Saving & retirement
TFSA room, FHSA deadlines, RRSP deductions and retirement income. Follow the different rules before moving money between accounts.
Saving & retirement
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Saving & retirement 2 min
The dishwasher was fixed. My December transfer could wait.
Étienne has the money to replace a TFSA withdrawal, but the calendar matters as much as the bank balance. A simple same-year contribution example.
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Saving & retirement 2 min
The RRIF minimum is a withdrawal rule, not a tax exemption
Check the opening value, age basis and payment schedule, then plan tax separately from the required withdrawal.
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Saving & retirement 2 min
The RRSP deposit still needs its HBP designation
Use your HBP statement to identify the required repayment and designate eligible contributions correctly on the return.
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Saving & retirement 2 min
A TFSA excess can cost tax even if it lasts only a few days
Find the highest excess in each affected month, stop further excess deposits and check the separate TFSA return.
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Saving & retirement 2 min
The pension arrived without a tax deduction
Estimate the tax on all retirement income, then decide whether to request deductions from CPP or OAS payments.
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Saving & retirement 2 min
One RESP payment, two kinds of money
Identify the taxable education assistance payment separately from returned contributions when using an RESP for school.
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