There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
Best high-interest savings accounts in Canada 2021 + MORE Aug 31st
Generally savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest is a no-brainer.
However, whe.... More »
Retirement taxes explained: Withholding, clawbacks, and other surprises Sep 19th
Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition.
Taxation in Canada
When you are.... More »
Stock news for investors: Barrick leads earnings gains as major Canadian companies report mixed Q3 results + MORE Nov 15th
Here’s a round-up of news for Canadian investors this week.
Barrick
MEG Energy
Loblaw
Manulife
Linamar
Brookfield
Hydro One
MDA Space
George Weston
Featured RRSP Accounts
featured
EQ Bank
.... More »
How does an executor pay estate expenses during the probate process? + MORE May 4th
I’ve realized that my large RRSP would generate a very large income tax bill if I die in the near future. I don’t have a spouse, or anyone who qualifies as a beneficiary to my RRSP on a tax-deferred basis. How can my executor pay my income taxes if it takes a year to get probated?—Carol
.... More »
The process of unlocking a LIRA account in Canada Feb 1st
Thank you for “How to get money out of locked-in retirement accounts”.
I have a federally regulated LIRA. I’m 55. I’m looking to unlock 50% of the balance. I came across your article while seeking some LIRA/LIF/RRSP information.
I’m getting conflicting information regarding t.... More »
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 2020, the annual TFSA contribution limit is $6,000, and there is a lifetime maximum of $69,500 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.
Even though the word ‘‘savings” is in the name, it’s actually better to think of TFSAs as investment accounts, rather than simply a savings account…
There’s a specified limit to how much money you can put inside a TFSA. For 2020, the annual TFSA contribution limit is $6,000, and there is a lifetime maximum of $69,500 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.
Even though the word ‘‘savings” is in the name, it’s actually better to think of TFSAs as investment accounts, rather than simply a savings account…
Do you want a budget, middle-class or deluxe retirement? I’ve calculated exactly what you can expect to spend for all three
– thestar.com
If you’re worried about not having enough, cheer up. Most people are surprised by how little a typical middle-class retirement costs, writes David Aston.
