How to go about securing the best Retirement Plan in Canada.
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How much money do you need to retire in Canada? Is it really $1.7 million? + MORE Mar 1st
Retired Money highlights
Canadians think they need $1.7 million to retire, according to a BMO pollHow to save $1.7 million in RRSPsOther factors for determining how much you need to save for retirement
If you’re just starting out on the long road to saving for retirement, you may have heard ab.... More »
“Where do we pay income tax if we retire abroad?” Apr 27th
Q. We’re thinking about moving to Mexico full-time when we retire. Where would we pay income tax on our monthly Canadian pensions?
–Marianna
A. Many Canadians dream of a retirement that includes travel abroad. Some even move abroad part of the year, most of the year, or give up their Canadian r.... More »
“We’re well off in retirement. How can we pay less tax?” + MORE Aug 29th
Ask MoneySense
Both my wife and I are retired. My wife is 72 years old and I am 68. Our combined incomes are based on CPP, OAS, RRIFs and dividends (both from our non-registered investments portfolio and corporate dividends that we both get quarterly from a holding company that manages the corporat.... More »
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 »
Sean Wilson, financial advisor Feb 21st
Meet Sean Wilson
Sean Wilson is a Certified Financial Planner and founder of Moraine Wealth Advisory, a boutique financial planning firm specializing in helping Canadian physicians and business owners achieve their financial and life goals. With many years of experience in financial services, he.... More »
Timing the withdrawal of RRSP savings to minimize your tax hit
– moneysense.ca
Q. I’ve been fully retired since 2018, and living only on government pension (QPP, OAS and GIS). I have some RRSP and TFSA investments, and would like some help with determining when I should start withdrawing funds—and whether I will need to pay tax. I’ll be turning 71 in December 2021.
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
–Ellen
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit.
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed.
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
–Ellen
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit.
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed.
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…
Wedding, retirement party or honeymoon on hold due to COVID-19? Perhaps it’s time to rethink how you’ll spend that money
– thestar.com
From a down payment to saving for your children’s education to investing in your home office or maybe even yourself, there are a variety of other ways to spend the money you’ve set aside for your big event, Lesley-Anne Scorgie writes.
