How to avoid tax-payment nightmares when RRIF withdrawals start Sep 29th

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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Your retirement investments did well this year. You can thank Donald Trump + MORE Dec 23rd

You may dislike the man, but his business-friendly policies, trade truces and lower interest rates all helped lift North American markets, writes Gordon Pape..... More »

How the coronavirus pandemic could change the way we think about retirement in Canada + MORE May 4th

Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and mor.... More »

Can you have too much invested inside an RRSP? + MORE Dec 9th

While not quite up there with outliving your money, for many seniors the idea of dying with too large an RRSP (Registered Retirement Savings Plan) or RRIF (Registered Retirement Income Fund) rankles. Handing over nearly half your nest egg to Ottawa after a lifetime of tax-deferred saving seems to ma.... More »
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Compare the Best Savings Accounts in Canada + MORE Nov 25th

How to use this tool: You can simply scan the savings account comparison table below to view interest rates offered by financial institutions across Canada. Or, input your estimated account balance and compare between high-interest savings accounts (HISA), tax-free savings accounts (TFSA), registere.... More »

Planning for the (potential) costs of long-term care + MORE Feb 17th

According to the Ontario Long Term Care Association’s report This is Long-Term Care 2019, 82% of long-term care residents are 75 years of age or older, and 55% are 85 or older. Residents under 75 are generally those who “have experienced a brain injury, stroke, and other conditions that require .... 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 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…

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