How to go about securing the best Retirement Plan in Canada.
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What is the TFSA contribution limit in 2025? + MORE Feb 14th
The tax-free savings account (TFSA) is one of the best ways for Canadians to grow their money. This registered account (meaning that it’s registered with the federal government) offers tax-free growth and tax-free withdrawals—a one-two punch that no other Canadian registered account offers.
U.... More »
Worried about your shrinking nest egg? How the 4% rule can help save your retirement + MORE Mar 30th
While no withdrawal rate is foolproof or guaranteed, the 4% withdrawal rule provides a rough and reasonable measuring stick that is widely used and has stood the test of time going back to the 1920s..... More »
Single, no pension? Here’s how to plan for retirement in Canada Jul 4th
Being single in retirement has some financial obstacles. Some people are single as they enter retirement. Others become single due to divorce or death prior to or after retiring. Here are some considerations for planning your retirement as a singleton, especially if you have no defined benefit (DB) .... More »
Why I’m taking OAS right at 65 + MORE Aug 19th
During the “Victory Lap” stage of life between full-time employment and traditional “no-nothing” retirement, a key strategy is deciding when to commence receipt of various streams of income.
This commonly occurs in one’s 60s. As you move from a salaried single stream of income to the “mu.... More »
Making the most of the pension tax credit + MORE Nov 29th
Ask MoneySense
I liked your coverage of RRIF taxation. I would like to see more information on LIF taxation. More precisely, on the following scenario: Individuals do not get the $2,000 tax credit for RRIF withdrawals before age 65. Did I read properly that for LIF withdrawals the $2,000 tax cr.... More »
5 RRSP Pitfalls and How to Avoid Them in 2016
– rhondasherwood.com
Registered Retirement Savings Plans (RRSPs) can be a way to save for the retirement lifestyle you want. However, there are RRSP pitfalls that have financial consequences that you definitely want to avoid when planning for this time in your life.
RRSP Pitfalls and How to Avoid Them in 2016
Failing to Review your RRSP Beneficiaries
If you started contributing to your RRSPs many years ago it’s probably time to review the beneficiaries on your plan. If you had named a parent or your estate and have since gotten married or are in a common-law relationship, it makes good tax sense to name your spouse as the beneficiary. If you have been divorced, you may need to remove your former spouse as the beneficiary. In a situation where you have a financially dependent child or grandchild, you might consider naming them. Naming the right beneficiary is important to ensure the funds are transferred without directly to the person you choose without incurring taxes.
RRSP Withdrawal Rates That Put your Government Pension Benefits at Risk
One major disadvantage of RRSPs is the tax consequence when you withdraw money from your plan…
