There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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U.S. withholding tax in an RRSP for Canadians + MORE Aug 3rd
I have EPD stock in my RRSP for their dividend payments (about 7%). What a surprise I had—even when in an RRSP—I had to pay about 30% tax on these dividends. EPD is registered in Louisiana. —Wanda
How much is withholding tax on U.S. dividends?
I am going to provide a brief summary of U..... More »
When are TFSAs and RRSPs actually taxable? + MORE Feb 29th
Ask MoneySense
I saw your blog online; thank you so much for the wonderful job that you are doing—it was very informative! That motivated me to start investing too, but now I have a couple of questions. I understand that there is tax on U.S. dividends in TFSA. Do we pay tax as well when we sell:
.... More »
What to do with U.S. dollar RRSPs in retirement + MORE Jun 8th
Ask MoneySense
I am 70 and have already turned my RSP into a RIF. However, I also have a U.S. RSP which will need to be dealt with next year at the latest. What do I do with it? Roll it into my Canadian RIF within the next year? Leave it as a separate RIF and take the necessary money from each .... More »
Planning for retirement with little or no savings to draw on + MORE Mar 21st
Despite their best intentions, some Canadians, facing a variety of financial challenges throughout their working lives, are not able to save much towards retirement. It can be difficult to know how to manage in these circumstances, especially when so much of the financial planning advice that gets s.... More »
TFSA vs RRSP: How to decide between the two + MORE Mar 30th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... More »
Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert.10 ways to save more and pay down your debt
– moneysense.ca
If you find yourself in debt, you’re not alone: Nearly three-quarters of Canadians have some type of outstanding debt, according to Statistics Canada. Not only that, but COVID may have made matters worse: According to the MNP Consumer Debt Index, 30% of Canadians surveyed say the pandemic increased the debt burden on either themselves or their family.
Whether you’re juggling credit card balances, have a hefty car loan, line of credit or student loan—or a combination of multiple sources—managing your debt, and even paying it off, is possible. Here are some strategies to help you get out of the red faster.
1. Set a goal
If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.
2. Track your dollars
The best way to get on track to saving is to spend less than you earn. Tracking your spending—either through a daily journal or an app—can help you do this…
Whether you’re juggling credit card balances, have a hefty car loan, line of credit or student loan—or a combination of multiple sources—managing your debt, and even paying it off, is possible. Here are some strategies to help you get out of the red faster.
1. Set a goal
If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.
2. Track your dollars
The best way to get on track to saving is to spend less than you earn. Tracking your spending—either through a daily journal or an app—can help you do this…
