Category: RIF

Income splitting with a spousal RSP

If you intend to contribute to your RSP this year, you still have a few weeks to get in before the deadline of March 1. For the 2016 tax year, you may contribute up to 18% of your 2016 income, to a maximum of $25,370. As always, you can carry unused contribution amounts forward, thereby … read more

Creating retirement income with an annuity

When it comes time to convert your RSPs or other accumulated savings into steady retirement income, the choices primarily come down to transferring funds into a RIF, or purchasing an annuity. Both can provide a reliable source of income for your retirement years, but there are important differences between the two. We’ve previously looked at … read more

Five things you need to know about RIFs

For every Canadian with a registered Retirement Savings Plan (RSP), an important event looms on the horizon – converting your RSP into a retirement income source. If not done earlier, you’ll be forced to convert your RSP by December 31 of the year you turn 71. At this point, you’re probably asking two questions: “what … read more