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Which ETFs are the most tax-efficient for Canadian investors? + MORE Sep 10th
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The best high-interest savings accounts in Canada for 2025 + MORE Jan 7th
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I have a question about TFSAs that I have not seen being answered anywhere. My problem is as follows: In 2009, both my husband and myself started to make the total allowable contributions to our individual TFSA accounts. When my husband passed away in 2020 the balance in his TFSA at that time was “rolled over” into my personal TFSA (we had signed up for this possibility right in 2009). Since 2020, I have continued to make my maximum allowable contributions. My question is now: When my late husband’s TFSA balance was added to my own (I was his designated beneficiary), how did that affect my own lifetime allowable contribution limit? I’m beginning to think that I may have been over-contributing these last few years unwittingly, unless his accumulated contributions did not affect mine.
—Rolina
Rolina, I suspect you are in good shape and you have not overcontributed to your tax-free savings account (TFSA), but you may want to check with Canada Revenue Agency’s My Account service…
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too. When to apply for CPP? When do the payments go out? And, of course, are CPP payments taxable? We cover this and more below. But first, here’s a quick overview of how the CPP works.
About the Canada Pension Plan (CPP)
The Canada Pension Plan is a retirement pension that offers replacement income once a person retires from working life. The CPP is a social insurance plan, and it’s one “pillar” of the retirement income system for Canadians—the other three are Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and personal savings. The CPP is funded by contributions from workers, employers and self-employed individuals. It’s not paid for by the government, despite what many Canadians may think…
If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS works.
About Old Age Security (OAS)
Old Age Security benefits are monthly payments made by the federal government to supplement the income of eligible Canadians age 65 and older. Along with the Canada Pension Plan (CPP) and personal savings, OAS provides financial support for older Canadians. CPP and OAS payments are issued on the same dates.
OAS payment dates for 2025
January 29, 2025
February 26, 2025
March 27, 2025
April 28, 2025
May 28, 2025
June 26, 2025
July 29, 2025
August 27, 2025
September 25, 2025
October 29, 2025
November 26, 2025
December 22, 2025
Where does OAS money come from?
The money that funds the OAS comes from the federal government…
