RRSP

Should I buy my U.S. stocks in Canadian dollars?

Q. I’m a beginner investor with a small, diversified portfolio that includes a number of U.S. stocks. For simplicity’s sake, I bought these stocks in Canadian dollars and held them in my Canadian-dollar trading account. Recently it seems this is hurting my performance due to the currency flu ...

What you need to know about the Toys ‘R’ Us bankruptcy filing

Toys ‘R’ Us filed for Chapter 11 Bankruptcy this week in the United States—and plans to soon do the same in Canada where it has 70 stores. Excuse us if we wax nostalgic over the prospect of the company disappearing (many of us bought a first toy for ourselves or kids there), but the company ...

What happens to a RRSP, LIRA, RRIF when you die

DEK: Brian is concerned about the tax bill on his registered accounts on his death and wonders about the difference between RRSPs, RRIFs and LIRAs. Q: Is the tax rate on a LIRA the same as the RRIF if I die and the beneficiaries are my children? —Brian A: First, Brian, I want to clarify the di ...

Tax fairness, in name only

THE CANADIAN PRESS/Darryl Dyck Is Canada’s tax system fair? That question has been the subject of a fiery debate across Canada ever since federal Finance Minister Bill Morneau proposed changes to small business tax rules. The undertone of this proposal is that high-income Canadians are takin ...

Two-thirds of Canadian households saving for retirement

TORONTO — Two-thirds of households are setting aside money for retirement, taking advantage of either a registered pension plan, an RRSP or a tax-free savings account, Statistics Canada said Wednesday as it released the latest batch of numbers from the 2016 census. Of 14 million households, 65.2 ...

Working women bearing more financial burden

TORONTO — Men and women are each making comparable contributions to the family finances in nearly one-third of all couples, Statistics Canada said Wednesday as the latest data from the 2016 census revealed new details about how — and which — Canadians are paying the bills. Of the 8.2 millio ...

Finances for freelancers in the gig economy

For freelancers, understanding finances, taxes, etc. can be more confusing than for people who hold down a regular 9 to 5 job. That’s a big problem. In the USA, “Gig workers are expected to comprise 40 percent of the workforce by the end of the decade,” reports the Times Free Press.  ...

Risky robos

Q: My husband needs to set up a RRIF within the next three months. We currently have his RRSP in mutual funds with a bank with poor returns and fees of 2%+.  We also have DB pensions and he is still working a few days a week for a while yet. We are tempted to use a robo-advisor but wonder whethe ...

Should I convert my RRSP to a RRIF early?

Q: I’m 67 and my husband turned 71 in May. He has to turn his RRSP into a RRIF. Can I turn my RRSP into a RIFF also? The only income we have is Old Age Security and CPP and it just isn’t enough to pay bills and food. The person from our bank said that I was too young to turn the RRSP into a R ...

Canadians hurrying to lock down five-year fixed rate mortgages

If you’re renewing a mortgage this month, chances are you will do so at the five-year fixed rate. At least, that’s what the numbers by LowestRates.ca show. Consumers are rushing in droves to lock in five-year fixed mortgage rates ahead of future Bank of Canada rate hikes. “Historically, the ...