How GICs can help you save for your short-term goals + MORE Nov 23rd

How to go about securing the best Retirement Plan in Canada.
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Jonathan Chevreau will be presenting: The MoneySense ETF All-Stars and Their Role in Establishing Financial Independence and Generating Retirement Income on Thursday, December 2, 2021 at 12:25 p.m. to 12:55 p.m. EST. Now in its ninth year, the ETF All-Stars helps Canadian investors narrow down the f.... More »
As the beneficiary of a RRIF, can I transfer the funds to my RRSP or RRIF to avoid taxes? 

I am 71 and have to transfer my funds to a RRIF by December 31.


Sorry for your loss, Gay. I am happy to try to provide some input here.

When a taxpayer dies, they are deemed to have disposed of their assets on their date of death. This includes a registered retirement income fund (RRIF). The fair market value of their RRIF is generally reported on a T4RIF slip and added to their income on their final tax return for the year of death. 

Tax payable on a RRIF can be significant. Depending on the province or territory and the other sources of income for the deceased, more than 50% tax may ultimately be payable on the RRIF value. 

A registered retirement savings plan (RRSP) is also taxable on death and reported on a T4RSP slip. So, a registered retirement account, whether before or after conversion, is subject to tax on death of the account holder, Gay.

A few rules around RRIF and RRSP withdrawals 

RRSP withdrawals are generally subject to tax withholding…

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Let’s talk about short-term savings. By short-term, we’re talking about putting away money for a few months, or even a few years, for a big goal, like a vacation, a wedding or a down payment on a home. Where should you put your savings so they’ll be secure and work for you?

When saving, you have several options, but if you want your money to work for you, hedge against market volatility and earn some interest, the often-overlooked GIC could be a smart option for Canadian investors of any age. They’re not just for conservative investors or retirement planning.

What is a GIC?

A guaranteed investment certificate (GIC) is a financial tool where Canadians can invest their money for a specified period of time and earn interest on the principal. GICs are issued by banks and trust companies, such as EQ Bank, and they’re considered safe investments because the issuers are legally obligated to return the initial deposit and (with a few exceptions, such as index-linked GICs) pay interest to the investor…

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