Or, as U.S. retirement guru Wade Pfau recently put it, “A retirement income plan should be based on planning to live, rather than planning to die.” The Michael…
Read more In planning for retirement, worry about longevity rather than dying young – MoneySenseHaving said that, this tax credit is not a big deal for most people, and in some cases, you will be better off not converting an RRSP or…
Read more Making the most of the pension tax credit – MoneySenseWhen the time comes, RRSP, or registered retirement savings plan accounts, are converted to RRIF, or registered retirement income fund accounts, a change that needs to be made…
Read more From RRSP to RRIF—managing your investments in retirement – MoneySenseLet’s dig into this by first understanding what will happen if your dad continues doing what he is doing and he doesn’t add money to his TFSA. If…
Read more What’s more important: your wealth or your legacy? – MoneySenseThe 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 – MoneySenseRESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can give you access to government…
Read more Year-end tax and financial planning considerations – MoneySenseIf the RRIF is not set up this way, there will be immediate tax consequences, and the estate wishes of your husband may not play out as intended.…
Read more What happens to a RRIF when the account owner dies? – MoneySenseThere is a spousal attribution rule with spousal RRSPs that applies if you take withdrawals within three years of your spouse contributing. This may result in the withdrawals…
Read more How to consolidate your registered accounts for retirement income in Canada – MoneySenseWorking as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset, I question if a decumulation…
Read more Which savings should retirees draw down first? – MoneySenseCan you hold gold in a registered account? Gold is considered a qualified investment for registered accounts in Canada, Audrey. This means you can hold gold in a…
Read more Should you hold gold in a RRIF? – 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?” – MoneySenseCan you transfer a RRIF to a TFSA? A RRIF is a tax-deferred account. A TFSA is a tax-free account. So, you cannot do a direct transfer between…
Read more Can you transfer a RRIF to a TFSA—and what are the tax implications? – MoneySenseThe minimum age at which you can convert a registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF) varies by province: it’s 50 in some,…
Read more RRIF withdrawal rates chart 2024 – MoneySenseI am guessing you have downsized your home to move to a condo and now have money to contribute more to your registered retirement savings plans (RRSPs) as…
Read more Should you max out your RRSP before converting it to a RRIF? – MoneySenseUnless taxpayers make a request, there are no withholding taxes on the minimum RRIF withdrawal. This can result in the Canada Revenue Agency (CRA) requesting quarterly tax installments…
Read more How to cope with the RRSP-to-RRIF deadline in your early 70s – MoneySenseYou do not have to wait until age 71 to convert your RRSP. Most people consider doing so once they have retired. RRIF withdrawal rates The minimum age…
Read more RRIF and LIF withdrawal rates: Everything you need to know – MoneySense“Mine is probably the only calculator that assumes one’s spending does not quite keep pace with inflation in our later years.” “My calculator is one of the few…
Read more What’s new in the latest edition of Retirement Income for Life? – MoneySenseRegistered retirement income fund (RRIF) withdrawals are fully taxable and added to your income each year. You can leave a RRIF account to your spouse on a tax-deferred…
Read more RRIF withdrawals: What should seniors with million-dollar portfolios do? – MoneySense
