Finance
Year-end tax and financial planning considerations – MoneySense
[ad_1] 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…
Tag: RRSPs
Finance
What to do with a small pension in Canada – MoneySense
[ad_1] Many Canadian employers see DB plans, where retirees receive a guaranteed payout every month (sometimes indexed to inflation), as too expensive. And while…
Finance
How to consolidate your registered accounts for retirement income in Canada – MoneySense
[ad_1] There is a spousal attribution rule with spousal RRSPs that applies if you take withdrawals within three years of your spouse contributing. This…
Finance
New to Canada and no pension: How to save for your retirement – MoneySense
[ad_1] The difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants…
Finance
How to manage as a single parent with no pension – MoneySense
[ad_1] “If someone’s not lucky enough to have a company pension, it’s that much more crucial for them to be building up savings on…
Finance
Which savings should retirees draw down first? – MoneySense
[ad_1] Working as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset,…
Finance
40 and no pension: What do you do? – MoneySense
[ad_1] It’s not as big a problem as you might think. The key is to try to mimic the pay-yourself-first approach by setting up…
Finance
“Help! My RRSPs are all over the place” – MoneySense
[ad_1] On the other hand, if you aren’t happy with any of these options, do some research, says Ulmer. “Talk to people who you…
Finance
“We’re set for life. Should we cash out an RRSP?” – MoneySense
[ad_1] Withdrawing from an RRSP before age 70 Are you thinking you’d like to withdraw everything from your RRSP before starting your OAS or…
Finance
How long it takes to get your tax refund in Canada—and how to spend your refund – MoneySense
[ad_1] 10 ways to use your tax refund How you choose to spend your tax refund will often boil down to your tax bracket…
Finance
Should you max out your RRSP before converting it to a RRIF? – MoneySense
[ad_1] I am guessing you have downsized your home to move to a condo and now have money to contribute more to your registered…
Finance
How to cope with the RRSP-to-RRIF deadline in your early 70s – MoneySense
[ad_1] Unless taxpayers make a request, there are no withholding taxes on the minimum RRIF withdrawal. This can result in the Canada Revenue Agency…
Finance
How to start saving for retirement at 45 in Canada – MoneySense
[ad_1] Are you on track, or are you playing catch up? For some Canadians, that may feel like plenty of time to ramp up…
Finance
What’s new in the latest edition of Retirement Income for Life? – MoneySense
[ad_1] “Mine is probably the only calculator that assumes one’s spending does not quite keep pace with inflation in our later years.” “My calculator…
Finance
Should Canadians keep their investment accounts when retiring abroad? – MoneySense
[ad_1] Should Canadian non-residents keep their TFSAs? Tax-free savings accounts (TFSAs) can remain tax-free for a non-resident of Canada—at least from a Canadian perspective.…
Finance
2022 Income Tax Guide for Canadians: Deadlines, tax tips and more – MoneySense
[ad_1] Return to top. Prepping your taxes, including the 2022 tax brackets Even if someone else does your taxes, you still have some prep…
Finance
How to avoid or reduce probate fees in Ontario – MoneySense
[ad_1] What is Estate Administration Tax in Ontario? Estate Administration Tax, commonly known as probate fees, is a mandatory tax imposed by the Ontario…
Finance
Should you hold onto unused RRSP contributions? – MoneySense
[ad_1] When you contribute to an RRSP, you must claim the contribution on your tax return for the year. That is, you report the…
Finance
How is passive income taxed in Canada? – MoneySense
[ad_1] A corporation’s investment income is generally taxable at between about 47% and about 55%, depending on the corporation’s province of residence. This includes…
Finance
Borrowing money to invest – MoneySense
[ad_1] Opening a margin account A simple option to borrow to invest is by using a margin account at a brokerage. Depending on the…