The impact of your marginal tax rate It’s important to clarify, Ken, that if you have a minimum RRIF withdrawal with no tax withheld, that does not mean…
Read more How to plan for taxes in retirement in Canada – MoneySenseFor example, for income year 2023, the threshold amount is $86,912. If your income in 2023 was $120,000, then your repayment would be 15% of $33,088 (the difference…
Read more OAS payment dates in 2024, and more to know about Old Age Security – MoneySenseWithdrawing from an RRSP before age 70 Are you thinking you’d like to withdraw everything from your RRSP before starting your OAS or age 70? This way, if…
Read more “We’re set for life. Should we cash out an RRSP?” – MoneySenseRRSP vs. TFSA for retirees Now to your question: Should you contribute to your RRSP or TFSA? I don’t know your circumstances, but I can show you the…
Read more Where should working retirees put extra income: A TFSA or an RRSP? – MoneySenseYou generally need 40 years of residency in Canada after the age of 18 to qualify for the maximum OAS pension. The maximum monthly payment as of the…
Read more OAS entitlement and deferral rules for immigrants to Canada – MoneySense
