RRIF

UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS

  Naming your spouse as a beneficiary of your RRSPs, RRIFs, LIFs and LIRAs is usually a good idea as these assets can rollover on a tax deferred basis only to your spouse or common law partner. However, in cases where you may not be married, ...

Comments Off on UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS   |   Posted in Estate Planning,Latest News,Retirement Planning,RRIF,RRSP,Tax Free Savings Accounts April 16, 2015

Gifting Your RRSP or RRIF

If you have more than enough sources of income for your retirement and do not need the income from your RRIF then you may consider donating your RRSPs or the income from your RRIF to a charity of your choice and can receive a charitable ...

Comments Off on Gifting Your RRSP or RRIF   |   Posted in Charitable Giving,Estate Planning,Financial Planning for Business Owners,Investments,Latest News,Retirement Planning,RRIF,RRSP July 24, 2013

Reduce Taxes By Philanthropy And Planned Giving

  ¬†While you may support different charities because you believe in their cause and your donation may be entirely based on your emotions, when it comes to your philanthropy, by having a strategic approach you can substantially reduce taxes on your income and the estate taxes ...

Comments Off on Reduce Taxes By Philanthropy And Planned Giving   |   Posted in Business Succession Planning,Charitable Giving,Financial Planning for Business Owners,Retirement Planning,RRIF,RRSP June 05, 2013

Changes to the Rules for Ontario Locked-In Accounts

On June 19, 2009, numerous important changes were made to the rules governing locked-in accounts. Locked-in accounts include Locked-In Retirement Accounts (LIRAs), Old Life Income Funds (Old LIFs), New Life Income Funds (New LIFs) and Locked-In Retirement Income Funds (LRIFS). The following points ...

Comments Off on Changes to the Rules for Ontario Locked-In Accounts   |   Posted in Financial Planning for Business Owners,Retirement Planning,RRIF,RRSP,Savings and Investments,Tax Planning April 04, 2010

Creditor Protection for RRSPs and RRIFs

Prior to July 2008, only RRSPs and RRIFs issued by life insurance companies were creditor proof. On July 17, 2008, the regulations under the Wage Earner Protection Act came into force and so has the legislation providing protection to RRSPs. Briefly, the provisions applicable to RRSPs and ...

Comments Off on Creditor Protection for RRSPs and RRIFs   |   Posted in Credit and Debt Management,Financial Planning for Business Owners,RRIF,RRSP August 24, 2009