Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Posthaste: Retirement out of reach for almost 40% of working Canadians over 50 - Financial Post Feb 1st
Posthaste: Retirement out of reach for almost 40% of working Canadians over 50 Financial PostPosthaste: Only about a third of Canadians over 50 say they can afford to retire Yahoo Canada FinanceRetirement ‘becoming unaffordable’ for many Canadians. What can they do? &n.... More »
How much should you withdraw from your RRIF? + MORE Aug 17th
Q. I am 78 and have $330,000 in my RRIF account. How much should I withdraw each year so it is depleted by age 90? –Sandy
A. If I understand your question, Sandy, it sounds like you want to draw down your registered retirement income fund (RRIF) on a schedule aligned with your life expectancy. .... More »
Watch: 4 things to consider before putting your money in a TFSA or RRSP Sep 28th
You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider befo.... More »
Tax implications of making transfers between registered accounts + MORE Dec 21st
Ask MoneySense
I had a locked-in pension, which I converted to a life income fund (LIF). I also took advantage of the ability to unlock up to 50% of the LIF within 60 days and put $120,000 into an RRSP. I did not receive any funds—so I was shocked when I received a T4RIF for $120,000, which means .... More »
Is semi-retirement stressful? You bet—here’s what to do about it Jul 27th
One of my semi-retirement philosophies is that reducing stress can sometimes be more important than maximizing revenue. Assuming you’re self-employed in semi-retirement, as I am, you may find yourself juggling multiple clients and conflicting demands on your limited time and energy.
The topic o.... 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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