In kind RRSP contributions

If you would like to make an RRSP contribution but don’t have any cash available, consider contributing your non-registered investments in kind to your RRSP. This article discusses the tax implications of making in kind RRSP contributions. It also highlights other potential tax-saving strategies relating to RRSP contributions.

Registered Retirement Savings Plan (RRSP) maturity options

Understand the options available to you when you terminate your RRSP.

Spousal RRSPs

Making contributions to your spouse’s RRSP may be beneficial in a number of circumstances. When you make a contribution to your spouse’s RRSP using your contribution room it is considered a spousal RRSP.

RRSP strategies at age 71

Even though you must wind up your RRSP in the year you turn 71, this does not necessarily mean that you can no longer benefit from RRSP deductions. The following strategies can be used, even after 71, as long as you still have RRSP contribution room or continue to make room.

RRIF Payments and Withdrawals

You can think of a Registered Retirement Income Fund (RRIF) as an extension of your Registered Retirement Savings Plan (RRSP). Your RRSP is used to save for your retirement while your RRIF is used to provide you with retirement income. Although you are generally required to take a minimum payment from your RRIF each year, there is no maximum and you can make withdrawals as often as you wish. Another major advantage of a RRIF is that the assets that remain in the plan continue to grow on a tax-deferred basis until you withdraw them.

Estate planning for your RRSP/RRIF

This article discusses some of the advantages and disadvantages of naming one or more beneficiaries of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) and the tax implications for these plans at death. Beneficiary designations discussed in this article include:

∙ Designating your spouse

∙ Designating your child or grandchild

∙ Designating a third party

∙ Designating a non-resident

Locked-in retirement plans (LIRA)

What happens to your employer pension plan when you leave your current employer? Quite often, you have an opportunity to take the pension benefits in the form of a lump-sum payment. In many cases, you can transfer all or part of the lump-sum payment to a locked-in retirement plan on a tax-deferred basis. This article explains the characteristics of locked-in retirement plans and their maturity options.

Gradually unlocking your life income fund

Do you have a life income fund (LIF) and are you only withdrawing mandatory annual minimum LIF payments? Have you already taken advantage of any unlocking opportunities under the pension legislation governing your LIF but would still like to unlock your funds sooner? If so, here is a strategy that may help you to gradually unlock your LIF on a tax-deferred basis. This could provide additional flexibility should you ever require cash from your LIF in excess of your annual maximum payment amount.

An in-depth look at Registered Disability Savings Plans (RDSP)

The Registered Disability Savings Plan (RDSP) is designed to assist individuals with disabilities in saving for their long-term financial needs. It offers tax-deferred investment growth, generous government matching grants and bonds as well as an opportunity for family members to assist with the contributions.

Establishing a Registered Education Savings Plan (RESP)

With the high cost of post-secondary education, many parents, grandparents and other family members and friends recognize the need to save for education well before the expenses become a reality. That’s why the Registered Education Savings Plan (RESP) is such a popular saving vehicle. Not only is the tax on the income accumulating in the plan deferred until funds are paid out, the federal government will also contribute to the plan through providing the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), which may be available to modest-income families.

Withdrawing from a Registered Education Saving Plan (RESP)

If the beneficiary of the registered education savings plan (RESP) you set up has enrolled or is enrolling in post-secondary education, now is the time to use the RESP for its intended purpose. This article explores the various ways of withdrawing funds from an RESP depending on your circumstances. It also explains issues that may exist for non-resident subscribers and/or beneficiaries of an RESP.

Tax-Free Savings Account (TFSA)

How the TFSA can help you reach your financial goals.

Creditor protection of RRSPs and RRIFs

Your RRSP or RRIF may be protected in the event of bankruptcy

The federal Bankruptcy and Insolvency Act (BIA) provides creditor protection to certain registered retirement plans (RRSPs, RRIFs and DPSPs) in the event of bankruptcy. This article explains the circumstances under which RRSPs and RRIFs are protected, the limitations of this protection and strategies for your consideration. Although DPSPs are also protected, this article focuses exclusively on RRSPs and RRIFs for ease of reference.