How to go about securing the best savings strategy in Canada.
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2023 tax credits, due dates and when you can file: Your 2023 income tax return guide + MORE Mar 19th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
The best TFSAs in Canada for 2024 + MORE Jun 11th
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The best TFSAs in Canada for 2024
We’ve rounded up the best TFSA rates on savings accounts and GICs, as well as the best TFSA investment accounts.
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Planning through salary swings + MORE Oct 19th
Q: My income fluctuates quite widely from year to year. How do I plan for this and how do I handle the tax implications of such income swings?
—David
A: Yours is the challenge of many a commissioned salesperson or business owner, David. The thought of a stable salary and defined benefit pension.... More »
Need your money in five years or less? Park it in a savings account with tax benefits + MORE Oct 11th
TFSAs containing high-interest savings accounts only pay about 2%, but putting short-term money at risk in the stock market is foolish.... More »
How annuities work in Canada + MORE Jul 17th
Annuities are life insurance products that pay a regular income to a purchaser. When you buy an annuity, it’s like buying a pension plan with a lump sum premium paid from your savings. The payments you receive include a return of your original capital and interest income on that capital. It ma.... More »
If you want to retire comfortably today, you’ll need to have about a million dollars in savings by the time you stop work.Gifting your RRIF to your children
– moneysense.ca
Q: Can I change my RRIF back to RRSPs or put it all in a savings account? Bottom line is I want to gift the money to my children while I’m still alive and can see them use it.
I live in Alberta and have $220,000.
—Angie
A: Gifts to children and inheritance planning are very personalized choices. Some people, like you, Angie, like to see their children benefit earlier rather than later. Others prefer to keep control of their assets until their death.
Ask a Planner: Leave your question for Jason Heath »
There are pros and cons to both approaches. There’s no doubt it could be nice to see your children benefit from an inheritance while you’re still alive. And most inheritors could use the money sooner rather than later. But there can be tax benefits or consequences from passing along money early. And you must be careful about giving away too much money too early given it’s hard to know how long you are going to live and how expensive long-term care costs can be in your later years…
I live in Alberta and have $220,000.
—Angie
A: Gifts to children and inheritance planning are very personalized choices. Some people, like you, Angie, like to see their children benefit earlier rather than later. Others prefer to keep control of their assets until their death.
Ask a Planner: Leave your question for Jason Heath »
There are pros and cons to both approaches. There’s no doubt it could be nice to see your children benefit from an inheritance while you’re still alive. And most inheritors could use the money sooner rather than later. But there can be tax benefits or consequences from passing along money early. And you must be careful about giving away too much money too early given it’s hard to know how long you are going to live and how expensive long-term care costs can be in your later years…
If you want to retire comfortably today, you’ll need to have about a million dollars in savings by the time you stop work.
