The best RRSPs in Canada for 2024 + MORE May 2nd

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Year-end tax-saving tips for Canadians for 2024 + MORE Dec 6th

Hear me out. Year-end tax planning can be financially rewarding. It’s a shame so few people do it. There are three objectives: plan to reduce taxes for the current year with legitimate planning opportunities, go back and recover overpaid taxes in prior years and, finally, set yourself up to minimi.... More »

Should we draw down my spouse’s RRIF faster? May 30th

Ask MoneySense My wife is currently drawing $24,000 per year from her RRIF, which has a balance of $510,000. She is also receiving OAS, CPP and a work pension of $22,000. She is 67. My question is if it would be prudent to start making larger withdrawals to try and reduce the tax that the estate .... More »

Tax write-offs that Canadians often get wrong Apr 18th

I come across frequent questions from taxpayers about expenses they think they can claim as a tax deduction or credit. Often, they cannot be claimed, or there are strict criteria that apply. Safety deposit box Back in the olden days, investors sometimes kept stock certificates in their safety .... More »

Is AI the ultimate retirement hack? Jun 13th

There’s an interesting new book just published called I Am Not a Robot: My Year Using AI to Do (Almost) Everything. The author is Joanna Stern, who was a personal technology columnist for the Wall Street Journal for 12 years. As the subtitle of her book reveals, she spent a year using ar.... More »

How to confirm your CPP pension + MORE Apr 11th

How do I know if I’m receiving the correct amount of CPP? —Flora Most people who work in Canada between ages 18 and 65 will have some entitlement to the Canada Pension Plan (CPP). Employees and their employers make payroll contributions to the pension. Self-employed people contribute the.... More »

The best TFSAs in Canada for 2024

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The best TFSAs in Canada for 2024
We’ve rounded up the best TFSA rates on savings accounts and GICs, as well as the best TFSA investment accounts.

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Featured TFSA Accounts

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Best GIC rate

Earn a guaranteed 5.25% tax free when you lock in for 1 year.

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Best online brokerage

Open a TFSA investment account and trade ETFs and stocks with $0 commission on all transactions.

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The Best RRSPs

Aside from a TFSA, another powerful tax-advantage account is an RRSP. Check out the best RRSPs in Canada…

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Downloadable RRIF withdrawal rates chart 2024

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The minimum age at which you can convert a registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF) varies by province: it’s 50 in some, and 55 in others. But starting the year after conversion, you must begin to make minimum withdrawals from your RRIF. The table below includes the minimum withdrawal rates for all RRIFs set up after 1992. It shows the percentage of the account balance (at the previous year-end) that must be paid out in the current year.

How to use the table: Slide the columns right or left using your fingers or mouse to see all the columns. You can download the data to your device in Excel, CSV and PDF formats.

wdt_ID Age at end of previous year Withdrawal rate for current year Age at end of previous year Withdrawal rate for current year

1
55
2…

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The best RRSPs in Canada for 2024

– moneysense.ca

RRSPs

The best RRSPs in Canada for 2024
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.

Compare now

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By Rebecca Cuneo Keenan and Keph Senett on May 1, 2024Estimated reading time: 19 minutes

Presented By Scotiabank

Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differences between an RRSP and other kinds of registered accounts, like the tax-free savings account (TFSA) and first home savings account (FHSA). Plus, not all RRSPs are built the same—you’ll want to compare their interest rates and fees, for example…

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