There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
Reducing risk in an RESP: How to invest as your kid approaches college or university + MORE Oct 5th
If you’ve opened a registered education savings plan (RESP) for your child or grandchild, congratulations. You’ve taken the first step towards financing their future college, university or trade school education. And now your family can start benefiting from generous government grants worth thou.... More »
Stock news for investors: Goeasy shares plunge nearly 60% after lender suspends dividend + MORE Mar 14th
Here’s a round-up of news for Canadian investors this week.
Goeasy
Algoma Steel
Transat
RBC
MDA Space
Empire
Featured RRSP Accounts
featured
EQ Bank
Build your retirem.... More »
How long can you put off saving for retirement? Surprisingly, waiting until your 50s makes sense for some + MORE Jan 6th
Ideally you should draw up a saving plan in your late 30s or early 40s. But it can still be an enormous help if you don’t manage to get to it until your late 40s or 50s or even later..... More »
What’s the Rule of 30? And what does it have to do with income and retirement? + MORE Oct 26th
If you’ve never heard of the Rule of 30, welcome to the club. You may be hearing about it more though. This month, retirement expert and semi-retired actuary Fred Vettese is publishing a new book: The Rule of 30: A Better Way to Save for Retirement (ECW Press, 2021).
I thought initially t.... More »
Should I draw down my RRIF to avoid estate taxes? + MORE Apr 25th
Ask MoneySense
Is it a good idea to withdraw more money monthly than one needs from one’s RRIF? What about beginning a regularly automated transfer of this extra money to one’s non-registered investments so that there is less money in the RRIF account upon death? As a result, the estate will be .... More »
How to avoid tax-payment nightmares when RRIF withdrawals start
– moneysense.ca
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 form of hefty tax bills.
But the situation can be quite different once you’re retired. New retirees are often dismayed when they learn they may have to come up with extra tax payments. RRIFs (Registered Retirement Income Funds) are famously taxable: Once you reach the end of your 71st year, you are required to take an ever-rising minimum percentage payment from your RRIF, and those payments (also referred to as withdrawals) are taxed like earned income or interest. Aaron Hector, a financial planner with Calgary-based Doherty & Bryant Financial Strategists, says there is no mandatory withholding tax on RRIFs, unlike the 10%, 20% or 30% tax that must be withheld at source on RRSP withdrawals (which rises with the amount withdrawn…
But the situation can be quite different once you’re retired. New retirees are often dismayed when they learn they may have to come up with extra tax payments. RRIFs (Registered Retirement Income Funds) are famously taxable: Once you reach the end of your 71st year, you are required to take an ever-rising minimum percentage payment from your RRIF, and those payments (also referred to as withdrawals) are taxed like earned income or interest. Aaron Hector, a financial planner with Calgary-based Doherty & Bryant Financial Strategists, says there is no mandatory withholding tax on RRIFs, unlike the 10%, 20% or 30% tax that must be withheld at source on RRSP withdrawals (which rises with the amount withdrawn…
