When can you convert an RRSP to a RRIF? Registered retirement savings plans (RRSPs) are tax-deferred accounts meant primarily to fund retirement with withdrawals taken at that time. You can, though, take an RRSP...
The new retirement For the past fifty years, retirement commercials have been promoting the “ideal couple” living the “ideal lifestyle” on the beach or the golf course. But this is nonsense. Not every retiree...
The best date to retire for tax purposes For most Canadians planning their retirement, tax isn’t the primary factor, Laf. However, there are instances when tax can come into play for choosing a retirement...
For a 65-year-old male (born in 1957), $100,000 in a single life annuity nets between $551 and $571 per month, depending on the supplier; $250,000 generates between $1,399 and $1,461 a month. For a...
A donation given to a registered charity in Canada can be claimed as a charitable donation on your tax return. The Donation Tax Credit available after the first $200 of annual donations is effectively the top marginal tax rate in a given Province or Territory.
Managing your money wisely is essential for a balanced, happy life. Financial stress resulting from poor money management skills can affect our capacity to make good decisions, harm our relationships, affect physical and mental...
A living will is a legal document granting another person the right to cease treatment in the event a person becomes unable to live, eat, and function without the aid of machines or medical...
Understanding the difference between a tax deductions and a tax credits will help you to apply strategies and use financial tools to help reduce the taxes you pay on your retirement income. Tax Deductions...
How much should I invest in an annuity? The amount of money that you invest in it will depend largely on your capability to pay the premiums offered by the insurance company. Things to...
Being self-employed means more than just having a good idea and the drive to make it happen. You also have to balance the books and fulfill your tax obligations with the Canada Revenue Agency...
