How to transfer from an RRSP to a TFSA —and why you shouldn’t + MORE Mar 3rd

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When It Comes to Retirement, I'm With Cicero Jan 13th

The great Roman orator thought aging and retiring free us from destructive ambition and competition..... More »
 freedom 55

Planning can help you make sure your retirement savings will last Jun 16th

There are steps you can take to make sure you don’t outlive your retirement savings, writes Ellen Roseman..... More »
 retirement savings plan

Timing CPP and OAS with workplace pensions Mar 31st

Q: My husband is retired military and will turn 60 this year. He’s been told by his military buddies that he should apply soon for his CPP as then he can receive it and the bridge for the next five years. I thought he should be delaying on taking his CPP but perhaps it’s the OAS he should dela.... More »

After inheriting a RRIF account, how to know what you owe the taxman Mar 10th

Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?  My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no.... More »
 retirement savings

How non-residents are taxed on dividends and other forms of income Mar 3rd

Q. I have been retired and living in the Philippines since 2009. I file my taxes as a non-resident of Canada. I have an RRSP, a LIRA, as well as a non-registered account with a major Canadian bank. My world income is 100% from Canada consisting of CPP, systematic withdrawals from retirement saving.... More »
How fintech will affect your retirement plan—In partnership with Scotiabank—

Scotiabank Retirement Tip
Skip the last minute RRSP scramble. Take control of your retirement goals with automatic contributions. Choose the amount you want to invest and the frequency, for example bi-weekly or monthly, and watch your savings grow. Talk to a Scotiabank advisor to get started or visit scotiabank.com/future for more information.

The post How fintech will affect your retirement plan appeared first on MoneySense.

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How to transfer from an RRSP to a TFSA —and why you shouldn’tFlickr
When transferring a stock from an RRSP to a TFSA, is there any advantage whether it is in a loss or gain position? Why or why not? – Darryl
If you hold a stock in your RRSP and you want to hold it in a TFSA instead, there is no way to simply transfer it from one account to the other. At least, I am unaware of any brokerage that will allow you to do this.
Instead, your only choice would be to first “deregister” the shares, which means transferring them in kind from the RRSP to a non-registered (taxable) account. This would be considered a withdrawal from the RRSP, which means the full market value of the holding will be taxable as income. Your brokerage will be required to withhold at least 10% for taxes, and you will probably also pay a fee for the transaction.
Once the shares are in a non-registered account, you could then transfer them in-kind to your TFSA. Note that if they appreciate slightly during the time it takes you to arrange all of this, you will pay tax again on any capital gain…

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Last column we looked at the five ways retirees could enhance their income, as outlined in Fred Vettese’s book, Retirement Income for Life. Today, we’ll drill down on the specific and controversial “third enhancement,” which was partial annuitization at the point of embarking upon retirement (usually at 65).
This strategy is for the vast majority of private-sector workers who lack the traditional Defined Benefit plans that are still prevalent in the public sector. If you envy that kind of guaranteed-for-life pension, there is a compelling argument for annuities, or at least partial annuitization. That of course is why annuities have always been one of the two main choices you are confronted with when you have to wind up your RRSP at the end of your 71st year.
Since few people want to cash out totally and immediately pay tax on the whole chunk, the vast majority of people either convert to a RRIF or to an annuity, although it’s not well understood that you can do both: this does not have to be an all-or-nothing decision…

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Should Eleanor invest her $20,000 in a TFSA or RRSP?
Q. I would like to invest $10,000 in an RBC mutual fund with a 4% dividend and another $10,000 in a fixed income Bond fund yielding 4%. Which account should I hold these in—my TFSA or RRSP—and does it really make a difference? Thanks, Eleanor H.
Eleanor, I need to be careful how I answer your question because there is no difference while invested, but there’s a difference when going into, and coming out of a TFSA or RRSP.
While invested; dividends, yields, capital gains, interest, it doesn’t matter, they all contribute to the growth inside the TFSA/RRSP and there are no tax consequences.
When deciding between a TFSA and an RRSP you want to consider your contribution approach, and your anticipated tax situation at the time of withdrawal.
If I am reading your question correctly, you’re really asking is there a difference between a TFSA and an RRSP and if there is, what is the difference?
You have $20,000 to invest, and I’ll assume that you have the room to contribute to either the RRSP or TFSA, and your marginal tax rate is 30%…

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CTV NewsInvestigation into cause of massive Streetsville fire will be 'painstaking,' fire chief saysCTV NewsA “painstaking” investigation into the cause of a massive “wind-driven fire” at an under construction residential building in Mississauga is now underway, the city's fire chief says. The three-alarm fire broke out at a four-story under construction …'Painstaking' investigation begins after massive Streetsville fireToronto StarWARMINGTON: Massive fire ravages construction site near retirement homeToronto SunFire destroys 4-storey residential building under construction in MississaugaGlobalnews.ca570 News -CP24 Toronto’s Breaking News -National Post -The South Bayview Bulldogall 31 news articles »

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