Category Archives: RRSP/RRIF

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

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