The best RRSPs in Canada for 2023 + MORE Jan 4th

Not sure how to make a retirement plan? Read on…
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Ask MoneySense I am currently transferring my pension from a provincial to a federal government pension plan. I’m trying to determine if it is worth purchasing the balance of service and, if so, should I use my RRSP or TFSA funds. Here’s some relevant info: Service Credited: 7 years, 140 days.... More »
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Registered retirement savings plans (RRSPs) are often described as “tax-advantaged,” meaning they offer tax-efficient ways for savers and investors to build wealth for the future, usually for retirement. To maximize their potential, you must understand how RRSPs work compared to other registered accounts, like tax-free savings accounts (TFSAs) and registered education savings plans (RESPs). And you should know that not all RRSPs are built the same—some accounts offer higher-than-average interest rates, and some come with lower fees, for example. Here’s everything you need to know to set yourself up for RRSP success.

The best RRSP savings accountsThe best robo-advisors for RRSP investingThe best online brokers for RRSP investingWhat to know about RRSPs

The best RRSPs in Canada for 2023

Best RRSP savings accounts• EQ Bank RSP Savings Account*• Motive Financial RRSPBest robo-advisors for RRSP investing• Questwealth Portfolio*• Wealthsimple Invest*Best online brokers for RRSP investing• For passive investing: Wealthsimple Trade*• For active traders: Questrade*• For mutual funds: Qtrade*

Best RRSP savings account

EQ Bank RSP Savings Account*

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I’ve got approximately $500,000 in non-registered investments. My TFSA is maxed out at $88,000.

I’m planning on making yearly withdrawals from my TFSA in the amount of 4% of my non-registered capital from age 65. This works out to $18,000 withdrawals from my TFSA account. 

Replacement of this amount from the non-registered account each year will keep the TFSA maxed out in the new year. 

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TFSA withdrawals in retirement

Tax-free savings accounts (TFSAs) are great because they are almost always tax-free. An account holder does not report interest, dividends or capital gains on their tax return. Withdrawals are tax-free as well. The only tax on a TFSA is on the dividends paid by foreign stocks, which will generally have 15% to 25% withholding tax levied before hitting the TFSA account. 

As a result, Steve, your TFSA withdrawal strategy will not trigger any income tax, assuming that is one of your goals. Any withdrawals you take will be added to your TFSA room in the subsequent year along with the new annual limit for that year…

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Tax-free savings accounts (TFSAs) offer a deceptively simple promise: A place where your money can grow without taking a tax hit at the time of withdrawal. However, the value goes beyond that. Unlike their name suggests, TFSAs are more than a simple tax-sheltered savings account.

Since launched in 2009, TFSAs have enabled Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the Canadian government. By taking advantage of this versatility, you can better tailor your financial strategies and goals. Just like selecting the best shows to stream or researching the best places to eat in any given city, there’s a lot that goes into choosing the best TFSA for you. You’ll have to consider many factors, including your use of other registered accounts, like a registered retirement savings plan (RRSP), your life stage, your level of comfort with investing on your own, and your wealth-building strategy…

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