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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Looking for reliable books and online resources on retirement? Here are a few + MORE Nov 4th

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 »

Should you borrow to pay expenses on an investment property? + MORE Nov 18th

Q. I have an investment property that I rent out. Now that I’m retired, I would like to use the income to supplement my retirement income. That would leave me with no money to pay the expenses on the property (mortgage payment, maintenance, utilities, etc.). I’m wondering two things: One, can I .... More »

Kenney's 'fair deal' plan 'would completely change Alberta' if successful: political scientist - CTV News Nov 11th

Kenney's 'fair deal' plan 'would completely change Alberta' if successful: political scientist  CTV News‘We need to unify Canada’: MPs explain lack of ‘appetite’ for Wexit in B.C.  Global NewsA ‘fair deal’ for Alberta may come at a hefty cost for taxpayers, political .... More »

How to keep your holiday spending in check Dec 2nd

According to Equifax Canada data, there was a 1.9% rise in total debt per consumer at the end of the second quarter in 2019. Unsurprisingly, a recent survey commissioned by Equifax also found that 55% of Canadians say they’ll be spending less on holiday gifts this year. Hmm, I wonder why that.... 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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