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Should you hold on to unused RRSP contributions? + MORE Dec 4th
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I have $66,000 unused RRSP contributions for the 2023 tax year (unused deductions, not unused contributions).
My plan is to start my RRSP withdrawals in January 2025, and to start claiming the unused deductions on my 2025 taxes, when most likely it will be over $70,000. In 2025, I .... More »
Can you delay a RRIF withdrawal? + MORE Jun 5th
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I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a.... More »
New IMF report warns of Canada’s high debt levels + MORE Oct 12th
In the new report, the International Monetary Fund says these dynamics in Canada’s private non-financial sector leaves its economy more sensitive to tighter financial conditions..... More »
The 7 best student credit cards in Canada for July 2023 + MORE Jul 10th
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The 7 best student credit cards in Canada for July 2023
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Canada joins world leaders saying Trump’s plan to end war in Ukraine needs 'additional work' - CBC Nov 22nd
Canada joins world leaders saying Trump’s plan to end war in Ukraine needs 'additional work' CBCU.S. foreign policy causes shift for G20, Ukraine allies at South Africa summit CTV NewsCarney says U.S. peace plan for Ukraine needs ‘more work’; expert calls it a ‘disaster.... More »
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Can you have too much money in your RRSP?
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Can you have too much money in your RRSP?
Earlier this year the Registered Retirement Savings Plan (RRSP) celebrated its 60th birthday. This means for decades Canadians have had a great opportunity to defer taxes and growth their retirement nest egg using the RRSP. But can you have too much money in your RRSP? I’ll provide my answer in a bit.
History of the RRSP
The RRSP was created in 1957. Back then I read that contribution limits were 10% of the previous year’s income to a $2,500 maximum. If Canadians did not contribute to this account in any given year, that year’s contribution room was gone – forever. The rules have obviously changed over time, for the better. Canadians can now grow/maintain their contribution room over many years. The change happened in the early 1990s – contribution limits changed to 18% of the previous year’s income and account holders then could carry-forward contribution room. Indefinite carry-forward contribution room was established in the mid-1990s and remains this way thankfully…
Can you have too much money in your RRSP?
Earlier this year the Registered Retirement Savings Plan (RRSP) celebrated its 60th birthday. This means for decades Canadians have had a great opportunity to defer taxes and growth their retirement nest egg using the RRSP. But can you have too much money in your RRSP? I’ll provide my answer in a bit.
History of the RRSP
The RRSP was created in 1957. Back then I read that contribution limits were 10% of the previous year’s income to a $2,500 maximum. If Canadians did not contribute to this account in any given year, that year’s contribution room was gone – forever. The rules have obviously changed over time, for the better. Canadians can now grow/maintain their contribution room over many years. The change happened in the early 1990s – contribution limits changed to 18% of the previous year’s income and account holders then could carry-forward contribution room. Indefinite carry-forward contribution room was established in the mid-1990s and remains this way thankfully…
