How to go about securing the best Retirement Plan in Canada.
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Making sense of the markets this week: November 5, 2023 Nov 9th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Apple earnings are solid if not spectacular
When a company makes a habit of achieving record-breaking growth, it can be .... More »
RRIF and LIF withdrawal rates: Everything you need to know Mar 7th
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 account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »
More Canadians are pressing pause on retirement savings to pay for things now. Just how long should you do that? The answer may surprise you + MORE Jun 1st
Be aware of the setbacks of putting saving for the future on the back burner in the face of high inflation, experts caution..... More »
How much money do you need to retire in Canada? Is it really $1.7 million? + MORE Mar 1st
Retired Money highlights
Canadians think they need $1.7 million to retire, according to a BMO pollHow to save $1.7 million in RRSPsOther factors for determining how much you need to save for retirement
If you’re just starting out on the long road to saving for retirement, you may have heard ab.... More »
What to do with U.S. dollar RRSPs in retirement + MORE Jun 8th
Ask MoneySense
I am 70 and have already turned my RSP into a RIF. However, I also have a U.S. RSP which will need to be dealt with next year at the latest. What do I do with it? Roll it into my Canadian RIF within the next year? Leave it as a separate RIF and take the necessary money from each .... More »
2022 Income Tax: New tax credits for Canadians
– moneysense.ca
It’s that time again… to get all your paperwork ready for tax season. We all know about having our T4 and registered retirement savings plan (RRSP) contribution statements ready, but what about the new tax credits for the 2022 tax filing season? What are they and how do they work? Don’t worry, we’ve done the legwork for you.
When are 2022 taxes due?
First, the important tax dates to mark in your calendar. The deadline for individuals to file their tax returns is usually on April 30 every year. However, since that date falls on a Sunday in 2023, the deadline is May 1, 2023.
If you or your spouse or common-law partner are self-employed, your submission deadline is June 15, 2023, but if you owe any tax, you have to pay it by May 1, 2023.
Most sole proprietors or partnerships also have a May 1, 2023 deadline for their returns, unless their fiscal year doesn’t follow the traditional calendar year. Then their deadline is six months after the end of their fiscal year…
