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3 ways to recession-proof your RRIF Mar 1st
What should you do with your RRIF right now? With talk of a recession, investors who self-manage their registered retirement income fund (RRIF) accounts may be wondering how best to protect their investment portfolios while still meeting their annual spending needs.
In general, for investors who .... More »
Who’s buying crypto in Canada, and why? + MORE Nov 19th
Despite crypto’s extreme volatility, nearly one in three Canadians (31%) said they planned to buy crypto assets in the next 12 months, according to a recent survey. And 11% said they definitely will.
The survey by the Ontario Securities Commission found that 13% of Canadians currently.... More »
Downtown Ottawa: Ottawa Bylaw issues 513 tickets, tows 121 vehicles over Canada Day weekend | CTV News - CTV News Ottawa Jul 3rd
Downtown Ottawa: Ottawa Bylaw issues 513 tickets, tows 121 vehicles over Canada Day weekend | CTV News CTV News OttawaCanada Day celebrations and protests as nation's capital turns red, white Global NewsFive stories to watch in Ottawa this week | CTV News CTV News Ot.... More »
From RRSP to RRIF—managing your investments in retirement Nov 14th
Retirement brings many changes in a person’s life and your investment portfolio is one of them. Tracy Andrade, a wealth adviser and certified financial planner at Marnoa Private Wealth Counsel, says it’s challenging for people to see their savings start to decline as they begin spending .... More »
Should Canadians keep their investment accounts when retiring abroad? Jan 23rd
Ask MoneySense
If I retire in Europe, can I maintain my current investment accounts and is it tax efficient to keep my accounts in Canada or move them to Europe?—Aida
How non-resident retirees are taxed in Canada and abroad
Canadian residents are taxable on their worldwide income. Upon .... More »
Q. I’m 50 years old and I’d like to work for three more years, then “retire” at age 53. I’m single and have two defined benefit pensions that I could begin collecting at age 55 but want leave them untouched until I turn 60 as that allows me to qualify for full pensions.
To bridge that seven-year gap, I intend to gradually deplete my RRSP and TFSA accounts, which are invested in laddered GICs. This will give me an income of $15,000 annually from the RRSPs and $10,000 annually from the TFSAs. The combined income should cover my expenses, which currently come to about $20,000 annually, with room to spare. I think this is the most tax-efficient way to deal with this money. By age 60, both the RRSP and TFSA accounts will be empty, and then I’ll start collecting my two pensions.
This all seems pretty straightforward to me but where I’m a little stuck is on how to deal with my “supplement” fund. I’m going to have a $300,000 lump sum of money to spend or invest, and I expect to draw down on that little by little as the years go by…
To bridge that seven-year gap, I intend to gradually deplete my RRSP and TFSA accounts, which are invested in laddered GICs. This will give me an income of $15,000 annually from the RRSPs and $10,000 annually from the TFSAs. The combined income should cover my expenses, which currently come to about $20,000 annually, with room to spare. I think this is the most tax-efficient way to deal with this money. By age 60, both the RRSP and TFSA accounts will be empty, and then I’ll start collecting my two pensions.
This all seems pretty straightforward to me but where I’m a little stuck is on how to deal with my “supplement” fund. I’m going to have a $300,000 lump sum of money to spend or invest, and I expect to draw down on that little by little as the years go by…
