How to stay the course with your retirement plan during market volatility + MORE Apr 11th
Retirement taxes explained: Withholding, clawbacks, and other surprises Sep 19th
Stock news: Couche-Tard and BlackBerry post gains, Metro flags strike impact Jun 27th
How to make sure you have enough money to fund your RRIF withdrawals + MORE Apr 18th
Should we draw down my spouse’s RRIF faster? May 30th
What types of tax-free savings accounts (TFSAs) exist?
– moneysense.ca
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributions to your TFSA from your income tax, so you will have to pay income tax on that initial money. But as long as you adhere to TFSA guidelines, you won’t pay taxes on any earnings made within the TFSA, not even when you withdraw it. Plus, you can withdraw as much as you want at any time.
There’s a specified limit to how much money you can put inside a TFSA. For 2024, the annual TFSA contribution limit is $7,000, and for 2025, it will be $7,000. As of Jan. 1, 2025, there is a lifetime maximum of $102,000 for those who were 18 or older as of 2009. The good part is that any unused contribution space and any amount that you withdraw from your TFSA becomes available to you as contribution room in the next calendar year…
What retirees need to know about tax brackets for 2025
– moneysense.ca
The complexity of this task is compounded by almost-annual changes to tax brackets, the Basic Personal Amount (BPA), Old Age Security (OAS) thresholds, inflation adjustments and much more.
For starters, I recommend reading an excellent article by CIBC Wealth’s tax guru Jamie Golombek. The column appeared in the Financial Post on November 23, shortly after the Canada Revenue Agency (CRA) released its new tax numbers for the year 2025.
Let’s start with inflation, the second serious scourge retirees face, if they live long enough. Here, a useful tool suggested by certified financial planner Morgan Ulmer is Statistics Canada’s Personal Inflation Calculator, which lets you compare your personal inflation rate to the general Consumer Price Index (CPI)…
