IPP contributions are made by the corporation, and consequently are a pre-corporate tax deduction. If you are paying yourself a salary of more than $120,000 or so, and are over the age of 40, then an IPP is worth your consideration. Why over the age 40? It’s a bit complicated to...
you must convert your RRSP, while remaining tax-deferred, to a registered retirement income fund (RRIF) or an annuity. You must begin withdrawing taxable income from your registered savings in the next year. A minimum percentage of the value of your RRIF, ...
I read somewhere recently that is your debt is 3 percentage points or higher than your expected returns, you should pay debt. In my case im paying less than 3% in debt so by that logic I should be investing as much as possible vs paying the mortgage down early. Do you have any guidan...
In either case you can (and probably should) ask the company to withhold a higher percentage. The amount withheld will create a tax credit on your next tax return but you could still owe more money on it especially if you have other income sources. More than one RRIF account If you ...
NerdWallet Canada selects the best high-interest registered retirement savings accounts based on several criteria. Factors inour evaluation methodologyinclude annual percentage yields, minimum balance requirements, fees, digital features, access to other investment products, and more. Only RRSPs from financ...
you must convert your RRSP, while remaining tax-deferred, to a registered retirement income fund (RRIF) or an annuity. You must begin withdrawing taxable income from your registered savings in the next year. A minimum percentage of the value of your RRIF, ...