Category Archives: RRSP/RRIF

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

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,Continue Reading

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 withholdingContinue Reading

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 youContinue Reading

The Improper use of RRSPs

The whole point of RRSPs is to encourage Canadians to save for their retirement.  At a time when government benefits will be under pressure as the baby boomers head into their retirement years, Canadians will need to self-fund their own retirement. Related article:  How to save for retirement Traditionally people with pensions fared well inContinue Reading

RRSP Deadline is fast approaching

Every year, Canadians go through a financial ritual – the RRSP season.  In the first 60 days of the year, Canadians can make contributions to their RRSPs and use these contributions as tax deductions for their previous years tax return which has to be filed by April 30th. In most years the RRSP deadline fallsContinue Reading