How to go about securing the best Retirement Plan in Canada.
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What is the TFSA contribution limit in 2025? + MORE Feb 14th
The tax-free savings account (TFSA) is one of the best ways for Canadians to grow their money. This registered account (meaning that it’s registered with the federal government) offers tax-free growth and tax-free withdrawals—a one-two punch that no other Canadian registered account offers.
U.... More »
Watch: 4 things to consider before putting your money in a TFSA or RRSP Sep 28th
You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider befo.... More »
How to model retirement income in Canada Feb 15th
Ask MoneySense
I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago.
I have a work pension, and my wife was bought out for her pension.
We have considerable RRSPs, farm income, and farm property. Where do w.... More »
Russ Dyck financial advisor Nov 8th
Meet Russ Dyck
Russ Dyck, a Certified Financial Planner and founder of Finovo, specializes in financial planning for professional couples and young professionals. He is passionate about helping clients navigate complex financial decisions with clarity and confidence, tailoring each plan to meet t.... More »
Stock news for investors: Fourth-quarter earnings roll in from Canada’s big banks Dec 6th
Here’s a round-up of news for Canadian investors this week.
Scotiabank
National Bank
RBC
CIBC
BMO
TD
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savi.... More »
How much are withholding taxes on RRSPs and RRIFs?
– moneysense.ca
I need to withdraw $6,600 from my RRIF over the next six months. This amount is in addition to my annual minimum. If I do the withdrawals in six monthly amounts of $1,100 (total of $6,600), will the tax withholding rate be 10% on each $1,100, or will it be a higher rate on the total $6,600 over the six-month period? –Anne
Before we look at the withholding taxes on withdrawals from registered retirement income funds (RRIFs), let’s first review the withholding taxes on withdrawals from registered retirement savings plans (RRSPs).
What is the RRSP withholding tax?
RRSP contributions are tax-deductible, and income and growth are tax-deferred. However, withdrawals from an RRSP are taxable and generally subject to withholding tax, unless they are made using the Home Buyers’ Plan (HBP) for an eligible home purchase or the Lifelong Learning Plan (LLP) for qualifying post-secondary education.
Withholding tax is the percentage of your withdrawal that is kept at the source, which is the financial institution where you hold your RRSP…
