There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
Cut unnecessary costs with one simple change to your banking + MORE Dec 13th
If you’re like many Canadians, you view bank fees as a necessary expense, but this couldn’t be farther from the truth. Paying a small fee each month isn’t usually much trouble, but over a whole year, it can really add up. The good news is that affordable banking has never been more in .... More »
Stock news for investors: Cenovus boosts MEG Energy stake to 9.8% Oct 18th
Here’s a round-up of news for Canadian investors this week.
Cenovus-MEG Energy
Parkland-Sunoco
Cineplex
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings wi.... More »
Scammers want your retirement—here’s how to protect yourself + MORE Mar 21st
Here’s something worth knowing if you’re over 55: scammers are coming for you. Just in time for Fraud Prevention Month, new research from Blood Finance and Angus Reid confirms that fraudsters target people in this age group. Case in point: 87% of people in this age bracket reported recei.... More »
Stock news for investors: Canopy Growth to acquire MTL Cannabis in $125-million deal + MORE Dec 20th
Here’s a round-up of news for Canadian investors this week.
Canopy Growth
Blackberry
Transat
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 1.50% in.... More »
Reducing risk in an RESP: How to invest as your kid approaches college or university + MORE Oct 5th
If you’ve opened a registered education savings plan (RESP) for your child or grandchild, congratulations. You’ve taken the first step towards financing their future college, university or trade school education. And now your family can start benefiting from generous government grants worth thou.... More »
What do to with a spousal RRSP at age 71
– moneysense.ca
Ask MoneySense
My question is in regards to a spousal RRSP that I have set up for my wife years ago. When she turns 71, do we have to turn it into something like a RRIF, which I did for my RRSP (I am older than her) and then withdraw from it annually? Or, could it be directly transferred to her TFSA?—John
My question is in regards to a spousal RRSP that I have set up for my wife years ago. When she turns 71, do we have to turn it into something like a RRIF, which I did for my RRSP (I am older than her) and then withdraw from it annually? Or, could it be directly transferred to her TFSA?—John
Withdrawing from a spousal RRSP
A spousal registered retirement savings plan (RRSP) can be an effective retirement and tax planning tool. Like a personal RRSP, it allows you to defer income tax to a future year. But unlike a personal RRSP, the contributor to the plan and the annuitant—the owner—are different parties.
Your wife’s spousal RRSP is hers. While you received the income deductions for making contributions to the plan, she owns it and will generally be required to claim the spousal RRSP withdrawals as income.
What to do with a spousal RRSP at age 71
By the end of the year you turn 71, an RRSP annuitant is no longer allowed to own RRSPs—personal or otherwise, including spousal…
