There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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 »
UFC Notebook: Cormier undecided on retirement after loss TSNLeading up to UFC 231, Daniel Cormier acknowledged that facing Stipe Miocic in a rematch for the UFC heavyweight title was a high risk proposition. With the ...View full coverage on Google News.... More »
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 »
A Tax-Free Savings Account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a Registered Retirement Savings Plan (RRSP), you cannot deduct contributio.... More »
When it comes to self-improvement, most of us have a hard time with follow-through—and whether you stuck to your Keto diet or not, there are likely items on your financial to-do list that just never get crossed off. One of the easy actions to delay is creating a will. After all, no one wants to th.... More »
Q. I have been retired and living in the Philippines since 2009. I file my taxes as a non-resident of Canada. I have an RRSP, a LIRA, as well as a non-registered account with a major Canadian bank. My world income is 100% from Canada consisting of CPP, systematic withdrawals from retirement savings, and OAS to follow when I reach 65 next year. When monies are withdrawn the bank retains a 25% holdback for taxes. When I file my non-resident taxes I get a partial refund as my withdrawals to date have been minimal hence my tax rate has been less than 25%.
My question has to do with taxes being withheld from dividends earned from both my registered and non-registered stocks. The bank also deducts a withholding tax from dividends as they are paid out. I do not receive an information slip for taxes withheld from dividends. These dividend-paying funds were purchased when living and working in Canada during my long career. They are primarily held in U.S. funds. Why am I being taxed on these dividends without receiving an information slip?
Thank you in advance, Gregor