How to make sure you have enough money to fund your RRIF withdrawals + MORE Apr 16th

The Bank of Canada left its benchmark interest rate unchanged Wednesday as it waits to get a clearer picture of how global trade uncertainty is going to impact the Canadian economy. The central bank held its policy rate steady at 2.75% the first time it has left the key rate unchanged following seven consecutive cuts since June.

Holding steady at 2.75%

That decision arrived in the midst of the United States’ ever-shifting global trade war, and Bank of Canada governor Tiff Macklem made clear that the disruption from south of the border was the clear focus of Wednesday’s decision.

“The dramatic protectionist shift in U.S. trade policy and the chaotic delivery have increased uncertainty, roiled financial markets, diminished global growth prospects and raised inflation expectations,” he said in prepared remarks. “The future is no clearer. We still do not know what tariffs will be imposed, whether they’ll be reduced or escalated, or how long all of this will last.”

What warrants a BoC rate hike

The Bank of Canada raises the policy rate when central bankers fear inflation could accelerate and lower it when policymakers want to stimulate growth in the economy…

After decades of using registered retirement savings plans (RRSPs) to reduce taxable income, it can come as a shock to discover the shoe will one day be on the other foot. At the end of the year you turn 71, you have to either cash out your RRSP (not recommended), annuitize it or convert it into a RRIF, a registered retirement income fund.

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What should you do with your RRIF?

The latter is the most popular action. In a recent TSI Wealth Network blog, investment analyst Patrick McKeough said he prefers RRIFs to annuitizing or cashing out…