Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition. Taxation in Canada When you are working, your employer calculates the payroll deductions […]
As the oldest Gen Xers start reaching the big 6-0, many of them are doing so while caring for aging parents—helping with financial, health-care, and housing decisions, alongside resetting the wifi and picking up groceries. At the same time, a growing share of these middle-aged life coaches don’t have kids of their own, which leads […]
Ask MoneySense Both my wife and I are retired. My wife is 72 years old and I am 68. Our combined incomes are based on CPP, OAS, RRIFs and dividends (both from our non-registered investments portfolio and corporate dividends that we both get quarterly from a holding company that manages the corporate investments). We currently augment […]
The unique market conditions of the 2022 bear market exposed a major flaw in the traditional 60% stocks/40% bonds balanced portfolio used by millions of investors. That year was defined by two forces: surging inflation across both the U.S. and Canada, and aggressive interest rate hikes by their respective central banks. From January to December […]
No offence to any of us but, as a country, we’re getting old. The average age of a Canadian in 2024 was 41.6 years, according to Statistics Canada, and by 2030, one in four Canadians will be 65 or older. That means there’s a growing demand for health services and long-term care solutions, according to the National […]
Ask MoneySense My husband has a rental property in his name only. It was our primary residence for 9 years but we moved out 10 years ago. How can he transfer it to me after his death so I do not pay capital gain or probate or other taxes for that matter? He does have […]
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 […]
