All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
Making sense of the markets this week: August 28 + MORE Aug 31st
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Banking on stability and caution
Canadian investors love their banks. Year in and year out, banks provide dependable dividend growt.... More »
Mapping out a clear path for your investments at retirement May 11th
Q. I retired last year at age 60 and am fortunate to have defined benefit pension, which I can live off comfortably.
I have accumulated some savings, which I am now looking to invest more productively. My risk tolerance is on the low end—a 2 out of 5 based on an online survey I completed. My goal .... More »
How to make your retirement savings go farther and last longer Oct 19th
If you are like most Canadians, the investment choices you make during your working years may have a significant impact on your retirement. But the importance of smart investing doesn’t end when you retire. In fact, post-retirement investing can have an even larger impact on your retirement well-b.... More »
RESP vs RRSP and TFSA: What’s the best option for education savings? Aug 31st
Welcome to Education Money, a new column that covers the questions and concerns parents and investors have about funding their child’s education. Andrew Lo, CEO of Embark, shares his thoughts and insights on how to make the most of RESPs. To kick off the column, he explains the different options C.... More »
UFC Notebook: Cormier undecided on retirement after loss - TSN Aug 18th
UFC Notebook: Cormier undecided on retirement after loss TSNLeading up to UFC 231, Daniel Cormier acknowledged that facing Stipe Miocic in a rematch for the UFC heavyweight title was a high risk proposition. With the ...View full coverage on Google News.... More »
An easy guide to income splitting for seniors
– moneysense.ca
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…
— 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…
