All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
Latest News
TFSA vs RRSP: How to decide between the two + MORE Mar 30th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... 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 »
Should we draw down my spouse’s RRIF faster? May 30th
Ask MoneySense
My wife is currently drawing $24,000 per year from her RRIF, which has a balance of $510,000. She is also receiving OAS, CPP and a work pension of $22,000. She is 67.
My question is if it would be prudent to start making larger withdrawals to try and reduce the tax that the estate .... More »
Registered vs unregistered accounts: Where retirees should make withdrawals + MORE May 25th
Ask MoneySense
We are in the age bracket where we need to take RRIF withdrawals every year. I am 81, and my husband is 82. We also have an unregistered account. We need to withdraw additional money to pay our expenses. We have already taken the mandatory withdrawal for this year from our RRIF. .... More »
Financial paralysis and how to get moving again + MORE Feb 28th
New findings from the Credit Counselling Society’s (CCS) 2026 Consumer Debt Report reveal a concerning pattern in how Canadians are experiencing debt. Under cost-of-living pressures, many are increasing their debt load, relying on credit to make ends meet. And while they’re making their minimum .... More »
Q. I’m 50 years old and I’d like to work for three more years, then “retire” at age 53. I’m single and have two defined benefit pensions that I could begin collecting at age 55 but want leave them untouched until I turn 60 as that allows me to qualify for full pensions.
To bridge that seven-year gap, I intend to gradually deplete my RRSP and TFSA accounts, which are invested in laddered GICs. This will give me an income of $15,000 annually from the RRSPs and $10,000 annually from the TFSAs. The combined income should cover my expenses, which currently come to about $20,000 annually, with room to spare. I think this is the most tax-efficient way to deal with this money. By age 60, both the RRSP and TFSA accounts will be empty, and then I’ll start collecting my two pensions.
This all seems pretty straightforward to me but where I’m a little stuck is on how to deal with my “supplement” fund. I’m going to have a $300,000 lump sum of money to spend or invest, and I expect to draw down on that little by little as the years go by…
To bridge that seven-year gap, I intend to gradually deplete my RRSP and TFSA accounts, which are invested in laddered GICs. This will give me an income of $15,000 annually from the RRSPs and $10,000 annually from the TFSAs. The combined income should cover my expenses, which currently come to about $20,000 annually, with room to spare. I think this is the most tax-efficient way to deal with this money. By age 60, both the RRSP and TFSA accounts will be empty, and then I’ll start collecting my two pensions.
This all seems pretty straightforward to me but where I’m a little stuck is on how to deal with my “supplement” fund. I’m going to have a $300,000 lump sum of money to spend or invest, and I expect to draw down on that little by little as the years go by…
Compare the Best Savings Accounts in Canada
– moneysense.ca
How to use this tool: You can simply scan the savings account comparison table below to view interest rates offered by financial institutions across Canada. Or, input your estimated account balance and compare between high-interest savings accounts (HISA), tax-free savings accounts (TFSA), registered retirement savings plan accounts (RRSP) and youth savings accounts. This finder ranks savings accounts by their first year return based on the information you’ve keyed in, to help you find the best account for your financial needs.Best Savings Account Finder
Traditional savings accounts offer very low interest rates, so if you want to earn on your deposits (rather than simply use your account as a temporary “holding tank” for funds you’ll soon be using for purchases, or directing to longer-term saving and investing vehicles), a high-interest savings account is a no-brainer. When shopping for the best product for your needs, there’s more to consider than just the interest rate…
