RESP 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 – MoneySense
