Corporate investments for retirees + MORE Feb 15th

How to go about securing the best Retirement Plan in Canada.
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How to be a better investor Mar 1st

For both beginner and experienced investors, focusing on a few basic guidelines can make the difference between good results and great ones. Whether you’re investing in a taxable account or a tax-sheltered account like a registered retirement savings plan (RRSP), doubling down on the basics can he.... More »

Can I withdraw from RRSPs to pay bills? + MORE Apr 20th

What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous Withdrawing RRSPs when you’re not retired Ahh, the unexpected bills. Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »
 pension

How does an executor pay estate expenses during the probate process? + MORE May 4th

I’ve realized that my large RRSP would generate a very large income tax bill if I die in the near future. I don’t have a spouse, or anyone who qualifies as a beneficiary to my RRSP on a tax-deferred basis. How can my executor pay my income taxes if it takes a year to get probated?—Carol  .... More »
 retirement planning

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 »
I’m not using my Canadian corporate company anymore. I’m 67, delaying CPP and OAS. I have $210K in my company that I need to take out. What is the best way to do this with minimal tax? 

My accountant is working with me but really doesn’t think it’s the best strategy. He has a three-year plan to take out $70K per year, but the tax implications of that are high. 

I also have money in my company in TD Direct Investing that I guess I would have to move into personal and that will trigger gains as well. My accountant has not talked about this. 

With so many older Canadians with small companies retiring, this might be a good subject. 

—Carol

Corporate investments for retired small business owners

Thanks for your question, Carol. I agree that it is a good one that applies to a lot of retiring business owners who have cash or investments in their company or in a related investment holding company. 

The less cash or investments you have in a corporation, the more beneficial it may be to wind it down in a single year or over a couple years to simplify your financial affairs and reduce your ongoing accounting and legal costs…

Continue Reading On moneysense.ca »

Should young Canadians plan for retirement? We make it make senseThis week, our question comes from Sophie, 22 who asks, “How can young people start planning for retirement, even if we are far from it?”

Continue Reading On thestar.com »

The RRSP deadline is March 1: Should I borrow to make a contribution if I don’t have the money?Getting a loan for RRSP purposes can work out if it’s short-term, but it’s not ideal, experts say.

Continue Reading On thestar.com »

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