The one thing influencers Steph & Den want you to know about retirement + MORE Apr 26th

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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 retirement planning

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 »
 canada pension plan

How to model retirement income in Canada Feb 15th

Ask MoneySense I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago.  I have a work pension, and my wife was bought out for her pension.  We have considerable RRSPs, farm income, and farm property. Where do w.... More »

The best ETFs for retirement income + MORE Aug 24th

While exchange-traded funds (ETFs) are appropriate for investors of all ages and life stages, they make particular sense for retirees and those close to retiring. Things like quick and easy broad diversification of asset classes and geographic exposure at a reasonable price are especially relevant w.... More »

How to double your CPP income Apr 25th

A series of academic papers being rolled out by the National Institute on Ageing (NIA) has added fuel to the oft-argued case for delaying benefits for the Canada Pension Plan (CPP) to the latest possible age: 70.  As I reported on my own site, when an introduction and ove.... More »
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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 »
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Are management fees within a mutual fund in a non-registered account deductible as carrying charges on my tax return?

—John

Tax treatment of mutual fund fees

The Canada Revenue Agency (CRA) allows taxpayers to claim carrying charges, interest expenses and certain other investment expenses as a tax deduction on line 22100 of a tax return. This includes fees paid for investments to be professionally managed, fees for certain investment advice, interest on money borrowed for certain investment purposes, and in some cases, fees to prepare a tax return.

However, to answer your question, John, mutual fund fees cannot be deducted on your tax return. Fees paid to an investment advisor who manages your investments, excluding commissions paid to buy and sell investments, are generally deductible. The deductibility of fees is limited to taxable, non-registered accounts, so it does not apply to registered accounts like registered retirement savings plans (RRSPs) or tax-free savings accounts (TFSAs)…

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There’s an interesting study on trends in cashing out retirement savings when American workers leave their jobs. The paper, “Cashing Out Retirement Savings at Job Separation,” is co-written by a Canadian, Yanwen Wang, associate professor at the University of British Columbia’s Sauder School of Business. The study, which is fairly technical, is also featured in a more accessible version in the Harvard Business Review (HBR), “Too many employees cash out their 401(k)s when leaving a job” (March 7, 2023).

You’ve likely heard of 401(k)s, which were launched in the U.S. in 1978. They are employer-sponsored pensions equivalent to Canada’s group registered retirement savings plans (RRSPs) or employer-sponsored defined contribution (DC) pensions. All of these are tax-deferred vehicles that can be used to hold investments in stocks, bonds, mutual funds, exchange-traded funds (ETFs) and similar assets. However, Canada and the United States differ in how retirement plans are treated on leaving jobs, so most of what follows applies mainly within the U…

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The one thing influencers Steph & Den want you to know about retirementFinancial influencer couple Steph Gordon and Dennis Mathu (@Steph & Den) started making YouTube videos about personal finance for Canadians in 2019. Once they found their groove on social media, they left their corporate jobs—Steph was in human capital at PricewaterhouseCoopers and Den was a consultant at Deloitte—to become full-time content creators. 

“People sometimes think social media exists solely for entertainment, but there are so many informative things you can learn about for free,” Mathu says. “In our case, we share concepts that are usually complex and inaccessible in an easy-to-understand way.” Gordon says she hopes their followers will use their content “as a place to learn money basics,” so that they can do further research and then take the appropriate actions on their own. 

Read on to learn about their thoughts on why “retirement is a number”—not an age, how to avoid “lifestyle creep” and more.

Which financial influencers do you follow and why? 

Den: We follow Amon and Christina from Our Rich Journey on YouTube (they show how they were able to retire early by investing their money), Vivian from Your Rich BFF on Instagram/TikTok (who shares quick and relatable money tips for younger people), and Jeremy Schneider from Personal Finance Club on Instagram (who shares easy-to-understand infographics that make money concepts simple like we do)…

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