Category Archives: RRSP/RRIF

Should New Canadians join a Group RRSPs?

“Life is what happens to you while you’re busy making other plans.” – Allen Saunders Canada is a truly multi-cultural country, one that is built on immigration. In fact, without the steady stream of immigrants who come to Canada each year, our population growth would be on a negative rather than a positive trend. Some

The differences between LIFs and RRIFs

Recently I wrote about the differences between a LIRA and a RRSP.  In this article I want to follow up and discuss the difference between LIFs and RRIFs. What is a RRIF? A Registered Retirement Income Fund (RRIF) is the most common income option for the RRSP.  If a RRSP is a tax sheltered bucket

Differences between LIRAs and RRSPs

In dealing with Workplace Savings Programs, there can be a lot of confusion with the difference acronyms in the financial industry.  One of the common misunderstandings is knowing the difference between LIRAs and RRSPs. What is an RRSP? RRSPs are very common.  As a result most people have heard of them, know something about RRSPs

RRSP and RRIF tax traps

The designation of beneficiaries is a very important component of estate planning especially when it comes to the RRSPs and RRIFs. It has been regular practice for financial advisors and institutions to list a beneficiary designation for the Registered Retirement Savings Plans (RRSP) or Registered Retirement Income Funds (RRIFs). Related article: Designating Beneficiaries for RRSPs

RRSP Quick Facts 2014

It’s that time again when Canadians go out and buy RRSPs for the past year. Here are some of the rules and regulations for RRSPs so you can make good RRSP decisions this year. Who is eligible to buy RRSPs? Anyone who has earned income, has a social insurance number and has filed a tax