Category Archives: RRSP/RRIF

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 RRSPsContinue Reading

2014 Online RRSP Guide: Helping your with RRSPs

The 2014 RRSP season is here and here’s a list of my articles to help you make good decisions and plan for retirement.  I’ve been writing about this topic for a long time so I warn you, there is a lot of content here so you might want to bookmark and come back.  I’ve brokenContinue Reading

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 taxContinue Reading

RRSPs are not short term savings accounts.

This week, I received a phone call from a client. He asked how much he could take out of his RRSP. I explained the withholding tax on ad hoc withdrawals and the negative effect it will have on his overall Financial Plan. His response was “If I can’t get financing from the bank I amContinue Reading

Income Options for Registered Retirement Plans

In my financial education programs for the workplace, I always get lots of questions on how to draw income from registered plans whether that’s RRSPs or Pension plans.  Here’s a list of income options for RRSPs and Pensions Options for regular RRSPs RRSPs must be converted to income, not later that December 31st in theContinue Reading

Developing RRSP withdrawal strategies

The RRSP is one of the key pillars of retirement savings.  Although many people contribute to RRSPs because of the immediate tax savings, it’s also one of the best accounts for long term retirement savings. Lots has been written about accumulation and growing RRSPs but as the demographics suggest more and more baby boomers needContinue Reading