Being a snowbird is another good retirement option for a lot of people (especially for affluent Canadians), but this article is about actually cutting residential ties to Canada, and enjoying another country’s medical system, tax rates, etc. Is Your Retirement Savings On Track? Each year BMO...
Tax-free or Tax-deferred?”One’s reference is to pay tax on income when your tax rate is lower. Those in highest tax brackets would first lean to RRSP/401(k) for income deferral while those in lower tax brackets would lean to TFSA/Roth plans. Using both is a form of tax diversifica...
4) Remember to focus on what you can control – not on what you can’t. You can’t control people’s animal spirits in regards to market prices, wars, China’s covid response, etc. You can control how much you pay in investment fees and whether to stay tax-efficient. 5) Ignore th...
Your financial institution will withhold the federal and provincial tax when you withdraw funds from your RRSP. Between 10% to 30% may be withheld, with the rate depending on the amount withdrawn and your place of residence. For Canadian residents, the actual tax you pay will be adjusted when...
Get started Finance for Humans You May (Still) Have to Pay Taxes on COVID-19 Benefits And six other things you need to know to do this tax season right. Finance for Humans Learn to Speak Crypto: Lesson One In our first installment, we’ll learn five terms that’ll help you understand...