Not sure how to make a retirement plan? Read on…
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A simple guide to investing your first $500 + MORE Jan 24th
For many young Canadians, the barrier to entry for investing feels impossibly high. Between student loans, rising rent, and the cost of living, scraping together a starter fund can seem daunting. Yet, as little as $500 to $1,000 is sufficient enough to begin building the habits that create long-ter.... More »
Sean Wilson, financial advisor Feb 21st
Meet Sean Wilson
Sean Wilson is a Certified Financial Planner and founder of Moraine Wealth Advisory, a boutique financial planning firm specializing in helping Canadian physicians and business owners achieve their financial and life goals. With many years of experience in financial services, he.... More »
How to deal with your finances when the economy is stressing you out + MORE Mar 7th
Who would have thought that just a few month ago, all we had to “worry” about was the ongoing pandemic, high interest and inflation rates, and high grocery and housing costs. We’re three months into 2025 and so far we’ve had tariffs on Canadian goods threatened in February, then actual tarif.... More »
How to plan for retirement when you have no pension + MORE Sep 13th
In years past retirement planning was relatively easy. Fifty years ago, more than half of working Canadians, and an even higher proportion of men, could fall back on a corporate or union pension plan as their main source of income in retirement.
That’s no longer the case. Just 38% of paid work.... More »
Tax write-offs that Canadians often get wrong Apr 18th
I come across frequent questions from taxpayers about expenses they think they can claim as a tax deduction or credit. Often, they cannot be claimed, or there are strict criteria that apply.
Safety deposit box
Back in the olden days, investors sometimes kept stock certificates in their safety .... More »
Can you delay a RRIF withdrawal?
– moneysense.ca
Ask MoneySense
I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a RIFF, if I want to minimize withdrawals, and I base the RRIF on my wife’s age, would I not have to take out 5.2% in my 71st year?
I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a RIFF, if I want to minimize withdrawals, and I base the RRIF on my wife’s age, would I not have to take out 5.2% in my 71st year?
I still have a fairly high income, so I’m looking to minimize incomes and claw backs.
Also, is one able to delay the RRIF withdrawal at age 71 for a year? Is that a good idea?
Sorry, one more question: Does my spousal RRSP get converted when I hit 71 or when my wife does?
—Ted
The basics around RRSP/RRIF conversions and planning opportunities
Great questions, Ted. On the surface, these may seem like basic questions, but it’s important to get the basics right. This is a good opportunity to review registered retirement savings plan/registered retirement income fund (RRSP/RRIF) conversions and explore how understanding the basics can help to keep your taxable income down…
