All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
What’s my RRSP contribution limit? Nov 15th
Find out your current registered retirement savings plan (RRSP) contribution limit by using this calculator.
RRSP contribution rules highlights
Your RRSP contribution limit is based on the maximum annual RRSP contribution room set by the Canadian government, the earned income you had d.... More »
Stock news for investors: Barrick leads earnings gains as major Canadian companies report mixed Q3 results + MORE Nov 15th
Here’s a round-up of news for Canadian investors this week.
Barrick
MEG Energy
Loblaw
Manulife
Linamar
Brookfield
Hydro One
MDA Space
George Weston
Featured RRSP Accounts
featured
EQ Bank
.... More »
Planning for the (potential) costs of long-term care + MORE Feb 17th
According to the Ontario Long Term Care Association’s report This is Long-Term Care 2019, 82% of long-term care residents are 75 years of age or older, and 55% are 85 or older. Residents under 75 are generally those who “have experienced a brain injury, stroke, and other conditions that require .... More »
Corporate investments for retirees + MORE Feb 15th
I’m not using my Canadian corporate company anymore. I’m 67, delaying CPP and OAS. I have $210K in my company that I need to take out. What is the best way to do this with minimal tax?
My accountant is working with me but really doesn’t think it’s the best strategy. He has a three-y.... More »
Canada’s income tax brackets for 2023, plus the maximum tax you’ll pay based on income + MORE Dec 7th
Taxes are an inescapable fact of life in Canada. Despite this, many of us don’t think too hard about the specific federal and provincial tax brackets that govern our taxable income. Nonetheless, understanding what bracket we fall into is key to accurately estimating the amount of tax we owe on our.... More »
Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no estate assets from which to pay the income tax liability.
My wife knows that she will need to pay the income tax payable on her share, and she wants to prepay this into her own CRA account by April 30, 2019, to avoid penalty/interest. We live in BC.
How can we calculate the amount that will be owing?
– Randy
A: I’m sorry to hear about your mother-in-law’s passing, Randy.
When someone dies and has a Registered Retirement Income Fund (RRIF) or a similar tax-deferred retirement account like a Registered Retirement Savings Plan (RRSP), there may be tax implications. If the account beneficiary is a surviving spouse or common-law partner, the tax payable may be deferred until that spouse takes withdrawals or dies…
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no estate assets from which to pay the income tax liability.
My wife knows that she will need to pay the income tax payable on her share, and she wants to prepay this into her own CRA account by April 30, 2019, to avoid penalty/interest. We live in BC.
How can we calculate the amount that will be owing?
– Randy
A: I’m sorry to hear about your mother-in-law’s passing, Randy.
When someone dies and has a Registered Retirement Income Fund (RRIF) or a similar tax-deferred retirement account like a Registered Retirement Savings Plan (RRSP), there may be tax implications. If the account beneficiary is a surviving spouse or common-law partner, the tax payable may be deferred until that spouse takes withdrawals or dies…
