Registered vs unregistered accounts: Where retirees should make withdrawals + MORE May 25th

How to go about securing the best Retirement Plan in Canada.
Latest News
 retirement savings plan

More Canadians are pressing pause on retirement savings to pay for things now. Just how long should you do that? The answer may surprise you + MORE Jun 1st

Be aware of the setbacks of putting saving for the future on the back burner in the face of high inflation, experts caution..... More »
Ask MoneySense
I moved to the U.S. at the age of 50, ten years ago, and currently live in Phoenix. When I turned 60, I applied for my Canadian CPP and started to collect. The payment is going into my Canadian bank account. My question is do I pay taxes on that money? Canadian taxes? U.S. taxes?—Richard

Cross-border taxation of CPP and Social Security

A non-resident of Canada who contributed to the Canada Pension Plan (CPP) can receive their retirement pension while living outside of Canada. Like Canadian residents, non-resident pensioners can apply to begin their pension any time between the ages of 60 and 70.

CPP can even be paid into a foreign bank account in a foreign currency. Whether it is paid into a Canadian bank account in Canada or into a foreign bank account elsewhere, the tax implications are the same.

How tax on CPP is applied for non-residents

There is a standard withholding tax rate of 25% that is retained at the source by Service Canada. This assumes the applicant correctly indicates their non-residency on their application form…

Continue Reading On »

Modest, but enough: Two middle-class couples share their retirement budgetsYou don’t need six figures to get the most out of your golden years, David Aston writes.

Continue Reading On »

Ask MoneySense
We are in the age bracket where we need to take RRIF withdrawals every year. I am 81, and my husband is 82. We also have an unregistered account. We need to withdraw additional money to pay our expenses. We have already taken the mandatory withdrawal for this year from our RRIF. Our TFSAs are fully funded. I know there are pros and cons of making withdrawals from registered and unregistered investments, but would you favour one over the other? My oldest sibling is 99 years old, and I have four other siblings in their 90s. My husband, who was an only child, had parents who lived to be 84 and 89, respectively. 


Which type of account is best for a retiree to withdraw from?

I understand your quandary, Isabelle. Which account should you draw from to cover your extra expenses: Your non-registered account or your registered retirement income fund (RRIF)?

It’s one of those questions where, the more you think about it, the more complicated it becomes…

Continue Reading On »


Compare insurance quotes through - save time and money!