RRSP Quick Tips

January 25, 2024 |Charles W. Cullen III
Below, you will find a series of RRSP quick tips. Don't know if you are maximizing your RRSP? Please reach out. Click Here
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Prescribed Rate Loan Annual Interest Payments due by January 30th

January 11, 2024 |Charles W. Cullen III
To ensure that the prescribed rate loan you made to a spouse continues to meet the requirements to split income, the annual interest payment must be made by January 30th of the following year. This is a common strategy that we implement for many clients...
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The RRSP/RRIF Meltdown Strategy

December 07, 2023 |Charles W. Cullen III
For special situations, it may make sense to deregister your RRSP or RRIF early and replace your excess registered assets with non-registered assets using an investment loan. It is important to note that borrowing money to finance the purchase of securities...
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Pension Income Splitting

November 02, 2023 |Charles W. Cullen III
Once you and your partner are in retirement, it is important to be aware of different strategies that allow a higher income spouse to allocate certain types of retirement income to a spouse who's taxed at a lower rate. As always, for more information...
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Pension Income Tax Credit

October 26, 2023 |Charles W. Cullen III
If you are receiving eligible pension income, you may be entitled to claim both a federal and a provincial tax credit. The federal non-refundable pension income tax credit is on the first $2,000 of eligible pension income. To learn more, please click...
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Registered Retirement Savings Plan (RRSP) Maturity Options

October 19, 2023 |Charles W. Cullen III
Most Canadians have a RRSP. However, not all understand the different options when their RRSP matures. For more information, please reach out. Click Here
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Transferring a U.S. retirement plan to your RRSP or RRIF

October 12, 2023 |Charles W. Cullen III
Many Canadians and U.S. persons accumulate wealth in U.S. based retirement plans while working in the U.S. This article discusses how to tax-efficiently consolidate with your RRSP or RRIF. Each situation is different and should be reviewed by a qualified...
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Taxation of Canadian Registered Savings Plans for U.S. Persons

August 10, 2023 |Charles W. Cullen III
In Canada, we have a number of registered savings plans available to Canadian residents that provide tax and other benefits. However, some of these plans, for U.S. persons, may be subject to punitive U.S. tax, additional U.S. tax filing requirements and/or...
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Transferring a Foreign-Based Retirement Plan to an RRSP

March 24, 2023 |Charles W. Cullen III
Possibly the most common in-bound question we get is can I move my 401K/IRA to an RRSP? This is a tax-deferred strategy worth considering if you are retiring in Canada. However, to properly execute the strategy, many factors must be in place and considered...
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2023 - Special Withdrawals from Locked-in Plans by Province

January 26, 2023 |Charles W. Cullen III
For those who have a locked-in retirement account, the beginning of the year is a good opportunity to see if a special withdrawal makes sense. The following table outlines different options that are available based on provincial and federal legislation...
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