TAX PLANNING AND ADVANCED LIFE-DEFERRED ANNUITIES (ALDAs) If you own a registered retirement savings plan (RRSP), you must wind it up by the end of the year in which you turn 71. At that point, you have the following options. First, you can take out all the funds in one lump sum. However, since the […]
The federal government’s announcement Wednesday of an $82 billion stimulus package to offset the devastating economic impact of the COVID-19 outbreak provided a modicum of reassurance to Canadian businesses. Ottawa’s message was simple: we’re here for you in tough times. The package introduced $27 billion in direct support for businesses and individuals, as well as […]
Typically, a Registered Retirement Income Fund (RRIF) is created on the conversion of a Registered Retirement Savings Plan (RRSP) before the end of the year in which an individual turns 71. A RRIF is beneficial as it allows an individual to accumulate tax-deferred growth. However, unlike an RRSP, there is a requirement to withdraw a […]
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