All Questions
Tagged with retirement-plan canada
12 questions
3
votes
1
answer
67
views
Tax mitigation for payment received under an employment separation agreement
I am of retirement age and "state of mind", living and employed in Ontario, Canada. My employer is ready to offer me a lump sum for an amicable separation. I am concerned about the tax ...
- 1,062
-1
votes
1
answer
156
views
What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?
I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
- 437
1
vote
0
answers
36
views
Transfer / Withdrawal of all funds in an RPP
An individual has a Registered Pension Plan, and has recently retired.
The plan management company is restricting access to the funds to a specific amount per month, which is insufficient for the ...
- 111
2
votes
0
answers
63
views
What to do with US retirement plan after moving to Canada
I have accumulated a few tens of thousands of USD in 403(b) retirement plans with TIAA and Fidelity. I recently moved to Canada. I am not planning to return to the US anytime soon or ever. Is it wise ...
- 21
0
votes
1
answer
330
views
In one year, what's the maximum I can contribute to RRSP, from past unused contribution room?
My dad is 63 and lives in Ontario.. He maxed out his TFSA. His annual pre-tax income is $50K. Here is a screen-shot of his CRA online account:
He never opened a RRSP, thus the $100K must've been ...
user40269
0
votes
1
answer
89
views
Do I have to pay taxes on external savings?
I am thinking on moving to Canada to work, save for retirement, and move back to Portugal due to the lower cost of living to live my retirement. I will contribute to the Canada Pension Plan and also ...
user88269
2
votes
2
answers
201
views
TFSA and have $1M dollar after 40 years at 5.5% interest with $500 year bump 2% annual inflation rate : Is it an efficient way to be a millionaire?
Is it true that if I fix 5500 dollars at a TFSA (Tax-Free Savings Account) at 5.5% interest and 500 dollars yearly bump then after 40 years someone will retire with a million dollar? Is it an ...
user76016
7
votes
1
answer
398
views
Ought a 63-year old working hotel employee commence an RRSP?
If I understood Global News, MoneySense, the Wealthy Barber, and Reddit, my dad ought NOT start or contribute to an RRSP! Right? Thanks.
Facts
He's 63 years old, and has no children under 18. He ...
user40269
2
votes
1
answer
220
views
Can I invest RRSP funds in ETFs myself in Canada?
I've just realized that the funds I have much of my RRSP money in has about 2.25% annual fees. All of the funds available to Desjardins RRSP personal accounts have these high fees.
I've found VFV.TO, ...
- 255
3
votes
3
answers
397
views
What is the optimum way to draw money from your retirement nest egg
Let us say I have put away a nest egg like this (all numbers in CAD):
Cash/GIC : 100,000$
Stocks/ETF: 100,000$
Bonds:100,000$
REIT: 50,000
Own rental property : 200,000
Let us say, I wish to retire ...
- 16.1k
3
votes
3
answers
1k
views
Moved to the USA from Canada; what is best to do with RRSP?
I am a Canadian and I moved to US at the end of last year. (I have a green card now.) I have less than CAD 50K in my RRSP from my previous work, and less than CAD 40k at banks. Not sure what the best ...
- 31
4
votes
1
answer
196
views
DIY retirement savings plans for Canadian small business?
I work for a small business that currently offers no retirement plan. A few of my coworkers and I are more or less couch potato investors, but we each manage our own self-directed RRSPs or mutual fund ...
- 614