Category Archives: RRSP/RRIF

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

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 need

The Lifelong Learning Plan

In today’s world we are faced with constantly changing work realities. People change jobs/careers more than ever before and with uncertainty in the job market we are also susceptible to lay-offs and downsizing. If a person needs to take on some more training or education the Government of Canada has an option for that person,

Understanding Withholding Tax in Retirement

Withholding tax is a reality for all working Canadians.  Withholding tax is simply the amount of tax that was taken off each paycheque and remitted to Canada Revenue Agency (CRA) on your behalf. Well, just because you retire does not mean that you will get away from withholding tax. Let’s take a look at withholding

Stages of Investing

When it comes to choosing an investment, sometimes your choice will depend on what stage of investing you are at.  In this article I explore investing as a progression or evolution of how much money you have in your portfolio. Experience and timing can play a role in how your money is invested.  If you