The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
Latest News
Why Gen Z Is choosing career vibes over big paycheques, especially early on + MORE Feb 5th
For decades, the standard career advice for young Canadians was as linear as an airport security line: shoes off, laptop out, no detours. Except in career land it was: get the degree, find the best-paying gig, climb the corporate ladder, and don’t look back until retirement.
But according.... More »
Making sense of the markets this week: December 4, 2022 + MORE Dec 3rd
This week, Cut the Crap Investing founder, Dale Roberts, shares financial headlines and offers context for Canadian investors.
What a week—the wrap
It’s rate-hike hiatus déjà-vu all over again. In a replay from my column last week, the U.S. Federal Reserve Chairperson Jerome Powell.... More »
Can you move income back and forth between spouses? + MORE Aug 18th
Ask MoneySense
I have an investment property (condo) in my name. I would like to sell it and [have the proceeds] paid out half to me and half to my spouse. The plan is to make the maximum RRSP contribution for both of us to minimize the capital gain.
Is that plan OK, legal, and wise?
–Zlatko.... More »
Ontario appoints supervisor to run Conestoga College after audit exposing ‘serious mismanagement’ - Toronto Star May 7th
Ontario appoints supervisor to run Conestoga College after audit exposing ‘serious mismanagement’ Toronto StarOntario appoints administrator to run Conestoga College, citing financial mismanagement The Globe and MailLILLEY: Conestoga board approved John Tibbits’ $3M payou.... More »
The best GIC rates in Canada for 2025 + MORE Nov 10th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Reasons to consider early RRSP and RRIF withdrawals
– moneysense.ca
Workers contribute to their registered retirement savings plans (RRSPs) during their working years, with the hope of paying a lower tax rate on withdrawals than the tax rate they save when contributing. Even if the tax rates are similar, there can be a benefit to the tax deferral and compounding of investment income over the years. Contributors who pay more tax on withdrawals than they save on their contributions may not come out ahead, so low-income workers may be better off by not contributing to a RRSP.
Converting RRSP to RRIF and withdrawals for both
A RRSP is generally converted to a registered retirement income fund (RRIF) before December 31 of the year an account holder turns 71, but it can be converted at any time. RRIFs have mandatory minimum withdrawals based on a percentage of the account value at the end of the previous year, with the first withdrawal no later than age 72.
You can withdraw from an RRSP at any time. Some young people take withdrawals well before retirement to buy a home or pay for post-secondary education under the Home Buyer’s Plan (HBP) or Lifelong Learning Plan (LLP)…
