There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
Is AI the ultimate retirement hack? Jun 13th
There’s an interesting new book just published called I Am Not a Robot: My Year Using AI to Do (Almost) Everything. The author is Joanna Stern, who was a personal technology columnist for the Wall Street Journal for 12 years. As the subtitle of her book reveals, she spent a year using ar.... More »
RRSP or TFSA? Here’s the simple and definitive answer Jan 20th
Should you save for retirement in an RRSP or a TFSA? For many high earners, an RRSP is your best bet, writes David Aston.... More »
Worried about your shrinking nest egg? How the 4% rule can help save your retirement + MORE Mar 30th
While no withdrawal rate is foolproof or guaranteed, the 4% withdrawal rule provides a rough and reasonable measuring stick that is widely used and has stood the test of time going back to the 1920s..... More »
Tax implications of making transfers between registered accounts + MORE Dec 21st
Ask MoneySense
I had a locked-in pension, which I converted to a life income fund (LIF). I also took advantage of the ability to unlock up to 50% of the LIF within 60 days and put $120,000 into an RRSP. I did not receive any funds—so I was shocked when I received a T4RIF for $120,000, which means .... More »
Financial independence and travel: Can you have both? + MORE Apr 25th
In February and early March, as is increasingly our custom, my wife Ruth and I spent five weeks in a sunny clime in order to avoid the tail end of Canada’s winter. On our return from Malta, regular guest blogger Devin Partida contributed a relevant article titled “Can you pursue financial indepe.... More »
How to ‘find’ cash for your RRSP contribution
– moneysense.ca
RRSP ContributionYou don’t necessarily need new money in order to come up with the cash to maximize your 2017 RRSP contribution.
That should come as welcome news after all the holiday spending. January makes some big demands on cash flow as credit-card bills come due. Add to that the opportunity to top up your TFSA (as detailed last column), and you probably don’t want to be reminded that the annual RRSP deadline is already looming if you wish to minimize taxes for the just-completed 2017.
First, a quick fact check and reminder on deadlines. This year’s deadline is March 1st, which falls on a Thursday. The maximum you can contribute for 2017 is $26,010 (it will be $26,230 for calendar 2018), assuming you earned sufficient income to get that much room, and that you’re not in a good employer pension plan that chops RRSP room down by the amount of the Pension Adjustment (PA) shown on your T-4. Yes, Virginia, tax time is looming, so brace yourself for the annual blitz of T-4 slips, T-3s and T-5s…
