Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Do you actually need a financial advisor in your 30s and 40s? May 9th
At some point, most Canadians are told they need a financial advisor. But is hiring one really necessary when you’re in your 30s and 40s, or can it wait until you’re closer to retirement?
Like a lot of financial advice, the answer depends on your personal circumstances; it’s less about yo.... More »
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 »
Making sense of the markets this week: August 28 + MORE Aug 31st
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Banking on stability and caution
Canadian investors love their banks. Year in and year out, banks provide dependable dividend growt.... More »
Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th
Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement.... More »
What is the Canada Pension Plan death benefit? + MORE Sep 26th
Ask MoneySense
Your recent article is the first time I have seen reference to a CPP death benefit of $2,500. Can you explain it, please?
—Sam
The primary purpose of the Canada Pension Plan (CPP) is to pay a retirement pension to contributors. Employers as well as employed and self-employed .... More »
The right adviser and the right habits can impose discipline, writes Lesley-Anne Scorgie.The best RRSP investments 2021
– moneysense.ca
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. However, you will have to pay income tax when you withdraw money during your retirement. The advantage is built on the assumption that your income is higher now than it will be in retirement. If you plan things right, you will be in a lower tax bracket in retirement, meaning that you pay less tax on your withdrawals than you saved initially by stashing your money inside an RRSP.
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
Best RRSP savings account: EQ Bank RSP Savings Account* (2.30%)
Best robo-advisors: Questwealth Portfolio and Wealthsimple Invest
Best brokerage account for passive investing: Wealthsimple Trade
Best brokerage account for active traders: Questrade
Best brokerage account for mutual funds: Qtrade
Best RRSP savings account
EQ Bank RSP Savings Account*
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