How to go about securing the best Retirement Plan in Canada.
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Tax strategies using spousal RRSPs + MORE Feb 24th
Generally speaking, income splitting works best for families when two spouses are in different tax brackets. The classic case would be a high-earning female executive with a stay-at-home husband. As we saw in the previous article on pension income splitting, if this woman retires with a lucrative em.... More »
Financial planning in your 70s + MORE Oct 12th
When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »
This is what’s protecting your pension + MORE Sep 30th
As most people are well aware, job security in the private sector is often problematic in these days of corporate restructurings and mergers. This can extend even into the realm of employer pensions. It’s one thing to receive an inflation-indexed Defined Benefit pension sponsored by the government.... More »
RRIF withdrawals: What should seniors with million-dollar portfolios do? Nov 16th
Ask MoneySense
I have invested well and now I am in my 80s. My RIF is almost $3 million and is going to attract heavy taxes. My other investments are about $2 million, some with capital gains which we are going to donate to charity.
Any suggestions on how to reduce the huge tax liability? Should .... More »
CPPIB reports 1.45% rate of return for first quarter, below long-term performance + MORE Aug 12th
Britain's vote to leave the European Union was a major drag on Canada's largest pension fund, but a recovery in stock markets has softened the blow, the new CEO of the Canada Pension Plan Investment Board said Thursday..... More »
5 RRSP Pitfalls and How to Avoid Them in 2016
– rhondasherwood.com
Registered Retirement Savings Plans (RRSPs) can be a way to save for the retirement lifestyle you want. However, there are RRSP pitfalls that have financial consequences that you definitely want to avoid when planning for this time in your life.
RRSP Pitfalls and How to Avoid Them in 2016
Failing to Review your RRSP Beneficiaries
If you started contributing to your RRSPs many years ago it’s probably time to review the beneficiaries on your plan. If you had named a parent or your estate and have since gotten married or are in a common-law relationship, it makes good tax sense to name your spouse as the beneficiary. If you have been divorced, you may need to remove your former spouse as the beneficiary. In a situation where you have a financially dependent child or grandchild, you might consider naming them. Naming the right beneficiary is important to ensure the funds are transferred without directly to the person you choose without incurring taxes.
RRSP Withdrawal Rates That Put your Government Pension Benefits at Risk
One major disadvantage of RRSPs is the tax consequence when you withdraw money from your plan…
