What is a Registered Retirement Income Fund (RRIF)?

A Registered Retirement Income Fund (RRIF) is an investment vehicle used in retirement. Once funded by converting an RRSP, the RRIF allows for periodic withdrawals while the remaining balance remains tax deferred. The withdrawals have a specified minimum, depending on age, and now maximum.The Canada Revenue Agency website has in-depth information about RRIFs.This information [...]

What is a Registered Retirement Savings Plan (RRSP)?

RRSP’s are personally managed investment and savings accounts with tax benefits. Contributions are tax deductible and investment growth is not taxed as it is earned. Tax is paid when funds are withdrawn from these accounts. Anyone with an earned income is eligible to contribute to an RRSP, prior to their 72nd birthday. There are several strategies that can be used to grow a R [...]

What is a Tax Free Savings Account (TFSA)?

A Tax Free Savings Account or TFSA is an account that provides tax benefits for saving. Contributions to a TFSA account are not deductible for income tax purposes but investment income, including capital gains, dividends and interest earned in a TFSA are not to be taxed while invested nor is there any tax implication upon withdrawalTFSA is an investment option for individuals w [...]