Can you make a transfer from an RESP to a spouse’s RRSP? Sep 1st

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
Latest News

How to avoid tax-payment nightmares when RRIF withdrawals start Sep 29th

One thing salaried employees take for granted is the automatic deduction of taxes “at source.” They receive their regular paycheque with “net” or after-tax deposits that go directly into their bank accounts. The consolation is that come tax time there should be no unpleasant surprises in the.... More »

Looking for reliable books and online resources on retirement? Here are a few + MORE Nov 4th

Q. Are there books or good self-help websites on retirement planning for Canadians that you can recommend? I live in Ontario and want to retire earlier than age 60 but I’m unsure how taxes will affect me when I can (and should) begin to draw down on my registered and non-registered savings. I’d .... More »

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 »
Q. I have an RESP account that I plan to wind down—and I have very little RRSP contribution room, but my wife has quite a lot. I just read this article you wrote for MoneySense about transferring money from an RESP to an RRSP. I thought it was permissible for a subscriber (that would be me in this case) to transfer accumulated income from an RESP to his spouse’s RSP account. Is there a reason you didn’t mention this option for transfers in your article?
A. Thanks for your question, Ralph. The important thing to remember about questions to Ask a Planner is that there may be nuances specific to that reader which make the answer you read online less applicable to your own situation.
In fact, this is an important consideration anytime you are doing online research for a personal finance matter. I have seen information on even government or bank websites that is incomplete, outdated or inaccurate. So, be careful about taking the information you find online as gospel—take it with a grain of salt…

Continue Reading On »


Compare insurance quotes through - save time and money!