How to make the most of your TFSAs in retirement + MORE Dec 17th

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The best TFSAs in Canada for 2021 Jan 27th

A tax-free savings account, known better as a TFSA, is a savings vehicle available to Canadians aged 18 and up who have a valid social insurance number (SIN). It was launched by the federal government in 2009 as a way to encourage Canadians to save and invest. As the name suggests, TFSAs offer a tax.... More »

Financial planning in your 70s Feb 12th

When most people think about financial planning, they think about saving and investing for retirement. That is 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’re not there yet, bookmark this fo.... More »

What is term life insurance and how, exactly, does It work? Feb 24th

When it comes to conversation-starters, life insurance generally doesn’t rank in the top 10. We get it—who wants to think about the end of their own life? But it’s important to know the ins and outs of life insurance coverage so you leave your loved ones financially secure in the event of your.... More »

Canada’s best credit cards 2021 Feb 8th

Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balanc.... More »

The different types of home insurance—which one do you need? Jan 7th

Over the course of your lifetime, you’re sure to find yourself in different living arrangements. From your childhood bedroom to eventually purchasing your own house (and all the fun stuff in between), our different homes reflect the transitions of our lives. From the moment we start to live alone.... More »
Can you be held liable if you throw a holiday party and someone catches COVID?Lawyers say it’s debatable, but don’t count on your insurance to pay out if you get sued.

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Unlike your Registered Retirement Savings Plan (RRSP), which must start winding down the end of the year you turn 71, you can keep contributing to your tax-free savings account (TFSA) for as long as you live. Even if you make it past age 100, you can keep adding $6,000 (plus any future inflation adjustments) every year.
Also unlike RRSPs, contributions to tax-free savings accounts are not calculated based on previous (or current) year’s earned income, says Adrian Mastracci, portfolio manager for Vancouver-based Lycos Asset Management Inc. Any Canadian age 18 or older with a Social Insurance Number (SIN) can contribute to TFSAs. 
Most near-retirees will have more investible wealth in RRSPs, since they’ve been around since 1957, while TFSAs started much more recently, in 2009. Once you turn 71, there are three options for collapsing an RRSP, although most people think only of the one offering the most continuity with an RRSP: the registered retirement income fund, or RRIF (more on this below)…

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