chanting that refrain when it comes to spousal RRSPs. “The CRA considers all spousal RRSPs as one, and all withdrawals from them subject to the standard attribution rules,” explains Cindy Brannan, an advisor with Toronto’s Brannan Investments. Spousal RRSPs allow couples to shift some savings from the bigger breadwinner to the smaller one, so that retirement income is taxed at a lower rate. The attribution rule basically says that your contribution must stay in the spousal RRSP for three years and prevents the spouse from immediately withdrawing that money, to avoid being taxed at the higher-income earner’s tax rate…
