How to go about securing the best Retirement Plan in Canada.
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The best free personal finance and investing courses in Canada Nov 29th
Financial literacy is an essential life skill. Whether you want to budget, saving, invest or plan for retirement, understanding how to manage money can help you achieve financial stability. Fortunately, there are many free courses that can help Canadians develop greater financial literacy. Below, fi.... More »
How much should you withdraw from your RRIF? + MORE Aug 17th
Q. I am 78 and have $330,000 in my RRIF account. How much should I withdraw each year so it is depleted by age 90? –Sandy
A. If I understand your question, Sandy, it sounds like you want to draw down your registered retirement income fund (RRIF) on a schedule aligned with your life expectancy. .... More »
Retirement rethink: Find out where you’ll call home Jan 20th
(monkeybusinessimages/iStock)
Diane and Mike did what many retirees do. They sold their place in the city and downsized to a smaller, cheaper place out of town. But in their case, cheaper actually means free.
The couple now lives in the guest apartment on a large acreage near Calgary. In excha.... More »
Stock news for investors: Mixed Q4 results with big profit gains for Enbridge, Nutrien, and Cenovus + MORE Feb 21st
Here’s a round-up of news for Canadian investors this week.
Enbridge
Nutrien
Teck Resources
Canadian Tire
MTY Food Group
Cenovus Energy
Featured RRSP Accounts
featured
EQ Bank
.... More »
After inheriting a RRIF account, how to know what you owe the taxman Mar 10th
Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no.... More »
How banning bottled water can backfire
– macleans.ca
Markus Mainka/iStockHaving announced Montreal will ban single-use plastic shopping bags as of Jan. 1, 2018, the city’s mayor, Denis Coderre, recently set his sights on his next target—erasing plastic water bottles from the city.
While the move drew hackles from beverage companies, it was cheered by environmental groups and community leaders who have long viewed bottled water as wasteful and polluting. (Never mind this is the city that dumped nearly five billion litres of raw sewage into the St. Lawrence River last year.) But it turns out banning bottled water might not have the green, consumer-friendly result its supporters hope. If anything, it could turn out to be a boon for the bottled sugar-water business instead, and potentially fill trash bins with even more plastic.
That’s the finding of a researcher who studied what happened at the University of Vermont after the school banned the sale of plastic water bottles on its campus in 2013.
Expectations were high. The school threw a “retirement party” for the plastic bottle, where it erected a sculpture made of 2,000 used plastic water bottles…
How income splitting can save taxes
– moneysense.ca
(Getty Images)One mistake many retirees make is not taking out enough money to maximize income splitting (especially if it helps them avoid an OAS clawback), says accountant Paul Panabaker. Up to 50% of the money withdrawn from a RRIF can be transferred from a higher-income spouse to a lower-income spouse to reduce taxes and to hold onto more government benefits. So to get the biggest break, make sure that enough is taken out to get both you and your spouse to the top of a lower tax bracket. Remember that a pension can also be split with a spouse, so if you do get one, then RRIF splitting may not be the right move as it could push you into a higher bracket.
The bottom line: This strategy could save you thousands, depending on how much a higher-earning spouse can reduce his or her taxable income.
More tax tips here.
The post How income splitting can save taxes appeared first on MoneySense.
