An easy guide to income splitting for seniors Apr 14th

All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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Kenney's 'fair deal' plan 'would completely change Alberta' if successful: political scientist - CTV News Nov 11th

Kenney's 'fair deal' plan 'would completely change Alberta' if successful: political scientist  CTV News‘We need to unify Canada’: MPs explain lack of ‘appetite’ for Wexit in B.C.  Global NewsA ‘fair deal’ for Alberta may come at a hefty cost for taxpayers, political .... More »
retirement

Your retirement investments did well this year. You can thank Donald Trump + MORE Dec 23rd

You may dislike the man, but his business-friendly policies, trade truces and lower interest rates all helped lift North American markets, writes Gordon Pape..... More »
 freedom 55

When should you start taking CPP? Take it too early or too late and you could sell yourself short + MORE Dec 16th

Age 65 is considered the “standard” age for beginning both CPP and OAS, but you can start taking CPP any time between ages 60 and 70 and you can start OAS any time between 65 and 70..... More »
 registered retirement savings plan

How retirees can continue living their best life when investments have taken a hit Apr 27th

Modest cuts without great sacrifice can go a long way toward ensuring your retirement lifestyle continues to keep you socially engaged, physically fit, well-nourished and mentally stimulated..... More »

Can you have too much invested inside an RRSP? + MORE Dec 9th

While not quite up there with outliving your money, for many seniors the idea of dying with too large an RRSP (Registered Retirement Savings Plan) or RRIF (Registered Retirement Income Fund) rankles. Handing over nearly half your nest egg to Ottawa after a lifetime of tax-deferred saving seems to ma.... More »
Q. My husband and I are both retired. He still has income from his business, and I have cashed in all of my RRSPs but one. My question is: Can Hubby cash one of his RRSPs (and pay taxes, of course), but then turn around and buy a spousal RRSP for me? Would that be worth doing? Then I could cash this spousal RRSP the following year.
— Cindy
A. Registered Retirement Savings Plan (RRSP) contributions are tax-deductible and withdrawals are taxable. The right mix of contributions and withdrawals—and timing them both—are key.
If your husband takes an RRSP withdrawal of, say, $10,000, and then contributes $10,000 back to an RRSP, Cindy, there’s no net impact on his taxes. He’ll have $10,000 more income, and a $10,000 deduction to reduce that income. He doesn’t need to deduct the RRSP contribution in the year he contributes; a taxpayer can contribute, and then save the deduction for that contribution for a future yea. But in your example, it sounds as though he would contribute and deduct that RRSP contribution in the same year…

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