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Latest News
Consumer-first finance: How USDC Rewards are changing the game Nov 20th
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.
T.... More »
42% of Canadians don’t have life insurance—are you one of them? Sep 13th
September is life insurance awareness month, and a new report from digital insurance provider PolicyMe in partnership with Angus Reid is spotlighting a concerning gap in coverage among Canadians. The culprits? Affordability concerns, medical requirements, and mistrust of the insurance industry, acco.... More »
Condo maintenance fees: How much is too much? Jun 29th
Condos are a popular choice for many first-time homebuyers owing to their lower price point and access to amenities such as gyms and pools. But as well as a mortgage, condo owners are responsible for monthly maintenance fees that support operating costs for the building, among other aspects, and it&.... More »
How does rent from a family member or common-law partner get taxed? Jan 28th
A client of mine told me (Ontario) that his girlfriend moved in and is paying $1,000 per month towards household costs. They won’t be common-law for 3 years in Ontario. Would this count as tax free?—Hans
There are a few considerations here for your client, Hans. I will break them down. .... More »
CPP payment dates in 2026, and more to know about the Canada Pension Plan Jan 4th
In Canada, most retirement plans include the Canada Pension Plan (CPP). Whether retirement is just around the corner or still years away, CPP is likely to form part of your retirement income. How much you receive depends on factors such as your earnings history, contributions, and when you start col.... More »
RRIF and LIF withdrawal rates: Everything you need to know
– moneysense.ca
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your RRSP to a RRIF is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw the full balance of your RRSP and pay tax on it, use the account to purchase an annuity from an insurance company, or convert it to a RRIF. Most Canadians choose to convert their RRSP to a RRIF.
You do not have to wait until age 71 to convert your RRSP. Most people consider doing so once they have retired.
There are no penalties for withdrawing from your RRSP or RRIF before a certain age. Withdrawals are taxable as income other than exceptions for purchasing a first home using the Home Buyers’ Plan (HBP) or paying for eligible post-secondary education using the Lifelong Learning Plan (LLP).
RRIF withdrawal rates
The minimum age at which you can convert an RRSP to a RRIF varies by province…
