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 – MoneySenseMany Canadian employers see DB plans, where retirees receive a guaranteed payout every month (sometimes indexed to inflation), as too expensive. And while the average time spent working…
Read more What to do with a small pension in Canada – 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 – MoneySenseThe difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late…
Read more New to Canada and no pension: How to save for your retirement – MoneySense“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 their own,” says Millie Gormely,…
Read more How to manage as a single parent with no pension – 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? – MoneySenseIt’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 an automatic contribution to your…
Read more 40 and no pension: What do you do? – MoneySenseOn the other hand, if you aren’t happy with any of these options, do some research, says Ulmer. “Talk to people who you think are financially savvy and…
Read more “Help! My RRSPs are all over the place” – 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?” – MoneySense10 ways to use your tax refund How you choose to spend your tax refund will often boil down to your tax bracket and debt profile, Forward explains,…
Read more How long it takes to get your tax refund in Canada—and how to spend your refund – 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 – MoneySenseAre you on track, or are you playing catch up? For some Canadians, that may feel like plenty of time to ramp up their retirement savings, especially if…
Read more How to start saving for retirement at 45 in Canada – 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? – MoneySenseShould 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. If a foreign country taxes…
Read more Should Canadians keep their investment accounts when retiring abroad? – MoneySenseReturn to top. Prepping your taxes, including the 2022 tax brackets Even if someone else does your taxes, you still have some prep to do. You will have…
Read more 2022 Income Tax Guide for Canadians: Deadlines, tax tips and more – MoneySenseWhat is Estate Administration Tax in Ontario? Estate Administration Tax, commonly known as probate fees, is a mandatory tax imposed by the Ontario provincial government. It is placed…
Read more How to avoid or reduce probate fees in Ontario – MoneySenseWhen you contribute to an RRSP, you must claim the contribution on your tax return for the year. That is, you report the fact that a contribution was…
Read more Should you hold onto unused RRSP contributions? – MoneySenseA corporation’s investment income is generally taxable at between about 47% and about 55%, depending on the corporation’s province of residence. This includes interest, foreign dividends and rental…
Read more How is passive income taxed in Canada? – MoneySenseOpening a margin account A simple option to borrow to invest is by using a margin account at a brokerage. Depending on the existing investments in the account,…
Read more Borrowing money to invest – MoneySense
