🤓 Nerdy Tip: The RRSP contribution limit is sometimes referred to as the RRSP deduction limit because it’s the maximum amount you can claim as a deduction on your tax return. Note that opening a spousal RRSP does not give you additional contribution room. If you add funds to a spousa...
“So somebody who’s making lesser income now, but they have a career where maybe they’re making twice as much in a few years — they’re better off concentrating on a TFSA. And people who are higher earners right out of the gate might be better off with the RRSP, because of t...
A locked-in retirement account, or LIRA, is a government registered account into which a locked-in company pension can be transferred. It’s essentially a registered retirement savings plan (RRSP) in which your pension funds are “locked” until you retire. A LIRA does not allow for any cas...
RRSP contributions are subject to a limit equal to 18% of your employment income up to a maximum of $26,500 (for 2019). To contribute the maximum amount to your RRSP, you’d have to pay yourself a salary of close to $145,000. The RRSP deduction will lower your taxable income to ...
For the trinity study, does anyone know what is the rate of return of the 50/50 stock – bond portfolio? the greater the return on the portfolio the larger withdrawl rate no? Reply Heather May 29, 2012, 7:40 am Do you count your savings in non-RRSP dollars? I guess the amount...
I invested RRSP money in some mutual funds through Bank of Montreal. I had a look at TD Waterhouse like you mentioned, and I can now see that BOM charges quite a lot in fees. I would like to transfer the money out of there and buy TD Waterhouse US Index funds. Is this an easy...
–you accrue TFSA contribution room every year regardless of income so you can [today 2015] put $5.5K/yr of any RRSP withdrawals into your TFSA to shelter its growth. This money is never taxed again and does not impact any income tested old age benefits. –you will pay capital gains tax...