2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic Sep 26th
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit.
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed.
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…
Still, Canadians have generally remained cautious. Although 77% of us say we invest, nearly half (47%) are saving cash, with millennials most likely to shun the markets (57% are holding savings in cash), according to a BMO RRSP Study conducted by Pollara Strategic Insights.
Why the reticence? If a lack of insight is holding you back from investing, check out The MoneyShow Canada Virtual Expo, Sept. 29 to Oct. 1, 2020. Streamed live to your laptop screen, the show offers:
One-stop access to the best minds in the financial world and the opportunity to learn their insights and strategies—all designed to help you grow your investment portfolio and achieve your long-term financial objectives in any market environment…