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RRSP

RRSP Fast Facts and Our Game Plan

Ok, I’m sure you already know the basics about the Registered Retirement Savings Plan (RRSP) – so let’s play a game of True or False. RRSPs are an investment product themselves so go out and buy some RRSPs now! You can only contribute in February and March when the banks start advertising for them. RRSPs are great because withdrawals will eventually be 100% tax-free like the TFSA. The RRSP contribution limit is $23,820 for the 2013 tax year with no exceptions. The RRSP contribution deadline this year is March 1, 2014, like it is every March ...
RRSP

RRSPs make great “cents” if you manage the refund

I’ve been a big fan of the Tax Free Savings Account (TFSA) or what I’d like to rename the account as the Tax Free Retirement Account (TFRA) ever since the account was launched a few years ago. It’s easy to explain why: To date, individuals could contribute up to $31,000 into this account, Contributions into the account are not tax deductible but account withdrawals are tax-free, Investments held inside the account grow tax-free, There is no upper age limit for TFSAs. This doesn’t mean Registered Retirement Savings Plans (RRSPs) should ...
RRIF

Converting your RRSP to a RRIF? Consider this…

In a recent post on my blog I covered my bias for winding down the Registered Retirement Savings Plan (RRSP) sooner than later, preferring to move assets from the RRSP to a non-registered account or better still a Tax Free Savings Account (TFSA) before you’re forced to.  As part of the RRSP primer I wrote here, you already know that if you have one or more RRSPs you’ll be required to shut those accounts down at the end of the year you turn age 71. If you’re in that position or you’re getting close to that age here are some considerations ...
RRSP

Cha-ching? When to cash out your RRSP

Largely because I’m working full time and these are my contribution years, I haven’t put too much thought into making any withdrawals from our Registered Retirement Savings Plans (RRSPs).  Enter my parents… Now both of my parents are fully retired, I’m exploring RRSP withdrawal strategies to learn more what might make sense for them, and for us eventually.  Today’s post will provide some insight into my thinking and provide a bias for cashing out the RRSP before my parents are forced to collapse the account. Is there a best time to withdraw ...
RRSP

Tax Deferred Investing – RRSPs 101

An RRSP is a Registered Retirement Savings Plan that you establish, the Canada Revenue Agency registers, and to which you or your spouse or common-law partner can contribute to. RRSP facts An RRSP is an account, not a mutual fund or an investment itself. Contributions to an RRSP are tax deductible, so you can use these tax deductions to reduce your taxable income. Some Canadians shouldn’t use an RRSP (their income may not be high enough (yet) to reap the key benefits of this account). RRSPs are highly effective for Canadians who will be in ...

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