Category Archives: RRSP/RRIF

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

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 broken

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 am

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 the