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Retirement Tax Tip #3

Retirement Tax Tip #3

SUMMARY RRSP must convert to RRIF when annuitant turns 71 Minimum annual withdrawals from RRIF start when annuitant turns 72 Younger spouse’s age may be used to determine withdrawal prescribed factor Lower withdrawal factor requires lower minimum withdrawal Lower...
Retirement Tax Tip #2

Retirement Tax Tip #2

SUMMARY  Most income sources in retirement are taxed By timing the withdrawals from your RRSP/RRIF and deferring your CPP benefits, you can maximize the Guaranteed Income Supplement (GIS) GIS is not taxed and provides tax-free cash flow in retirement A maximized TFSA...
RRSP Contributions at age 71 (or older!)

RRSP Contributions at age 71 (or older!)

Here’s the scenario: • Andy turned 71 this year and has earned income of $125,000 in the current year; his spouse, Mariam, is 68 and is retired. • Andy will be entitled to $22,500 in RRSP contribution room in 2022. Here’s the problem: • Andy cannot make RRSP...
RRSP or TFSA

RRSP or TFSA

Thoughts on where you should invest this RRSP season  By Scott Boassaly, MBA, President and Principal Advisor at Balance Financial It’s been said that Canada has five seasons: Spring, Summer, Fall, Winter, and, wedged somewhere in between Winter and Spring, RRSP...
ETFs outpace mutual funds for third straight year

ETFs outpace mutual funds for third straight year

The financial industry’s switch from mutual funds to ETFs isn’t coming…it’s already here. ETFs outpace mutual funds for third straight year ETF sales reached a “whopping” $41 billion, National Bank said Covid-19 may have stopped the economy in...