Ask MoneySense You wrote about money that is gifted to a spouse. If that money is used for investing, then the interest may be attributed back to the spouse giving the cash. Did I get that correct? If so, then is there any way to give your spouse money and whatever they do with it […]
Ask MoneySense I have a GIC and wondered what if I take out $50,000, how much income tax will I be paying? My financial advisor is not very helpful. –Louise There are tax considerations when you own investments. There may be tax owing when you sell investments. And different investment accounts have different tax implications […]
Here’s a round-up of news for Canadian investors this week. BlackBerry Alimentation Couche-Tard Featured RRSP Accounts featured EQ Bank Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees. go to site featured Registered GIC rate Earn a guaranteed 3.5% in your RRSP when you lock in for 1 year. go to site […]
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your RRSP to a RRIF is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either […]
Here’s a round-up of news for Canadian investors this week. Groupe Dynamite Empire Co. Featured RRSP Accounts featured EQ Bank Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees. go to site featured Registered GIC rate Earn a guaranteed 3.5% in your RRSP when you lock in for 1 year. go to […]
Given that the financial media has long spent an inordinate amount of space on the topic of retirement, it seems the time was right for a retirement club devoted to Canadians on or near the cusp of retirement. A few months ago, the Retirement Club for Canadians was launched by occasional MoneySense contributor Dale Roberts and a […]
Here’s a round-up of news for Canadian investors this week. Dollarama Transat Roots Featured RRSP Accounts featured EQ Bank Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees. go to site featured Registered GIC rate Earn a guaranteed 3.55% in your RRSP when you lock in for 1 year. go to site […]
Ask MoneySense Should you cash out some of your RRIF monies to pay down credit card debt or take out a loan at a bank or private lending? Thank you. —Marcia E. Does it make sense to pay off debt with savings or take out a loan? Thank you for your question, Marcia. You’ve worked […]
Here’s a round-up of news for Canadian investors this week. Laurentian bank BRP Inc Featured RRSP Accounts featured EQ Bank Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees. go to site featured Registered GIC rate Earn a guaranteed 3.55% in your RRSP when you lock in for 1 year. go to […]
Ask MoneySense My wife is currently drawing $24,000 per year from her RRIF, which has a balance of $510,000. She is also receiving OAS, CPP and a work pension of $22,000. She is 67. Minimum RRIF withdrawals? My question is if it would be prudent to start making larger withdrawals to try and reduce the […]
