TFSA

Drawing down retirement savings as a single senior

Q: As I approach the early days of my retirement, I am considering various drawdown scenarios. I am single and will soon turn 61. As additional background I have a DB pension. I have approximately $170,000 in RRSPs and am considering withdrawing from these before my TFSA and non-registered investm ...

Can earnings season stop the market’s decline?

Markets are crashing! Sell your stocks! The world is coming to an end! There’s a good chance you’ve heard at least something like this over the last week, whether from cable TV, a business news website or your panicked friend who wants to pull everything out of the market. Stocks have taken a t ...

How to invest a $240,000 inheritance

Q: I am 63 years old, and stayed home to raise my family for a number of years, so do not have a lot of employment years or high income. I am currently working, but my health is slowly diminishing due to rheumatoid arthritis and not sure how much longer I can work full time. I may only receive $50 ...

Should you put all your retirement savings in a low-fee balanced fund?

Q: My plan is to retire in less than a year. All my assets are in RRSPs: about $200,000 in a fully managed account with a major brokerage and $100,000 at a different brokerage where I pay transaction fees only. With the managed portfolio, I have stocks, bond funds, balanced funds, and ETFs. I find ...

Financial Fitness Part 2. Good financial habits for 25 to 35 year olds

In this edition of Financial Fitness, WealthBar speaks to those who are just starting out in life financially. We’re here to help you build good financial habits for life!  Young people really have an edge when it comes to physical fitness. Not too many 40-year olds make the NHL draft. But ...

How to decide when to convert RRSPs to RIFFs

Q: I have several (three) RRSPs, partially resulting from multiple employers over the years, partially due to a desire to use at least two institutions, plus the Saskatchewan Pension Fund that I discovered too late. I am planning to build up the SPP as much as I can by transferring money, which I ...

Why tax reform is a bigger deal than trade

Whatever one thinks of the new U.S.-Mexico-Canada Agreement, having a deal in place is good news for investors. For the last 13 months, trade uncertainty has put pressure on stocks—it’s partly the reason why the S&P/TSX Composite Index is down 2.2% since January. The trade issue, though, while ...

TFSA penalties for holding foreign investments

Q: I have a TFSA and have read a lot about investing within a TFSA, but one area is still a question mark in my mind— investing in equities or funds that are on an exchange from outside of Canada or equities that are listed on the TSX or Venture exchanges but have out-of-country holdings. So my ...

A nearly $40,000 TFSA all-in on Canadian dividend stocks

Sergio Age: 42Location: OttawaTFSA total: $39,919Strategy: Canadian dividend-paying stocks Sergio, 42, has been investing in his TFSA for three years now. After receiving a small lump of cash, he started his TFSA after a bank employee at his local branch suggested it as an option. “I had done so ...

TFSA vs RRSP: How to decide between the two accounts

Q: I have a question about RRSPs and TFSAs. My average income is $100,000. Which account I should top up first? How does it work in retirement? —Kevin A: Determining whether it is better to contribute to a Registered Retirement Savings Plan (RRSP) or Tax Free Savings Account (TFSA) depends on s ...