There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
Should you withdraw from non-registered or TFSA investments in retirement? Mar 8th
Ask MoneySense
I have stocks in my TFSA as well as some that are non-registered. I am at the point in my life (retired) now that I’d like to begin selling them and using the money. Do I sell from the TFSA account or just from the non-registered portfolio?—Catherine
TFSA versus non-registered.... More »
How much money do you need to retire in Canada? Is it really $1.7 million? + MORE Mar 1st
Retired Money highlights
Canadians think they need $1.7 million to retire, according to a BMO pollHow to save $1.7 million in RRSPsOther factors for determining how much you need to save for retirement
If you’re just starting out on the long road to saving for retirement, you may have heard ab.... More »
The one thing influencers Steph & Den want you to know about retirement + MORE Apr 26th
Financial influencer couple Steph Gordon and Dennis Mathu (@Steph & Den) started making YouTube videos about personal finance for Canadians in 2019. Once they found their groove on social media, they left their corporate jobs—Steph was in human capital at PricewaterhouseCoopers and Den was a c.... More »
What happens at the end of a reverse mortgage? Mar 9th
When you get a reverse mortgage, you tap the equity in your home without having to sell it. There are several advantages to having a reverse mortgage, for those who qualify: For one, you gain access to part of the cash value of your home, increasing your liquidity. Setup and legal fees are rolled in.... More »
Can you maximize your RRSP and TFSA with an income of $0? Feb 22nd
Ask MoneySense
I have $119,000 room allowed in my RRSP and $81,000 room in my TFSA.
I am 47, live in B.C., currently not earning income as a caregiver for a parent. I have a business with a registered GST number to claim income now or in the future. But for my question, let’s assume I will be c.... More »
How to maximize your last-minute RRSP contribution
– moneysense.ca
Mark your calendars: the deadline for Registered Retirement Savings Plan (RRSP) contributions for the 2020 tax year is March 1, 2021. But before you rush to deposit your money in a GIC or high-interest RRSP savings account at a local bank and call it a win, you should know there are other options that are just as simple and convenient—and better for your bottom line. Here’s how you can get the most out of your retirement savings all year long.
Get more than a tax deduction
Sure, it’s great that you can deduct allowable RRSP contributions (up to 18% of your previous year’s gross earnings) from this year’s taxable income—which will fatten up your tax refund—but that’s just the beginning. You also want your hard-earned savings to grow over time and compound into a nice retirement nest egg. Unfortunately, the amount of interest you can earn on a GIC is quite low, sometimes even lower than the rate of inflation. So, by the time you’re ready to spend those funds, they won’t buy you as much as they could today…
Get more than a tax deduction
Sure, it’s great that you can deduct allowable RRSP contributions (up to 18% of your previous year’s gross earnings) from this year’s taxable income—which will fatten up your tax refund—but that’s just the beginning. You also want your hard-earned savings to grow over time and compound into a nice retirement nest egg. Unfortunately, the amount of interest you can earn on a GIC is quite low, sometimes even lower than the rate of inflation. So, by the time you’re ready to spend those funds, they won’t buy you as much as they could today…
What to consider if you still have RRSP contribution room
– moneysense.ca
Registered retirement savings plans (RRSPs) have been around since 1957, and each February is commonly referred to as “RRSP season.” The banks and financial media used to make a bigger deal about RRSPs in the new year, but ever since Tax-Free Savings Accounts (TFSAs) were introduced in 2009, RRSP season has seemed a bit watered down. That does not mean RRSPs are not good tax and investment options, it just reflects the fact that Canadians now have alternatives.
Maybe you’ve run some preliminary numbers on your 2020 tax return software, and discovered that you owe the CRA; or perhaps life simply got in the way of your organizing a contribution earlier (and if that’s the case, here are some tips on making last-minute RRSP contributions). Whatever the reason, if you are planning to make an RRSP contribution before the deadline, here’s a quick-reference roundup of key facts and myths to guide you.
RRSP facts
RRSP deadline for the 2020 tax year: March 1, 2021.
Maximum RRSP contribution for 2020: $27,230 (requires $151,278 of earned income in 2019 and no pension adjustment), plus any accumulated RRSP room the contributor has from past years…
Maybe you’ve run some preliminary numbers on your 2020 tax return software, and discovered that you owe the CRA; or perhaps life simply got in the way of your organizing a contribution earlier (and if that’s the case, here are some tips on making last-minute RRSP contributions). Whatever the reason, if you are planning to make an RRSP contribution before the deadline, here’s a quick-reference roundup of key facts and myths to guide you.
RRSP facts
RRSP deadline for the 2020 tax year: March 1, 2021.
Maximum RRSP contribution for 2020: $27,230 (requires $151,278 of earned income in 2019 and no pension adjustment), plus any accumulated RRSP room the contributor has from past years…
